On the flip of the twenty-first century, the U.S. economic system was firing on all cylinders: the federal authorities sported a finances surplus of $122 billion, U.S. GDP was rising at a strong fee of 4.8 p.c, inflation hovered round 2 p.c, the commerce deficit was lower than $300 billion, the nationwide debt was “solely” $5 trillion, and the debt to GDP ratio was a wholesome 55 p.c.
Immediately, a little bit greater than 20 years later, the U.S. economic system is on the rocks: The federal authorities’s…
