As a fraction of gross domestic product (GDP), debt owed by American families has roughly doubled since 1980, and in nominal terms is over $14 trillion. Government has done the same—indeed, this is a primary Boomer tactic to ensure their benefits flow while expenses pass to others. The national debt has almost tripled as a fraction of GDP since the mid-1970s, so that the nation’s debt is now slightly larger than the nation’s total annual product, approaching $19 trillion by the end of 2015, and that figure is set to grow ~3 percent annually, more or less indefinitely. The proceeds from that
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