May 03, 2017

America seems like a nation that runs on debt, more than any other country in the world. It is in fact, a fuel that keeps the wheel turning, both at the micro and macro levels. Many, indeed, even most households spend more than they earn. The government also seems to rely on borrowing as a quick fix in many situations.

Although debt and borrowing has been a common feature of the American economy, the nature of the debt has evolved over the years. Exactly how did this change take place? What were the repercussions of this evolution? These are some of the questions we’d like to discuss here. 

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