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Great article professor. I understand that our economy has done well the last 80 years, so it seems logical that following the same counter cyclical pattern of government spending vs economy could continue our positive growth.

But that also seems too much in the “that’s how it’s always worked” camp. I’m just not fully clear on what would happen if we just keep pushing the limits on debt.

Would we keep using inflation to devalue our debt, then lose reserve currency status, and then we’re a B-level economy?

I know it’s impossible to know, but would like to hear your opinion on possible outcomes (and if you think the government is deliberately testing the limits or just being irresponsibly shortsighted).

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