Tag Archives: Gross national debt

Fixing “Warren Buffett Fixes Congress! Part 2”

The other day I added a post that had errors in it—Part 2 of  “Warren Buffett Fixes Congress!”. Part of the problem is that I was using an unposted draft written in response to an earlier “Buffett” email, and the data was old. But a more serious error is treating the gross national debt as just so many trillions of dollars. Today it’s maybe $16 trillion, a big scary figure, as deficit hawks and debt fanatics keep reminding us. But we can best make sense of the debt as a ratio, typically a percentage of the nation’s output, or GDP, because that tells us whether it is debt we can handle.

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