Economist John Cochrane Is Still Worried About the Debt

debt held by the public is currently almost $22 trillion, or about $67,000 per citizen, surpassing the country’s annual GDP for the first time since World War II. The Congressional Budget Office predicted in March that the U.S. debt would grow to 102 percent of GDP by the end of 2021, to 107 percent by 2031, and to 202 percent by 2051. Those President Joe Biden signed the $1.9 trillion COVID-19 relief bill, which made the long-term budget outlook even worse.