What Happens with the National Debt
The Political Orphanage
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The Dreaded Hot Potato Moment
When we hit the reckoning over the national debt, when the last president catches the hot potato, everyone in America will enter the financial equivalent of a Hieronymous Bosch painting. Our hottest economists believe the dreaded hot potato moment won't happen until the debt is at least 200% of GDP. The modern monetary people want to handle interest rates and inflation through fiscal policy. It's just that the tools have been rearranged.
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