The short-term boost to growth from Joe Biden’s latest economic stimulus proposals will inevitably bring the moment closer when the US debt pile puts pressure on domestic and global markets. No, I am not talking about a much-feared sovereign debt crisis in America. At least not in the United States of America, although the Trump-Biden policy trajectory of the last four years, and counting, will trigger sovereign debt problems in other parts of the Americas and other emerging and developing countries. As far as default risks are concerned, the US will stay on solid footing for some years to come.…

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