Governments have issued trillions of dollars of debt this year, but this has come with the backing of central banks as they have broadly swallowed up government debt issuance across the developed economies. With central banks keeping borrowing costs incredibly low, governments have been able to spend as much as necessary to support consumers and businesses through the pandemic. The time will come when governments need to think about reducing those debt levels but for now they can focus on getting the economy back on track with the knowledge that the central banks are providing a helping hand.