How bad is the national debt? Just asking questions.

Our national debt—measured as federal debt held by the public—is over $27 trillion. That's approaching 100 percent of annual gross domestic product, which is higher than it's been since the end of World War II. So, are we screwed? 

Or are those of us who worry about numbers like this totally misunderstanding the nature of government debt? There's a school of thought called Modern Monetary Theory (MMT) that says economists should stop worrying and learn to love the debt because, when you think about it, the government's deficit is a private sector surplus. This is what MMTers believe.

Joining us to talk about the debt, the rising influence of MMT, and the likely trajectory of an increasingly debt-burdened country is Bob Murphy. He's an economist and author, senior fellow at the Mises Institute, and host of The Bob Murphy Show and The Human Action Podcast.

Sources referenced in this episode:

Chapters:

• Producer: John Osterhoudt

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