Why it matters: In a world of historically high income inequality and historically low productivity and growth, in which debt levels were already historically high, the U.S. and the world at large are in wholly unprecedented territory.

Already, government spending is far outpacing any previous period in American history and there is no end in sight.

Following World War II, which was the last time the ratio of public borrowing to GDP approached its current depths, the U.S. was able to use the spending on programs that grew the economy and built an unrivaled middle class.

Goldman Sachs researchers in a note Sunday said they expect Congress to approve another $550 billion before the 2020 fiscal year ends in September, plus untold spending on infrastructure, direct payments and unemployment benefits to come in fiscal year 2021.