Yes. The amount of debt today is higher than it was before the financial crisis. Before the Great Recession, the total debt in the U.S.—that is, government, business, and personal debt combined—was $53 trillion. At the end of 2020, it
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We came into this crisis with a trillion-dollar deficit and very low interest rates, challenging our ability to fight this recession with standard measures, such as government spending and central bank interest rate cuts.
Trade deficits reduce economic growth, according to a theory posited by the great 18th-century Scottish economist and philosopher David Hume. The outflow of gold to pay the shortfall (trade deficit) would contract the money supply and automatically lead to the