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Source link: http://archive.mises.org/1818/snowdrifts-of-debt/

Snowdrifts of Debt

April 6, 2004 by

The US government is the world’s largest debtor with deficits feeding debts that pile on in increasingly larger numbers of numbing proportions, writes Christopher Mayer. The current federal debt outstanding according to the Bureau of Public Debt stands at $6.9 trillion. It was only in 1981 that the legal debt ceiling was $1 trillion. Then again, expecting debt ceilings to curb debt growth is sort of like trusting the fox with the henhouse. [More]

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