President Donald Trump’s top economic adviser Larry Kudlow may get the war bonds he wants as the U.S. swells its debt pile to levels unlike anything seen since World War II.
They won’t actually be called war bonds, an idea Kudlow says he discussed with Trump and Treasury Secretary Steven Mnuchin. They won’t actually be any different than the type of securities already being auctioned -- beside a reboot of a maturity that was previously shelved -- but they will be part of what the president calls his war with the “invisible enemy” of Covid-19. And they likely will cause the amount of U.S. debt to match the size of the economy for the first time since the 1940s.
