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Home / Mike Norman Economics / National Debt No Big Deal? More Economists Unconcerned With Trillion-Dollar Government Deficits — Jonathan Wolf

National Debt No Big Deal? More Economists Unconcerned With Trillion-Dollar Government Deficits — Jonathan Wolf

Summary:
One thing that is clear: the modern national debt does not function just like a household debt, which is how it was sold as a campaign issue by the deficit hawks who pretended to care about deficit spending before Trump was elected. More national debt is not “bad” under any and all conditions, and less is not “good” under any and all conditions. It really depends on what you’re doing with the money.... Not all economists agree on when the next recession will hit. They almost all do agree, however, that when the next recession does come, we will need to counter it with a massive fiscal response. According to many economists, taking on more debt to do this is not going to be a problem. Above the Law National Debt No Big Deal? More Economists Unconcerned With Trillion-Dollar Government

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One thing that is clear: the modern national debt does not function just like a household debt, which is how it was sold as a campaign issue by the deficit hawks who pretended to care about deficit spending before Trump was elected. More national debt is not “bad” under any and all conditions, and less is not “good” under any and all conditions. It really depends on what you’re doing with the money....
Not all economists agree on when the next recession will hit. They almost all do agree, however, that when the next recession does come, we will need to counter it with a massive fiscal response. According to many economists, taking on more debt to do this is not going to be a problem.
Above the Law
National Debt No Big Deal? More Economists Unconcerned With Trillion-Dollar Government Deficits
Jonathan Wolf is a litigation associate at a midsize, full-service Minnesota firm. and adjunct writing professor at Mitchell Hamline School of Law
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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