(Note: A version of this episode originally ran in 2024.)
$40,000,000,000,000. Four commas. Thirteen zeroes. It’s an eye-popping, almost infinite-sounding pile of money. And every time the debt passes a big round number, almost everyone asks the same question: How much debt is too much?
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It’s maybe the most important question in macroeconomics. It’s also surprisingly hard to answer. When two economists tried to answer it back in 2010, it ignited a research slugfest that lasted a decade.
We did a show on this question in 2024, outlining everything we know and don’t know about when the national debt becomes a problem. But a lot has changed. Interest rates have risen and stayed high. Spending has steamrolled ahead. Doves have become hawks.
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So on today’s show, we update our 2024 episode to revisit the age-old question: Is our debt finally too much?
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