The United States’ national debt, currently standing at $38 trillion and exceeding 120% of annual economic output, demands action, experts warn. The nonpartisan Peter G. Peterson Foundation gathered a series of distinguished national economists and historians from outside the foundation in a collection of essays published Thursday. They analyzed risks to U.S. economic strength, dollar dominance, and global leadership. The experts also explored the national debt’s impact on interest, inflation and financial markets, with some characterizing this moment in history as a crisis. Collectively, they argue that the nation is operating under a dangerous fiscal gamble.