David Davenport: Coronavirus and the National Debt

What do coronavirus and the national debt have in common?  The answer is China.  Due in part to secrecy and poor management in China, suddenly the world confronts a major pandemic.  We’re reminded how interconnected our world is and how vulnerable we are to China.

Perhaps this is a reason to take the national debt more seriously.  China owns approximately 5 percent of our debt and some surprise there could have a major economic effect on the US.  It could be the next housing bubble and we are woefully unprepared.

A recent report by the Congressional Budget Office says our debt will equal 98% of the nation’s total economic output by 2030.  President Trump promised to eliminate the deficit in 8 years but what we’ve seen is a nearly 50 percent increase.

Let’s tell Washington to take the debt seriously and beware a bad surprise.