Summary

• Debt and deficits are not inherently destructive; they fund spending that becomes income for households and businesses, supporting economic activity.
• The federal government ran a deficit of roughly $1.8 trillion in fiscal year 2024.
• The federal government collects roughly 17 to 18 percent of GDP in annual tax receipts, which is about $5.1 trillion drawn from a $30 trillion economy.

Every few years, someone discovers that the United States government owes a very large amount of dollars and concludes that Rome is about to fall. A recent piece in RealClearMarkets by Nash, Thomas, Lang, and Rastin does exactly

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