The coronavirus pandemic pushed the government into the proverbial corner, prompting it to borrow heavily from the future to ward off a serious threat today. Without this intervention, the U.S. economy would be in a much worse recession or possibly even a depression. Even though borrowing excessively may have been the lesser of two evils, the burgeoning debt will have ramifications in the future. With the debt approaching $27 trillion, and projected to rise to $78 trillion by 2028, it will present significant challenges. How has the national debt changed during past presidential administrations? How will a Biden or Trump win in November impact the future? How will the current fiscal crisis affect future taxation?
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WNU Editor: Here is an easy prediction. Future generations are going to hate us for giving them this massive obligation.
3 comments:
Editor, what makes you think today's spending is tomorrow's obligation? Krugman has recently proclaimed debt doesn't count. My own personal feeling is this will never be repaid.
Modern Monetary Theory. A financial Edsel.
AOC backs MMT
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