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The CARES Act helped mitigate the financial impact of COVID-19 for many people. But it has resulted in an increase in the federal budget deficit, and the federal debt, to levels not seen since World War II. What are the costs of a growing federal budget deficit today, and for future generations? To answer this and other questions, Olivier Blanchard joins Michael Klein on EconoFact Chats. Currently the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, Olivier is widely recognized as one of the world’s leading experts in macroeconomics and fiscal policy. He served as the chief economist at the International Monetary Fund from 2008 to 2015.