No Labels Warns $39 Trillion U.S. Debt Could Trigger 2028 Financial Crash
Updated
Updated · Deseret News · May 31
No Labels Warns $39 Trillion U.S. Debt Could Trigger 2028 Financial Crash
3 articles · Updated · Deseret News · May 31
A new No Labels report, “Nightmare on Main Street,” says U.S. debt above $39 trillion could spiral into a 2028 bond-market shock, driving up interest rates, stoking inflation and ending in a financial crash.
The group says the risk is no longer abstract because pandemic-era spending, rising Social Security and Medicare costs, and swelling interest payments are pushing debt higher with no clear political response.
Ryan Clancy said the report was built after talks with Treasury and Federal Reserve officials, economists and others, then framed through fictional families, retirees and workers to show how a debt crisis could hit daily life.
No Labels has sent the report to Congress and media outlets and is pairing it with webinars on Pentagon spending, healthcare fraud, Social Security and DOGE as it shifts from its failed 2024 third-party bid back to policy advocacy.
The broader message is that debt may stay politically distant until markets turn suddenly, at which point it could reshape household finances, national security and the U.S. political system.
Beyond economic collapse, is the greatest risk of unchecked national debt the erosion of democratic stability and rise of political extremism?
What can the U.S. learn from other nations that have successfully navigated fiscal crises to stabilize their own debt-to-GDP ratio?
The $50 Trillion Threat: How Escalating U.S. National Debt Risks a Market-Driven Crisis and What Must Be Done
Overview
As of mid-2026, the U.S. national debt has reached historic highs, prompting urgent warnings from groups like No Labels. Their 'Nightmare on Main Street' campaign highlights the risks of debt levels soaring to $40 trillion and beyond. This crisis is driven by persistent increases in spending on programs like Social Security and Medicaid, with the debt now matching levels last seen after World War II. Federal Reserve Chair Jerome Powell has warned that the current debt path is unsustainable and could end badly if Congress does not act soon, underscoring the need for immediate fiscal reforms.