National Debt Consequences
Do national debts that exceed 90% of nations' economies typically harm economic growth?
Considerable (but not definitive) evidence indicates that national debts beyond 90% of nations' economies harm economic growth. Many media outlets have reported on research that supposedly disproved this fact, but the research actually showed what previous studies had found: economic growth typically declines by about 30% when government debt exceeds 90% of an economy. The authors of this study, however, buried this fact on the tenth page of their paper and published a misleading overview, which the media parroted. The U.S. national debt currently stands at 124% of its economy, well above 90% and higher than any other era of the nation's history.