Posted 1/12/2024, 3:10:00 PM
U.S. Household Wealth Dwarfs National Debt, Providing Means to Fund Deficits With Economic Benefits
- US household wealth stands at $142 trillion, much larger than the $34 trillion national debt, providing a "massive resource" to fund deficits
- Borrowing can provide economic benefits and advance goals like lower child poverty and vaccine development
- Debt servicing costs are currently a smaller percentage of GDP than in prior decades
- "Political gamesmanship" in Congress over debt poses a greater economic risk than the debt level itself
- Politics prioritizing debt size over other concerns reflects "bad priorities"