The Rise of Public Debt in the US

Public debt has shot up as we discussed earlier even before covid why because during the period of the 2010s there was a massive bailout of the banks by all the countries around the world. Public sector debt rocketed from say on an average in the advanced capitalist economies of around 60% of GDP to close to 90 and 100%. If it stays at that level with 100% of GDP debt then there's going to be a dramatic increase in debt servicing costs. The US will be becoming a what I would call a global South public sector if that continues over the next five to ten years. There are deep structural reasons why the United States is needing to borrow more than any other society.