American public debt is entering a new stage

Abstract

Main features of the American public debt entering a new stage are considered in the article. The great size of American public debt is estimated as one of its modern feature at the background of the growing world indebtedness. Attention is attracted to deficiency of the modern theoretical approach to the public debt phenomenon. The reasons of the intensive growth of American public debt during the fight against Covid-19 consequences are discussed. The incorporation of budget and monetary policy into Keynsian model of government economic policy is also discussed. The public debt is especially estimated as a riskless asset for saving financial resources. Attention is attracted to foreign investments in American public debt as part of capital inflow which permit to keep high consumer expenses and low saving in U.S. In the end of the article the necessity is expressed of effective management of public debt backed by solid theory.