Is America heading toward a national debt crisis? As an economic adviser to President Biden and an economist active in mainly Democratic policy circles since the late 1980s, I’ve spent most of my career dismissing arguments that any debt-ratio level signifies a “crisis.” I still think that’s true, even as our publicly held debt has reached 100 percent of our GDP. But I also now believe that if you’re not worried about this country’s fiscal outlook, you’re not paying enough attention. What