Another pandemic that would increase the debt by about 13 percentage points would have very detrimental effects, yes. We're nearing the limit where another major crisis like that would have very serious consequences. It would significantly increase the debt and interest costs, affect credit rating agencies, and so on.
The issue is that we don't know what level the net debt, as a percentage of GDP, would have to reach to push us into a new financial crisis. No one knows, but—