The U.S. is not bankrupt.
As of the third quarter of 2023, the U.S. debt-to-GDP ratio was 123%, which is the debt of $34 trillion divided by the average GDP of $26.97 trillion. This is higher than the average of 65.7% from 1940 to 2023.
View the ratio of federal debt to the economic output of the U.S., which can indicate economic health and the sustainability of government borrowing.
fred.stlouisfed.org
As we have just seen, the debt is so high that the federal reserve can no longer raise interest long enough to curb inflation without causing interest payments to soar higher than military spending.
The debt level would be bad enough on its own but the US no longer has any way to produce its way out it like it did post WW2. We have offshored all our manufacturing to China. The US will either have to go bankrupt (the most honest way) or inflate the currency (screw the bondholders). Either way, as a first start we need to spend a lot less and produce a lot more. It is a HUGE problem that no one talks about and politicians (either party) are not held being accountable for by the voters.