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There is no doubt about it. Politicians love to promise free things (or underpriced things) in order to get elected (aka, intergenerational theft). Then borrow staggering amounts to fund their promises. For example, the Federal government borrowed $10.16 TRILLION since October 2008, doubling the Federal public debt outstanding.
With The Fed pushing down interest rates since 2008, The Federal government gorged on “cheap money” and fiscal restraint was thrown to the wind.
Now with interest rates rising, payments of US debt will rise from 1.3% of GDP to 6% in four decades.
Take a look at the unfunded liabilities at USDebtClock on the bottom.
Are Andy Dwyer and April Ludgate running the Federal government?
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