But surely Bessent has proved the ‘vigilantes” point? If they have forced him to buy back, they are having an effect?; and now they’ve dumped their toxic waste they are free to go of and do what they like. Which won’t be buying new bonds.
The National Debt thing was taught in schools at least sixty years ago, and therefore much longer I’m sure. That it is a good thing, enabling the government to borrow cheaply, can easily be paid back as the economy expands, the interest rate is cheap because it’s the government doing the borrowing etc. etc. So it is ingrained in the British psyche, the National Debt (always with Capital Letters) is something we should be proud of.
I never bought it. Every extra £ of interest is another £ of tax required.