The global debt is rising at an alarming pace. According to the IMF, the median debt in 2021 is projected to jump by about 17 percent of GDP in advanced economies, 12 percent in emerging economies, and 8 percent in low-income countries. In particular, during the second quarter of 2020, the total US public debt has soared from 108 to 136 percent of the GDP, amid the massive spending in response to the pandemic. As the chart below shows, this is a record level in peacetime. It’s also among the highest debt-to-GDP ratios in the developed world: the US is behind only Japan, Greece, Italy, and Portugal. So, it seems that ... (full story)