Do you have a friend who consistently borrows 30% of his income each year, is currently in debt about six times his annual income, and wanted to take advantage of short-term interest rates so that he needs to renegotiate with his banker about once every six years? Well, if Uncle Sam is your friend you do!
As of last year, the gross amount of debt owed by the federal government was about 5.5 times its tax receipts. That would be equivalent to someone earning $30,000 a year owing $165,000. Somehow people are up in arms about students graduating with an average of $30,000 in debt and landing a measly $30,000 a year job, but few want to face the realization that the federal government is in five times worse shape.
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