America faces a ‘debt crisis’ a lot like the 1980s when a ‘private pact’ brokered by Ronald Reagan did the trick
Fortune
by Tristan BoveFebruary 19, 2026
AI-Generated Deep Dive Summary
The U.S. is grappling with a severe debt crisis, with public debt exceeding $38 trillion—about 101% of GDP—and projected to rise to 120% in a decade. This situation mirrors the challenges faced in the 1980s when Social Security was on the brink of insolvency. During that era, President Ronald Reagan formed the Greenspan Commission, a bipartisan effort that ultimately saved the program by implementing significant reforms despite political gridlock. The commission's success hinged on a private agreement between Reagan and House Speaker Tip O’Neill, which provided political cover for lawmakers to support contentious changes. This approach could offer a blueprint for addressing today
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Originally published on Fortune on 2/19/2026