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There have been a few threads on this topic in the past.
I do think government spending is out of control, however, the better way (rather than in total dollars) to monitor the deficit and the debt is to look at how these numbers trend relative to GDP and our national wealth on a percentage basis. And since the government can deflate the currency at will (meaning they can theoretically print money to eliminate the debt and the deficit or at least adapt measures to do the same), it is good to look at the cost of dollars in terms of exchange rates and interest rates. There are many factors affecting exchange rates and interest rates and there are cycles, those factors have to be discounted in your analysis.
When I do my analysis, I am not overly concerned currently. The biggest problems we face are with Social Security and Medicare and the trending of government accounting for bigger share of GDP. We can not afford the future costs of these programs, and Washington is doing nothing to fix the problem.
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"Democracy is two wolves and a sheep voting on lunch."
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