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The national debt of the United States government is rapidly closing in on $37 trillion. Given that the nominal U.S. GDP is only $29.35 trillion, we owe significantly more than our economy produces. The interest payment alone on the debt is now the third-highest line-item expense, just after Medicare/Medicaid and Social Security and just ahead of Defense. It even surpasses our total federal tax revenue.

In addition to the federal government, state and local debt is another $3.2 trillion, and total credit card debt is currently over $1.28 trillion. In all, total indebtedness of the United States, public and private, sits at nearly $105 trillion. Though it is increasingly obvious our national debt will never be repaid, the deficit continues to grow at an alarming rate.

These

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