Analysis: In his effort to pressure the White House on the debt ceiling, House Speaker Kevin McCarthy resorts to a hoary cliche.
in the New York Times that “[t]o burden the young and those yet to be born with such staggering bills is a clear abdication of responsibility.” It is probably not as old a line as politicians saying that America’s grandchildren would be paying their bills — a line dating at least back toIt is true that the federal debt has surged in the past two decades. Using data from the Federal Reserve and adjusting for inflation, that’s clearly visible.
That’s high in historic terms — but actually down slightly because of inflation. It depends on when you measure the debt and what value of inflation you apply, but $31.4 trillion in May 2023 is less in real terms than a nominal $31.4 trillion was at the end of 2022.
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