There is no relationship b/w deficits & interest rates in the US & many other advanced economies. Centuries of dynamic institution building underpin our reserve currency status that allows rates to be a function of economic fundamentals, flows & policy not credit risk 1/3

The ability of democratic institutions to meet the needs of the people they serve during a pandemic & restore them to health and the economy to full employment as quickly as possible is far more important to that invaluable status than fussing over arbitrary deficit #s 2/3

Holding people who seek to destroy our institutions to account is also likely to be far more important to our reserve currency status and longer term prosperity than any debt or deficit to GDP ratio. It is nonlinear, if we lose our status its gone & choices get much harder 3/3