The already-frightening trajectory for government debt around the world has been catapulted higher as a result of much-needed fiscal support. How concerned should we be as investors? Despite being the two people most responsible for the creation and adoption of the U.S. Constitution, its author, Madison, and the nation’s first Treasury Secretary, Hamilton, held starkly different views on whether the new nation should take on debt. The debate rages on two and a half centuries later. Governments around the world tapped the debt markets quickly and forcefully in response to the COVID-19 pandemic, surely counting their ability to borrow as a blessing. […]