A large part of the federal debt is held by other government branches, such as the Fed, Social Security etc. The number that is relevant in this context is the federal debt held by the public. This number against the GDP is estimated to reach 68% in 2019, up from the current 54%, according to the nonpartisan Congressional Budget Office.
Some economists, like Krugman, see the federal debt as relatively benign, arguing that the government is still able to borrow at historic low interest rates of 3.5%, indicating that the financial markets are not worried about the solvency of the US government. Krugman compares the US debt against Belgium and Italy in the 1990 with a net debt to GDP ratio of 118% and 114% respectively, without going through a financial crisis.
Other economists, like Greenspan, consider the increasing levels of debt "very dangerous", creating further downward pressure on the US$, higher interest rates, and a considerable risk of high inflation, not because the economy cannot manage higher levels of debt, but because of Congress trying to prevent the Fed from reducing the monetary stimulus when it becomes necessary.
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