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Financial repression revisited?
August 24, 2020 12:13 pm
WASHINGTON, DC – The US federal debt-to-GDP ratio rose sharply during the 2008-09 Great Recession and continued rising thereafter, going from 62 percent in 2007 to 90 percent in 2010. By 2019, it had reached 106 percent, and the Congressional Budget Office was warning that the trust funds for Social Security and Medicare would be exhausted by 2028. Many economists argued that a debt-to-GDP ratio of 100 percent was already worryingly high, and that the future tax increases needed to reduce it would be massive.
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