Commentary
The relentless increase in global debt is an enormous problem for the economy. Public deficits are neither reserves for the private sector nor a tool for growth. Bloated public debt is a burden on the economy, making productivity stall, raising taxes, and crowding out financing for the private sector. With each passing year, the global debt figure climbs higher, the burdens grow heavier, and the risks loom larger. The year 2023 marked yet another ominous milestone as global debt levels soared to a staggering $313 trillion, setting a record that was ignored by the world’s financial markets.
