The U.S. national debt is now $22 trillion for the first time – that’s an increase of over 10% from when President Trump took office. The administration expects today’s growth will be sustained, but it didn’t work out that way for his predecessors. Reinhart and Rogoff tried to establish debt’s corrosive effect on growth, but their critics were empowered by a research slip-up on their part. I think common sense will ultimately vindicate their view.
