Post-pandemic recovery cannot ignore ballooning debt

In presenting his case to Congress for an ambitious policy agenda, President Biden said, “It is not enough to restore where we were prior to the pandemic.” That thinking makes sense, but it should also be applied to the ballooning national debt.

If we truly want to build an economy that does better than restoring where we were prior to the pandemic, putting the debt on a sustainable path must be part of the solution. We’re already in uncharted territory and there are a lot of downside risks.