America’s gross nationwide debt is $36trn, or $107,000 per individual. It’s rising quick and can in all probability quickly be rising even quicker. If Donald Trump’s presidential-election marketing campaign was something to go by, his return to the White House heralds a flurry of tax cuts on the whole lot from company income to suggestions. Previously fiscal 12 months, Uncle Sam spent $1.8trn (6.4% of GDP) greater than he collected in taxes. By one estimate, Mr Trump might increase borrowing by $4.1trn within the coming decade.
