“Debts and deficits do matter. But they’re not the only things that matter. And they matter to different countries in different ways at different times. The United States emerged from the Second World War with a debt-to-GDP ratio of more than 100 percent. Yet winning the war was an excellent investment of national resources.”

“Debts and deficits do matter. But they’re not the only things that matter. And they matter to different countries in different ways at different times. The United States emerged from the Second World War with a debt-to-GDP ratio of more than 100 percent. Yet winning the war was an excellent investment of national resources.”

— Bret Stephens