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The Spread of the Debt Virus

Victor Davis Hanson, National Review

We've faced three recent existential crises. First was the 9/11 terrorist attack on the World Trade Center and the Pentagon. The second occurred in 2008, when the U.S. financial system and stock market nearly collapsed. The third began earlier this year with the COVID-19 epidemic and a quarantine. During the first two crises, we snapped back the economy with low interest rates, increased government spending, and larger annual deficits — and passed the greater long-term debt to another administration and another Congress. We are postponing another rendezvous with reality. What cannot go on much longer soon probably won’t.