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What Does History Reveal about Reducing the National Debt Burden?
A look at the U.S. national debt since World War II reveals that economic growth and fiscal austerity (i.e., spending cuts and raising taxes) are two of the ways to reduce the debt burden.
Journal Article
Pushing the Limit: Last-Minute Debt Limit Resolutions Have Increased Market Volatility and Uncertainty
Since reaching the debt limit in January 2023, the U.S. Treasury has used extraordinary measures to fund the government. However, the Treasury estimates those measures will be exhausted later this year. To gauge possible effects, we review economic and financial market outcomes during previous debt limit episodes. In each case, these episodes led to increased borrowing costs, financial market volatility, and uncertainty, particularly when the resolutions were prolonged.
Speech
Bullard Discusses U.S. Economy with District Business Leaders
St. Louis Fed President Jim Bullard participated in a virtual discussion with business leaders and bankers from Seymour, Ind., and other areas of Jackson County, Ind. During the event, which was hosted by the St. Louis Fed’s Louisville Branch, he addressed questions on inflationary pressures in 2021, supply chain disruptions, labor force participation, a potential housing bubble, infrastructure spending, the national debt and other topics.Bullard meets regularly with groups in the four zones that make up the St. Louis Fed’s District to share insights on the U.S. economy, as well as to ...
Journal Article
Does the National Debt Matter?
Although the national debt has grown exponentially over the past 12 years, causing concern for many, it does have its uses—especially in the U.S. Treasury market.