Global I.q. Minute With Jim Falk

Debt apologists argue that the U.S. has the leading reserve currency and the strongest geopolitical power. However, what happens when government spending exceeds GDP? Or when a great power fades? Historically, countries that spend too much flounder and fail, such as the Roman Empire, Imperial Spain, or China in the 1800s. But there are countries who have turned the tide and found prosperity, such as Sweden, Denmark, and Finland. Tackling the issue of the U.S. national debt is complicated and will only be solved through bipartisanship – once other issues such as war, immigration, and tariffs are able to be deprioritized. As the U.S. debt hits 36 trillion, how can the government course-correct spending?