Small problem with that thesis. The market reacted very positively to a slight rate increase. Many people here are just insistent that debt is this massive issue, and that to prevent inflation, we need to have fewer dollars. Well, they got it.
Personally, I don’t think debt is at all reflective of the state of the US economy, which hasn’t been properly valued in 25 years to account for the vast, overwhelming increase in productivity from computers. In other words, we could print money from now til doomsday and probably not make up ground on the real valuations of US assets.
There is something about the deficits, and national debt which is never spoken of. There is no valuation to the things that the government owns, real estate, timber, mining rights, leasing rights to all it has, buildings built, roads built.
What is the Pentagon building worth or all its weaponry and equipment, how much would the Statue of Liberty bring if on the market, what is the huge tracts of land in the West worth, bridges, what are the interstate highways worth, how about the Hoover dam? I could go on and on.