Why is the federal debt so high?

The Peter G. Peterson Foundation cites three major contributing factors to skyrocketing federal debt:

  1. The number of U.S. seniors planning to retire is expected to reach 10,000/per day, increasing the number of Social Security recipients.
  2. U.S. health care costs are nearly twice as much as comparable advanced nations.
  3. U.S. tax revenues can’t keep pace with spending.

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