The U.S. Budget Deficit Has Rocketed. Does It Matter?
Germany and Britain have lower shortfalls, but their economies aren’t better off.
The U.S. federal government’s budget deficit expanded to about $2 trillion in 2023—roughly double what it was in 2022. And there are growing signs that the deficit is acting as a drag on the economy as a whole. The interest on a 10-year bond has risen a full percentage point in the past three months, reflecting an assessment by investors that the long-term outlook for the economy merits some concern.
Adam Tooze is a columnist at Foreign Policy and a history professor and the director of the European Institute at Columbia University. He is the author of Chartbook, a newsletter on economics, geopolitics, and history. Twitter: @adam_tooze
Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi
Read More
Evidence Is Growing That Free Speech Is Declining
There’s a clear trend against freedom of expression in the world’s democracies.
Does Democracy Really Die in Darkness?
A provocative history questions the relationship between the state, its secrets, and the people.
What Ridley Scott’s ‘Napoleon’ Gets Wrong About War
The film’s ideas have poisoned military thinking for centuries.
More from Foreign Policy
Chinese Hospitals Are Housing Another Deadly Outbreak
Authorities are covering up the spread of antibiotic-resistant pneumonia.
Henry Kissinger, Colossus on the World Stage
The late statesman was a master of realpolitik—whom some regarded as a war criminal.
The West’s False Choice in Ukraine
The crossroads is not between war and compromise, but between victory and defeat.
The Masterminds
Washington wants to get tough on China, and the leaders of the House China Committee are in the driver’s seat.
Sign up for World Brief
FP’s flagship evening newsletter guiding you through the most important world stories of the day, written by Alexandra Sharp. Delivered weekdays.
By submitting your email, you agree to the Privacy Policy and Terms of Use and to receive email correspondence from us. You may opt out at any time.
Join the Conversation
Commenting on this and other recent articles is just one benefit of a Foreign Policy subscription.
Already a subscriber? .
Subscribe Subscribe
View Comments
Join the Conversation
Join the conversation on this and other recent Foreign Policy articles when you subscribe now.
Subscribe Subscribe
Not your account?
View Comments
Join the Conversation
Please follow our comment guidelines, stay on topic, and be civil, courteous, and respectful of others’ beliefs.