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COVID-19 Information and Guidance

Should U.S. Keep Borrowing as National Debt Grows?

When it comes to borrowing and spending, particularly in times of crisis, the answer is complicated, public finance fellow John Diamond says. 

“At the beginning of the pandemic … all of the emergency measures definitely made sense ... The federal government really had no choice but to respond aggressively." But Diamond argues it is more difficult to justify the second stimulus bill in December, and the most recent $1.9 trillion package passed during the Biden administration, since the economy has started to recover.

Diamond explains his reasoning in an interview with the Texas Standard

Diamond is the Edward A. and Hermena Hancock Kelly Fellow in Public Finance.