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All while taking on massive governmental debt.

This is false. [1]

The federal debt/gdp ratio has hardly changed in the past few years.

The state + local government debt/gdp ratio has declined substantially over the last few years.

The government, as a whole, is paying its debts down (Or not expanding them, as the economy expands around it.)

If there's too much money sloshing around, it's not because Uncle Sam opened the checkbooks. It's because interest rates are near-zero.

[1] https://www.usgovernmentdebt.us/state_debt

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