It will take lots more trillions to fill this debt hole- I urge us to focus replacing the income people have lost —helping small businesses survive—and helping state/provincial, and local governments replace lost tax revenue so they can continue essential services. Let the big corporations fend for themselves.
We need politicians to verbalize a way we can restructure our economic system—to reduce monopolies, onshore essential industries—stop subsiding the offshoring of jobs and industries and work towards a new definition of “national security” that emphasizes self-sufficiency and a healthy population, rather than regime change wars. This is our global economic reality.
"Worldwide debt across all sectors rose by $10trn (£8trn) in 2019 to more than $255trn (£206trn), and that was before COVID-19, which forced many of the world's governments to bail out businesses and to pay workers in an effort to help them survive the pandemic."
"By the end of last year, the global debt stood at 322% of GDP - 40 percentage points higher than at the beginning of the 2008 financial crisis", according to the Institute of International Finance's Global Debt Monitor.