The federal debt is a huge number at $36 trillion. That has major implications for the government and the economy. Debt numbers this large automatically send out ripples the size of tsunamis. Some of them could wash over long-term Treasury yields and then flood the cost of commercial real estate capital.
The federal debt is the accumulation of decades of deficit spending when outlays are larger than receipts. In recent times, some of the bigger drivers of deficit spending have been the Tax Cuts and Jobs Act of 2017, the emergency aid packages during the pandemic, and additional stimulus and large works bills.
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