The process of running up a $16 trillion Federal deficit may seem complex and convoluted, but it’s really no more complicated than the average American family swimming in a sea of credit card debt. The same principles are at play, and the same mistakes are being made.
Government, like most households, finances its spending in one of two ways: income (in the form of taxes for government / salaries and wages for households) or through the use of debt (Treasury securities for the government / credit cards, student loans, car loans, etc. for households).
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