Government Debt Hits $34 Trillion: Fiscal Policies Under Scrutiny

The U.S. government’s debt has surpassed $34 trillion, a figure resulting from years of overspending beyond its revenue. This situation isn’t new; the U.S. has been in debt since its inception, starting with loans from the American Revolutionary War. Experts like Les Rubin attribute the rising debt to irresponsible fiscal policies, while Eric Mangold points out that unlike individuals, the government can print more money to cover its debts. However, this leads to higher taxes and potential economic consequences if the debt remains unpaid.

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