“In my last comment I demonstrated that the US public debt is not very large, and its annual servicing quite small.  It occurred to me (and to several people who wrote to me in response to my comment), that it might be illuminating to carry out a similar exercise for the annual public deficit.  You are likely to be under the impression that the US budget deficit is more than ten percent of GDP, in excess of US$ 1.6 trillion in 2010.  Or, as a Tea Party Republican might put it, $1.6 trillion!!!”

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