Imagine 1943 and the fiscal hawks started complaining about the soaring national debt. We would have lost the war against facism. Well now we need to win the war against Covid.

There is debt, then there is debt. Not all debt is the same. Debt to get a degree is an investment in the future. Debt for better infrastructure is an investment in the future. Debt to fix one’s car to be able to get to work is a necessity. All these kinds of debt pay off eventually. And most are enacted during a crisis.

Debt to purchase frivolity is bad. Economically, it is effectively sugar high that wears off quickly leading to a downer. That was the Trump and GWBush tax-cuts which fueled debt not seen in decades!

We will recover from this one. We are not only responding to a crisis, but investing in the future. The economy is no longer simply Econ101.