Deeper and Deeper in Debt

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Posted: Jun 13, 2019 12:01 AM

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There are many addictions besides drugs, sex and power. There is also our increasing addiction to debt. According to Money Magazine, reporting on figures from the New York Fed, “Americans’ debt hit a new high of $13 trillion last year, surpassing the previous record set in 2008 by $280 billion.”

On a personal level, individual American debt averages $7,800, according to the U.S. Census. Credit card debt and student loans account for a good portion of it, depending on one’s age, with people 75 and older having the least debt and middle aged and younger people having the most.

This is chump change when it comes to spending by the federal government. Citizens Against Government Waste has just published its annual Pig Book, detailing wasteful and unnecessary pork barrel spending by politicians.

To raise your outrage to its proper level, the book needs to be read in its entirety, but here are just a few of its lowlights. Remember “earmarks,” those spending additions to bills that resemble leeches on

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