The Stagflationary Debt Crisis Is Here
https://www.project-syndicate.org/commentary/stagflationary-debt-crisis-is-here-by-nouriel-roubini-2022-10
The Great Moderation has given way to the Great Stagflation, which will be characterized by instability and a confluence of slow-motion negative supply shocks. US and global equities are already back in a bear market, and the scale of the crisis that awaits has not even been fully priced in yet.
Related:
U.S. National Debt Tops $31 Trillion as Rising Rates Add to Fiscal Burden
https://www.nytimes.com/2022/10/04/business/national-debt.html