Why would either a particularly low rate of return on bond-financed global public spending or significant crowding out of private investment expenditures by such public spending yield lower global economic growth? (Hint: What exactly is purchased by private investment spending?)

Imagine that your outstanding debt is growing faster than your actual and expected income per year. What are the implications of this situation for you personally?

Reference: Miller, R. L..(2021).Economics Today: The Macro View, 20^thedition. Pearson: Upper Saddle River, NJ.

Chapter 14