Paywall probably, sorry.
My own personal view is that current situation of low yields and high debt is a result of a reluctance from our trading partners to convert their trade surpluses back into their own currencies. The Chinese run a huge surplus, but don’t want the yuan to rise, so they plow the proceeds into the only dollar asset they can own (effectively), US Treasuries. They saw what happened to Asian economies like Malaysia and Indonesia when they ran short of dollar reserves in the late 90’s. This has kept the dollar high and yields low. The Fed’s enormous balance sheet is also a contributor to this.
In effect, we are enjoying a free lunch at the moment. The catalyst for change would probably be a very severe Chinese recession, or maybe war.
Of course, the MMT proponents might also be right that debt doesn’t matter ever. But, I doubt that.
Link: https://www.wsj.com/articles/how-washington-learned-to-love-the-deficit-11560436380?emailToken=c3e715affab9cd6570834961e00062ccSCLKR7X3UvSSU2VDdVu05Ny+Wg5IUYgIYI+15ueE1YOsT8XzICJqATaSk5koYzMEh7LVL94iD9eJyJsFKiFRIEdW7+w6VKWTQGazpGvC6gA%3D&reflink=article_c