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A new collection of papers, prepared by the PIIE, explores the consequences of sustained U.S. fiscal uncertainty on the national and global economy.
From Teachers College Columbia University
The U.S. national debt now stands at more than $40,000 per citizen. Is that the same as each of us owing that much money on a credit card? If left unchecked, budget deficits—the difference between what the government brings in each year and what it spends—will weaken our economy and lower future standards of living. Should we reduce deficits by bringing soldiers home from Afghanistan? Spending less on our grandparents’ medical care? Cutting federal grants for college? Raising taxes?