President Donald Trump has a new take on the national debt: think of it like real estate. In an interview with Fortune published Monday, Trump argued that the U.S. is actually "way under-levered" despite a debt load approaching $40 trillion. His reasoning? The "total value of America" — including natural wonders like the Grand Canyon and its surrounding oceans — is in the hundreds of trillions of dollars. So, in his view, the debt is no big deal.

Trump also floated an unconventional idea: the government should take equity stakes in companies. He pointed to a potential railroad merger where he'd want the government to hold shares, and noted that his administration already has stakes in Intel (INTC) and U.S. Steel. Critics have called this un-American, but Trump dismissed them, saying they're missing the bigger picture — that $38 trillion debt.

Previously, Trump had planned to tackle the debt with tariff revenue and foreign investment. He also expressed frustration in the Fortune interview that billions had to be refunded after a court ruling on tariffs.

Debt Fears Grow Ahead of Election

The national debt is now larger than the entire U.S. economy — hitting 100.2% of GDP at the end of March, according to the Bureau of Economic Analysis. That's the first time since World War II. Publicly held debt reached $31.27 trillion, slightly exceeding the nation's nominal GDP of $31.22 trillion over the prior 12 months. And it's on track to hit $40 trillion by the November elections.

Economist Steve Hanke of Johns Hopkins University has called for a constitutional debt brake in the U.S. to rein in spending. Meanwhile, JPMorgan CEO Jamie Dimon warned that the debt could lead to volatile markets, higher interest rates, and a reluctance to buy U.S. Treasuries. He urged action sooner rather than later.

Some have suggested AI productivity could help solve the debt crisis, but a Yale Budget Lab report cautioned that increased federal spending to support displaced workers might undermine those gains.