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IPFS News Link • Economy - Economics USA

The $2.3 Trillion State and Local Government Debt Monster

States do not have the ability to print money at the whim of any central banker. And the state and local government debt market is up to a whopping $2.3 trillion. At this point, trillion is the new billion. The growth in local government debt has exploded since the 1970s. We went from $295 billion in 1968 to $2.3 trillion today. But as Greece is demonstrating, there is such a thing as having too much debt and at a certain point the markets no longer have an appetite for so much borrowing. Average Americans probably have a hard time examining the large numbers being thrown around.