America faces a debt nightmare
It is not just about gridlock in Washington
On a wall in Manhattan, not far from Times Square, America’s debt clock ticks higher, from $3trn when it was inaugurated in 1989 to more than $31trn today. After climbing for so many years with no obvious economic fallout, it is easy to ignore, not least because it was moved from its location on a busy street corner to a quiet passageway. But its relentless climb is suddenly a risk to the global economy. That is because its numbers are now butting up against America’s debt ceiling—a device as manufactured as the clock itself, though one that presents a far graver danger.
This article appeared in the Finance & economics section of the print edition under the headline “In God we bust”
Finance & economics May 6th 2023
From the May 6th 2023 edition
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