The article doesn't seem to answer why. Which is very answerable. Lets focus on the USA specifically. https://tradingeconomics.com/united-states/government-deb

The article doesn't seem to answer why. Which is very answerable. Lets focus on the USA specifically. https://tradingeconomics.com/united-states/government-debt-to-gdp https://tradingeconomics.com/united-states/government-debt-t... Debt to GDP had a nice leap in 2020. The government took on significant increases in debt. While GDP did continue to increase. The Treasury bill yields inverted. When this happens, nobody is buying their debt. So it goes on the 'balance sheet' the balance should be at basically 0. The pre-2009 nominal balance wasn't a problem. https://tradingeconomics.com/united-states/central-bank-balance-sheet https://tradingeconomics.com/united-states/central-bank-bala... What you will see, during the financial crisis the USA federal government effectively went bankrupt. Has been bankrupt since. Nobody wants to hold enough of their debt anymore. But countries can never go bankrupt. https://tradingeconomics.com/united-states/money-supply-m2 https://tradingeconomics.com/united-states/money-supply-m2 Basically the federal government printed so much new money it caused high inflation. https://tradingeconomics.com/united-states/core-inflation-rate https://tradingeconomics.com/united-states/core-inflation-ra... Thusly resulting in a unusual huge increase in inflation. This isn't free money. The USA will try its best to pull money out of their reserve currency balance but in so doing because of no gold standard will start removing the USA from being a reserve currency. Or what is happening, anyone holding onto currency or currency likes that are returning below inflation are the ones who pay for the government's spending. This will be exceptionally hard on people holding downpayment funds. Not to mention anyone who lives paycheque to paycheque and doesn't receive a raise in excess to inflation. They are the ones who pay for the government's deficit spending.