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Debt and taxes


As Republicans in Congress move forward on their tax plan, it’s worth remembering one thing: whatever the legislative particulars, keep your eye on the plan’s impact on the federal debt. Our debt load is already worrisome. It’s almost certainly going to get worse.

At some point, this will become unsustainable — we just don’t know exactly when. One common measure of the debt problem is to compare the total federal debt to our gross domestic product, or GDP. This basically measures whether a country’s economy is healthy enough to carry its debt burden. When Presidents Carter and R...

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