crisis -- might not necessarily be a bad thing, economists say. But eventually, this debt will have to be serviced, putting a looming burden on future economic growth and the next generation.Passengers wearing face masks wait for their bus in front of a national debt display on Pennsylvania Ave. NW in Washington, May 18, 2020.
"It's the $20 trillion that economists worry about because that's the money that influences the credit market, that's how much the government owes," Bob Bixby, the executive director of the Concord Coalition, a nonpartisan fiscal responsibility advocacy group based in Washington, D.C., told ABC News."How much the government owes itself doesn't really have an effect on the economy, it's more of a bookkeeping issue.
The health crisis and ensuing economic catastrophe brought by the COVID-19 pandemic caused government borrowing to soar, but even before that the national debt was already huge, economists say. Moreover, interest rates amid the pandemic are currently very low. While the overall ramifications of low interest rates on the economy at large can get complicated, Gale noted,"it may or may not be good news for the economy, but it's good for the budget."
Bixby also noted that even before the pandemic hit, the debt was rising relative to the size of the economy despite a robust economic recovery from the Great Recession. The same survey found that older Americans and Republicans are more likely to call the deficit a very big problem compared to Democrats or younger people -- despite the younger generation being the ones to bear the burden of it.A statue of Albert Gallatin stands in front of the U.S. Treasury Department building in Washington, Sept. 29. 2019.
Truth_Truth_Now Trump pillaged your treasury.
Truth_Truth_Now But guys, don’t you know? Deficits don’t matter until you’ve got a Democrat in the White House. Ergo, if you want to be able to complain about the surging debt again — and I agree, you should — you’ll have to vote for Biden. Otherwise, mum’s the word.
Truth_Truth_Now Obama reduced the deficit substantially after digging us out of economic collapse. Biden will be burdened with the same task due to Republicans failure to hold down the debt, even before COVID19 . Republicans ALWAYS destroy the economy. TheDemocrats have to fix it every time.
swhitey10 RepublicansAreTheProblem RepublicansAreTheProblem RepublicansAreTheProblem RepublicansAreTheProblem RepublicansAreTheProblem
Breaking RecordCongressionalDebtAbuse CongressHasFailedAgain to Budget their income to eliminate the deficit & Make payments to principal to eliminate the debt !
But please GOP please tell us that Trump is good for the economy. He ran up the deficit in times of plenty and you all went along with it like the debt never existed. It’s hard to take any Republican seriously anymore. It’s just too much hypocrisy to overcome.
cult_repellent Wait until they try to blame Biden for the Trump dumpster heap.
Clearly the GOP is out of touch with the middle class, they are incapable of governing. They “talk the talk” but just don’t “walk the walk”. The GOP failed to contain “Trumpist” and in fact embraced an unfit President. Mark Meadows...what happened to the National debit ?
Hey SpeakerRyan & GOP & Trump, y'all must have been totally concerned about the national debt
vandusen_cheryl I wonder what will happen when Biden gives free healthcare and college to everyone including illegal aliens. Can't raise enough taxes to pay for that.
And the Democrats want higher amounts to give out for random things and won’t give a smaller amount to benefit the American people. Interesting.
realDonaldTrump congrats! GOP at its finest
Bring back Sequestration!
What part of 5 bankruptcies dozens of failed businesses and 2 failed marriages didn't you understand about realDonaldTrump? I mean trump can't even run a casino and that's a business where they give you money!
Where were you during Obama’s era?
Truth_Truth_Now I guess this means finally no more socialism gifts to ultra wealthy individuals and corporations. They have been living high on the hog for far too long time to go back to tax rates before Reagan’s trickle down theory. Let’s go back to Eisenhower rates no more robber barons
At 7am fox opened with 9-11, CNN with covid, ABC with tennis.
Shame on you & fake reporters!
So, when Biden is president and needs to raise taxes to support the country, no one should blame him. It’ll be Trump’s negative nest egg Biden inherits.
Trump lost more money in 10 years running his businesses than any other American in that same timeframe. Hes turned America into the biggest loser.
Large corporations have to start paying taxes.
GOPTaxScam TrumpDebt
And yet the left is pissed that the horrible republicans won’t agree to another 3-4 trillion for pandemic relief. Once again you insinuate this the President’s fault just like yesterday when you called him a liar. America is done, we know you’ve picked a side.
Remember 6 months ago when the GOP response to EVERYTHING was: how’s your 401k?
Shocker! Said no one.
'I'm the king of debt. I love debt.' Donald Trump
VOTE BLUE!
Now there's a surprise, huh?
And whose fault is that lying fascist ABC? It’s the fault of lying liberal fascists who have passed bills for $7 trillion dollars to find their liberal fascist agenda!
He said he'll run this country like his business, he's bankrupting us.
Trump sure made America great again didn't he? 🤣🤑🤣😥
Where’s the GOP on the size of the national debt? trumpbankrupt
The King of Debt is pleased. 🙃 FridayFeeling FridayThoughts Resist
The party of fiscal conservative responsibilities