The COVID fiscal shock resulted in the US government issuing $4.4 trillion in new debt since March 2020, but the real market value of total US government debt is actually $400 billion lower in December 2022 than it was in March 2020, meaning that inflation and the rise in interest rates have effectively 'inflated away' all the new debt issued for COVID spending
factualpending
Speaker
Peter StellaEvidence Quote
“if you look at the real market value of U.S government that today or December of 2022 it's actually lower than it was in March of 2020. so the US government has issued about 4.4 trillion dollars worth of debt between since covet started”
Source
Debt Death Spirals, Fed's Losses, & Fiscal Theory Of Price Level | Peter Stella & Joseph Wang— Forward GuidanceCreated: 8/10/2026, 10:58:24 PM
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