Foreign Debt

We’ve hit the 80s and Reagan’s low tax and defence spending have contributed to the America’s worst foreign debt in history. It turns out the US has consistently been in debt, so why does this time matter? Well, because they’re borrowing heavily from the Japanese, and have turned from creditors to creditees. It leads to the deindustrialisation of the Midwest, the rise of Sony and the Walkman, and even Bill Clinton’s affair with Monica Lewsinky… But why did kids like Billy care? What does it mean for America’s political future? Can America ever be debt-free? Does that even matter? Iwan Morgan has even returned to talk us through it all! He’s sort of like a walking Economics for Dummies, which is perfect for a pair of economic dummies like us….

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