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I'm honestly not sure what would work best in its place, though certainly something should replace the debt ceiling.
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Debt is just a conceptuality. A number game that governs our lives.
Who is the U.S actually indebted to?
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Almost all economists agree that the positive debt is a boon for the economy: it means that at the moment the economy has more resources available than in the conditions of zero debt, hence allowing for a much faster economical grow. The size of the debt is what is being regularly debated, but the consensus is that the optimal size of the debt approximately equals the GDP of the market.
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