Kenneth,
The problem with the US is their unfunded liabilities!
They will need to increase taxes very high in order to fund these. If they increase taxes they will choke off any chance of a reasonable recovery.
If they don't increase taxes then they will have to fund these somehow, most likely by borrowing more which in turn will increase their debt even more.
Hence the increase of their debt ceiling to $14trillion dollars.
And Barnaby tells us we have debt problems???
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