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Deficits hasten fiscal death spiral – Richard Mills
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Deficits hasten fiscal death spiral – Richard Mills
2025.05.23 People get confused about the difference between the deficit and the debt. The debt is the total amount of money the US government owes. It represents the accumulation of past deficits, minus any surpluses. The current national debt stands at $36.8 trillion. How about the deficit? Source: usdebtclock.org The deficit is the annual difference between government spending and government revenue. Every year, the government takes in revenu…
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