The danger of high public debt is not what you think



At the start of 2020, the ratio of debt to gross domestic product surpassed 107 percent in the US — before any pandemic spending. In other words, our government debt now exceeds the total annual production of our economy.

The decline in Americans’ trust in government is roughly correlated with the rise in public debt over the same time frame (although data analysis can’t control for all the factors necessary to prove the point). In the mid-’60s, about 75 percent of people in the US said they trusted the government always or most of the time; by 2019 that number was down to 17 percent. 

Author(s): Edgar Kiser

Publication Date: 12 March 2021

Publication Site: Knowable Magazine