Ever since it started growing in earnest following the abandoning of the ‘Bretton Woods system’ in the early 1970s, and accelerated to an unprecedented pace following the ‘Economic Recovery Tax Act’ of 1981, the U.S. national debt has been a hot topic.
The debate grew particularly prominent in recent years thanks to the effects of the 2008 crash and the associated debt jump, and – arguably even more – thanks to the unprecedented rise in the public burden during and after the COVID-19 pandemic.
More recently, the discussion came into sharp focus in early 2023 when the country again approached the debt ceiling, reigniting the long-standing fight between officials on the exact conditions for its raising.
The tensions led to the suspension of the debt ceiling – effective until 2025 – and has, thus, by early 2024 ignited new concerns with the national burden growing at an even greater rate.
Indeed,…
