Thanks to the overspending of Congress and successive presidential administrations, America’s debt totals $22 trillion, and it is projected to grow faster and larger in the years to come.
Legislators have been shielded from the consequences by three decades of low-interest rates and the fact that the United States is still one of the best places in the world for foreigners to invest. However, a time will come when no level of cheap debt will make up for Washington’s fiscal recklessness.
Permanent low economic growth, stifled entrepreneurial spirit, and high unemployment are looming—not to mention the risk of a full-on, debt-driven financial crisis.
This story is from the March 2019 edition of Reason magazine.
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This story is from the March 2019 edition of Reason magazine.
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