Why does the US have so much debt?

Another really good video from Paul Solman of PBS, this time he talks with Wall Street Journal journalist David Wessel about America’s debt. Some noteworthy facts include:

* 63 percent the government spent went out the door without a vote of Congress
* 20 percent of the federal budget is spent on defense – $700 billion last year, more than the combined defense budgets of the next 17 largest defense budgets of other countries
* Each aircraft carrier is $11 billion. This is enough to replace 750,000 shoulder, knee, and hip joints for people on Medicare.
* In 2011 the government took in $1.3 trillion in tax revenue, but the Treasury adds up the value of all the loopholes, deductions and credits, and they amounted to $1.1 trillion.

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