The specter of the American government declaring bankruptcy gets trotted out particularly often any time there’s a change in the majority party. Because we’ve been told for decades what a large, scary number America’s National Debt is, the populus fears that the time when it causes another Depression could come at any time. It couldn’t even be said to catch us by surprise, since there were many alarmists that would be able to tell us that they told us so.
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