The U.S. national debt exceeded 100% of GDP for the first time since the World War II era, hitting 100.2% at the end of March 2026. This matters because when debt exceeds economic output, governments face harder choices about spending and taxation — the U.S. last hit this level immediately after WWII when it reached 106% of GDP. The omitted context: economists debate whether this threshold is inherently alarming or reflects normal wartime spending (the Iran conflict began in late February 2026), and whether structural fixes like revenue increases or spending cuts are politically feasible.