And/or if the debt was for something useful. There’s nothing wrong with running up massive low-interest debt if it’s invested in high-return projects. I’ll borrow every cent anyone will lend me at 2% if there’s a 4% savings account handy, and that’s the leverage the US used to enjoy.

But just cutting taxes for the rich is not that model.

Hopefully sanity prevails and we retroactively declare those tax cuts as loans, now due with interest. Yeah, not how contracts are supposed to work. So what.

As we discovered to our cost here in the UK a few years ago, increasing government debt to give tax breaks to the rich doesn't just cause huge economic damage, it also makes it difficult for more responsible governments to borrow for actual investment, however critical.