In January 2020 this is what the Congressional Budget Office said in its budget report:
“The projected growth in debt would dampen economic output over time and pose other significant risks to the nation’s fiscal and economic outlook. Moreover, the resulting higher interest costs would increase payments to foreign debt holders and thus reduce the income of U.S. households by rising amounts.”
The report also noted that the Social Security Trust has stopped buying treasury bonds and instead is gradually redeeming the trillions it holds.
Then the crisis hit.
We must spend more, we must incur higher deficits, but we don’t have to be irresponsible with that spending. We don’t have to use the crisis to further political social agendas without regard to long-term consequences. The economy is not going to recover overnight, some sectors may never recover, our ability to manage the debt and the interest will be a challenge at least during a long recovery.
In the meantime, the Social Security, Medicare and even Transportation trusts are being depleted and fixing them has largely been ignored by Congress for many years … the same people using or seeking to use the current crisis to spend irresponsibly.