Robert Rubin: America’s debt has exploded. Why does no one care?

By Robert E. Rubin

Offering a fresh analysis of America's mounting debt crisis, Robert Rubin addresses the deceptively simple question that often arises in fiscal policy discussions: why should we worry about government debt when nothing catastrophic has happened yet? Drawing from his experience as former U.S. Treasury Secretary and his continued engagement with economic policy, Rubin examines how the nation's debt-to-GDP ratio has more than doubled since 2000, reaching 78 percent and projected to approach 100 percent within a decade.

Rubin argues that the apparent lack of consequences from this fiscal deterioration—with sustained low interest rates and an absence of immediate crisis—has created a dangerous complacency. Through historical examples, including the European financial crisis and America's own economic challenges in the early 1990s, he illustrates how markets can suddenly lose confidence after long periods of overlooking unsustainable fiscal conditions. The solution, he suggests, lies in finding common ground between traditionally opposing political positions: the Republican emphasis on low taxes and the Democratic commitment to maintaining entitlements. By addressing both revenue and healthcare cost reform, Rubin suggests there is a practical path forward that could help secure America's economic future.