We basically have racked up $7 trillion more in debt in just the last three and a half years. We're consistently running well over a trillion dollars in deficit spending every year. Our debt to our GDP is now over 120%. So what do these numbers all mean? It means that government spending is going to start crowding everything out. The second largest expenditure by the federal government today now is just the interest cost on our debt. (00:49–00:55)
CLAIM
Asserts that the U.S. debt-to-GDP ratio exceeds 120%.
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