World governments are issuing more debt than ever: Global sovereign bond issuances hit a record ~18 TRILLION in 2024. ~16 trillion of debt was issued by developed countries, and ~2 trillion by emerging market economies. World government bond issuance has nearly DOUBLED since 2019. Over the last 5 years, the government has issued more debt than in the 8 years before the 2020 pandemic. Historically high public spending on social programs and defense, new tax and spending policies, as well as elevated interest rates, have been behind this massive surge. The trajectory of global debt is unsustainable.