In the wake of reports on Tuesday that the gross domestic product of the United States had crossed $30 trillion for the first time, there was a buzz in the media but little excitement among members of the political class. It’s possible that this has anything to do with the arsonist’s desire to avoid remaining at the scene of his crime. However, it is worthwhile to take a moment to explain how to think about that colossal debt figure. In this case, the media has blood on their hands as well. The $30T figure received absolutely no coverage, in my…
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