A little known fact came out this week that the total global debt—government, private, corporate—hit a record $318 trillion in 2024, according to the IIF Global Debt Monitor. It was up $7 trillion for the year. And because GDP slowed (getting less bang for the debt buck), the global debt-to-GDP ratio rose for the first time since 2020 (up 1.5% to 328%). Global government debt is now around $100 trillion and $90 trillion in corporate debt.