America’s reckless borrowing is a danger to its economy—and the world’s

How has it come to this? The costs of wars, a global financial crisis and pandemic, unfunded tax cuts and stimulus programmes have all piled up. Both Republicans and Democrats pay lip service to fiscal responsibility. But the record of each side in office is of throwing caution to the wind as they indulge in extra spending or tax cuts. The biggest economic decision facing the next president is how generously to renew Donald Trump’s tax cuts of 2017, a step that will only worsen America’s dire fiscal trajectory.