The US National Debt now stands at a staggering $34.6 TRILLION. If that’s not bad enough, Hedgeye Financials analyst Josh Steiner explained why the worst is yet to come, unless something changes (and soon) during The Macro Show this morning.

Over the next three decades, the U.S. Debt to GDP ratio is projected to significantly increase from 97% to 172%. “We’re going to be in an environment where we’re in basically a 5-6% deficit annually, growing steadily to 7%, and then to 9% every year,” said Steiner.

“That’s going to take us to an environment where government spending is not far off from what it was during the [2008 Great Financial Crisis] EVERY YEAR.”

“As you get these increasing levels of debt, it's really hard to keep interest rates that high,” noted Director of Research Daryl Jones.

Click above for the full clip.

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