America’s Mythical Fiscal Conservatives
The United States’ debt-to-GDP ratio, which improved during the inflationary spike of 2021-22, is expected to increase as inflation cools and the US population rapidly ages. While ultra-conservative Republicans advocate cutting non-defense discretionary spending to restore debt sustainability, the numbers do not add up.
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CAMBRIDGE – The long-term sustainability of the United States’ government debt is back in the spotlight. The cause is not the manufactured debt-ceiling crisis, which was resolved at the end of May, just days before the US Treasury ran out of money. Instead, the impetus behind this renewed scrutiny is the rapid rise in interest rates over the past year.