US Deficit & Debt History
I'm hearing a lot about debt lately. What are the base facts before I get to folks' interpretations of them? TL;DR, in three sentences: US debt is now at 98% of GDP — the second-highest level in 150 years, behind only World War II. The primary driver has been consistent deficit spending since 2000. The second driver is that the US is no longer benefiting from the historically low interest rates that kept the cost of carrying that debt manageable.
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