Source: The Atlantic
by Will Gottsegen
“America’s national debt hit $40 trillion last week. That number certainly feels like something worth panicking over—the mind balks at all the zeros. But although the debt has been in the trillions for decades, not everyone has considered it a problem. One camp of economists has been warning about the perils of high debt for years: Budget hawks predicted that if the country kept spending and didn’t raise taxes enough to keep pace, the resulting fiscal crisis could be devastating. But others—the doves—have brushed it off. … We’re nowhere near a complete failure of the Treasury market, and yet, over the past couple of years, some economists who were once more dovish have switched teams.” (08/26/26)