Staggering debt is common among global economic powers: Why Washington’s $40 trillion debt is different

By Emily Hallas

Published September 5, 2026 1:39pm ET

The United States’s national debt surpassed $40 trillion last month, marking a grim milestone for the richest country in the world.

But a stream of other major economies have a similar debt-to-GDP ratio, provoking the question: Does Washington’s debt crisis really matter? The total government gross debt-to-GDP ratio in the U.S. is 125.8%, according to the International Monetary Fund’s tracker. France’s is 118%, Canada’s is 110%, China’s stands at 106%, and the United Kingdom’s is 103%.