5 things you need to know about the quiet explosion of government debt
* Government debt is quietly hitting record highs worldwide, now topping a staggering $100 trillion for the first time in history, outpacing global economic growth.
* Most of this debt is in developed economies like the U.S., Japan, and the UK, where it is growing faster than at any point since World War II.
* Rising interest rates are making this debt more expensive to manage, with many governments now spending more on interest payments than on national defense.
* Unfunded liabilities in entitlement programs like Social Security and Medicare are the hidden bombshell, representing trillions more in costs not even reflected on official balance sheets.
* For the average person, this could mean slower economic growth, higher taxes, and potential cuts to government services as nations scramble to stabilize their borrowing.