“The federal budget is on an unsustainable path, with high and rising debt,” Federal Reserve Chairman Jerome Powell told the Joint Economic Committee on Nov. 13. “Over time, this outlook could restrain fiscal policymakers’ willingness or ability to support economic activity during a downturn.”

If this sounds overblown to you — it sounds understated to us — consider whether you are suffering from shortsightedness when it comes to economic history. This century, we have had persistently low inflation and near-zero interest rates. It’s easy to assume this is natural and normal. However, history says that these conditions are not normal at all. This is the biggest reason why the federal government’s debt is such an immense threat, and yet, at the same time, hardly anyone takes it seriously.