Illustration: Aïda Amer and Sarah Grillo/Axios

The world's total debt surged by some $9 trillion in the first three quarters of 2019, according to data from the Institute of International Finance, bringing the world's total debt load to $253 trillion, or 322% of its GDP — a record high.

Why it matters: In times of economic strength, economists exhort countries to pare back their debt burdens and pay it down to protect against future unrest and downturn.

  • The U.S. and the overwhelming majority of the world have done just the opposite — 2019 saw the world's debt-to-GDP ratio rise at the fastest rate since 2016.
  • Conversely, global growth fell to its slowest pace since the 2008–2009 financial crisis, showing diminishing returns for the increasingly large debt pile.

What it means: The two may be linked. Liz Ann Sonders, chief investment strategist at Charles Schwab, told Axios earlier this year that the weak growth seen by the U.S. and much of the rest of the globe may be directly caused by the ever-growing debt.

  • "The effect may be a subtle crisis over time," she said.

Be smart: Even Fed chair Jerome Powell, who has been careful to focus his remarks almost exclusively on the strengths of the U.S. economy, was dour in his assessment of current U.S. debt levels.

  • He said last year that "the federal budget is on an unsustainable path" that could "restrain fiscal policymakers’ willingness or ability to support economic activity during a downturn.”

Between the lines: The U.S. led the way in debt accumulation last year, with government debt-to-GDP rising to an all-time high of 102% of GDP, IIF finds.

  • Mature markets like the U.S., eurozone and Japan ratcheted up their government debt levels last year, while emerging markets like China, India and Latin America saw the sharpest increase in non-financial corporate debt.
  • China's debt notably rose to 310% of GDP, despite the nation's drive to delever and clamp down on runaway borrowing. Government debt grew at its fastest annual pace since 2009.

What's next: All signs point to the debt binge continuing. Thanks to low interest rates and loose central bank policy, IIF estimates that total global debt will exceed $257 trillion in the first quarter of 2020.

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.