As of late 2021, the US government had roughly $29 trillion of debt ( real-time debt clock
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Question:
As of late 2021, the US government had roughly $29 trillion of debt (real-time debt clock). Please discuss some of the implications of this debt by answering the questions below:
- To whom, exactly, does the US government owe that money?
- How can the government continue to spend money it does not have? List the small number of options it has at its disposal.
- Why do you think it is so easy for the Congress and president to continually spend more than the government brings in via tax revenue? In other words, why do we have deficits so often?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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