Over on time.com, Zachary Karabell says the U.S. is not drowning in debt:
…what matters about the debt isn’t the dollar amount per se, but how much it costs us to service it. And by that measure, the debt isn’t nearly as big a problem as it’s being made out to be.
That’s like saying it’s not the credit-card balance that matters, it’s the size of the payments. People tell themselves that so as not to face the unpleasant truth that carrying a huge credit-card balance is stupid, and that paying interest on a debt is – with very few exceptions – just pissing away money.
Mr. Karabell admits that the federal government is paying a quarter-trillion dollars in interest – excuse me, in debt servicing – every year. What a waste.