The world is facing a decade-long debt crisis, according to economist Arthur Laffer. Global debt reached a record of $307.4 trillion in the third quarter of 2023, with significant increases in both high-income countries and emerging markets. Laffer predicts that the next 10 years will be dominated by debt-related challenges, stating that it will not end well. The debt-to-GDP ratio has risen to 336%, compared to 110% for advanced economies in 2012 and 35% for emerging economies. Countries may have to cut spending on social infrastructure to meet debt payments. Repaying the debt will become more difficult as developed countries’ populations age and labor becomes scarcer.