“we have attempted to calculate the total implicit liabilities of the American federal government—in effect, how much it has promised to pay if things go wrong . . . We find that the state is on the hook for liabilities worth more than six times the country’s GDP, and that these liabilities have in recent years grown much faster than the country’s output.” The saviour state: Bail-outs for everyone! The Economist, October 1st, 2022.
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