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the US government has to start paying for things again
The US government has to start paying for things again.
Two, it can in extreme cases lead to interest rates spiraling ever-upward because lenders no longer trust that they will be paid back, putting the borrowing nation in a crisis that can end in runaway inflation, default, recession, or all of the above. Smetters and his colleague Jagadeesh Gokhale have after extensive modeling concluded that if US debt held by the public exceeds 200 percent of GDP, we’ll be entering a phase where no amount of tax hikes or spending cuts will be sufficient to avoid default. Some researchers emphasize technological change, arguing, in the words of Sheila Smith, Joseph Newhouse, and Gigi Cuckler, that “cost-reducing … innovation may have become more prominent relative to highly beneficial but expensive treatments” in recent years.
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