The Mother of All Debt Crisis

In the US right now, private and public debt as a share of GDP is higher than it was after the peak of the Great Depression or after World War II. And in addition to official explicit debt, there are also implicit liabilities that are coming from ageing populations with not enough young workers. The pay-as-you-go pension systems or healthcare system - they're called pay-As-You-Go - have mismatch between payroll taxes and benefits for old people. People estimate that these unfounded liabilities from pension and healthcare system are themselves at least 100% of GDP when the official debt of the government is another 100%. So that's another huge liability.