WASHINGTON – The most disturbing thing about forecasts that the US national debt will hit $50 trillion by 2034 is that the true figure surely will be much bigger.

The Congressional Budget Office noted that the federal debt will hit 122% of gross domestic product a decade from now, dwarfing America's fiscal position after World War II. Funding the biggest drivers – defense, social safety net outlays and giant tax cuts unmatched by revenue increases – will only become costlier over time. Never mind if a deep recession or serious military conflict further alters this trajectory.