WELL, YES: Jamie Dimon believes U.S. debt is the ‘most predictable crisis’ in history—and experts say it could cost Americans their homes, spending power and national security.

The far more difficult issue is whether or not this debt is being accumulated responsibly, and will result in a positive return in the future.

This is where JPMorgan boss Dimon gets concerned: in a slowing economy, can the government expect to see an uptick in output to offset the investment?

“Instead of focusing on the level of debt, we should be asking: What is the return on the investment?” Professor Veldkamp added. “If the government is issuing debt to invest in high-return projects, then debt is good. If it is not, then the debt will be tough to pay off because of low future productivity.”

The first-pass answer to whether Washington borrows wisely is “No.” The second pass answer is “Hell no.”