The US Debt Disease

Read any introductory college economics book you wish, most will tell you that there is no way the amount of public debt can outstrip the productive capacity of a wealthy, developed nation like the United States. Just five year ago this claim may have been plausible but at present the US has realized a public debt of over $15 trillion-an amount roughly 100 percent of GDP! So those same books will go on to tell you how bankruptcy is a trifling concept to the Federal Government, subheadings: Refinancing and Taxation.

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