eichengreen175_Robert AlexanderGetty Images_USTreasury Robert Alexander/Getty Images

Putting America’s Debt in Its Place

Those who imagine an imminent debt crisis in the United States are making much ado about nothing. It would be better if US policymakers saved their energy – and political capital – for fighting real rather than imaginary battles.

BERKELEY – The ruckus in the United States over the federal debt ceiling has redirected attention toward soaring public borrowing. Against the backdrop of monetary tightening by the Federal Reserve, piling up more debt is reinforcing concern about the explosive growth of the government’s interest obligations.