The resurgence of the coronavirus disease 2019 (Covid-19) in the United States is paving the way to a debt record, even relative to government debt at the end of World War 2 (WW2). The collateral damage in global recovery will be significant.

THE delays and containment failures of Covid-19 in major advanced economies, particularly the US, are morphing into a faster-than-expected series of economic challenges, including debt crises.