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US coronavirus stimulus: in the end, it’s Americans who must pay for it

The US today not only looks ill, but dead broke. To offset the pandemic-induced economic downturn, the US Federal Reserve and Congress have marshalled staggering sums of stimulus spending, out of fear that the economy would otherwise plunge to 1930s soup-kitchen levels.The 2020 federal budget deficit is projected to reach 18 per cent of GDP, and the US debt-to-GDP ratio hurdle over the 100 per cent mark. Assuming that America eventually defeats Covid-19, how will it avoid the approaching fiscal…

Read the original article at South China Morning Post

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