[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-322540-105":59,"doc-detail-322540-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","is-usfederal-debt-too-large","Is U.S.Federal Debt Too Large?","","U.S. federal debt has risen to post–World War II levels, and while some see the surge as a recipe for economic disaster, the analysis argues the deeper issue is entitlement growth. It explains how government debt is created when expenditures exceed revenues and distinguishes public debt from intragovernmental debt. Historical comparisons show debt dynamics tied to recessions, but forecasted entitlement spending is presented as the main driver that will constrain future fiscal responses.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/is-usfederal-debt-too-large/322540/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/is-usfederal-debt-too-large/322540.png","ImageObject",300,407,{"name":92,"@type":93},"Maeve","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-05","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":19},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Why has U.S. federal debt grown so much, according to the commentary?","Question",{"text":112,"@type":113},"Tax receipts have fallen and entitlement spending has quadrupled as a share of GDP since the early 1960s. The commentary argues entitlements, not temporary recession measures, are the main culprit.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the federal government create debt?",{"text":117,"@type":113},"When expenditures exceed revenues, the government finances the resulting deficit by borrowing. It issues debt instruments such as bills, bonds, notes, and TIPS.",{"name":119,"@type":110,"acceptedAnswer":120},"What does “government debt” mean in this document?",{"text":121,"@type":113},"It distinguishes debt held by the public (owed to individuals, corporations, governments, foreign entities, and others outside the U.S. government) from intragovernmental debt held in government trust funds. For the analysis, “debt” is defined as debt held by the public.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},322540,1792218896,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":19,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},5909877438554,"https://ap-avatar.wpscdn.com/avatar/5600025385ad2bf12a7?_k=1778553567797529272","# Is U.S.Federal Debt Too Large?\n\nPedro Amaral  \nU.S.federal debt has grown to levels that have not been seen since the aftermath of the Second World War.Manyeconomists argue there is plenty to be worried about when it comes to what this implies for the U.S.economy.ThisEconomic Commentary explains that recent increases in debt are typical of the growth seen historically in times ofcrisis,but entitlement growth is a different story.Unchecked,it will impair our ability to respond to crises and economicdownturns in the future.  \nThe recent surge in federal debt has been assailed as arecipe for economic disaster by many people.Critics claimthat it will saddle future generations of Americans withhigher taxes.  \nHowever,while appropriation spending has grown nomore than it typically does in times of economic crisis,entitlements have been growing steadily and continuously.In fact,entitlements are more to blame for the deficit thanthe temporary measures used to combat the recession.Ifentitlements grow as projected,they will seriously impairour ability to respond to crises and economic downturnsin the future.This Commentary argues that when it comes tothe federal budget,what we have to worry about is growthin entitlements.  \nWhy is the deficit(and the resulting debt)so large now?For one,tax receipts have fallen.Receipts will amountto only 15 percent of GDP in 2010,a post-World War IIlow,reflecting the severity of this downturn.But more tothe point,entitlement spending has quadrupled as a frac-tion of GDP since the early 1960s,and it is projected tocontinue growing.  \nThis increase has left the government with very little ma-neuvering room to react to a recession.Just as monetarypolicy choices have been restricted by a zero interest ratebound,recent fiscal policy has been constrained by entitle-ment spending.  \nNumber 2010-10  \nAugust 24,2010  \n## What Is Government Debt?\n\nBefore we explore the consequences of the growing federalgovernment debt,it is important to understand just what“debt”means.When the federal government's expendituresare larger than its revenues,it must borrow funds to financethe resulting deficit.It does so by issuing debt.While federaldebt comes in many forms such as treasury bills,bonds,notes,and TIPS,at a basic level these are all the same:IOUs issued by the government,which promise repaymentof the principal along with some interest.Every fiscal year,enough new debt must be issued to cover not only theprimary deficit (revenues minus expenditures that year),butalso maturing debt and interest payments on existing debt.  \nThere are two forms of government debt.Debt held by thepublic includes all federal debt held by individuals,corpora-tions,state or local governments,foreign governments,andother entities outside the U.S.government including theFederal Reserve Banks.The other form of debt is known asintragovernmental debt,which is mostly debt in the handsof government trusts such as Social Security and Medicare.This is money the government owes itself.For our purposes,we will define debt as debt held by the public.  \nThe U.S.federal debt relative to the economy's size was atits highest during the Second World War,when it shot past100 percent of GDP.After the war's end,federal debt steadi-ly decreased to around 25 percent by the mid-seventies,onlyto take off again.While there was some reprieve in the late  \n1990s,the debt rose to 36 percent of GDPin 2007 and isprojected to hit 63 percent in 2010,according to the Officeof Management and Budget(OMB).While this is largelya consequence of the economic downturn and the govern-ment's subsequent response,growing entitlement spendingis also a major culprit.  \n## The Evolution of Outlay Components\n\nThe U.S.economy is slowly emerging from a deep reces-sion.Economic theory tells us that issuing new debt is auseful buffer against large,temporary,adverse shocks,likethe one wejust experienced.The surge in debt has comefrom two different sources.One is related to the economy'spositi","cbCainzcjVSoawhQ","https://ap.wps.com/l/cbCainzcjVSoawhQ","pdf",1306723,"English","# What Is Government Debt?\n## The Evolution of Outlay Components\n## Why Does AIl This Matter?","[{\"question\":\"Why has U.S. federal debt grown so much, according to the commentary?\",\"answer\":\"Tax receipts have fallen and entitlement spending has quadrupled as a share of GDP since the early 1960s. The commentary argues entitlements, not temporary recession measures, are the main culprit.\"},{\"question\":\"How does the federal government create debt?\",\"answer\":\"When expenditures exceed revenues, the government finances the resulting deficit by borrowing. It issues debt instruments such as bills, bonds, notes, and TIPS.\"},{\"question\":\"What does “government debt” mean in this document?\",\"answer\":\"It distinguishes debt held by the public (owed to individuals, corporations, governments, foreign entities, and others outside the U.S. government) from intragovernmental debt held in government trust funds. For the analysis, “debt” is defined as debt held by the public.\"}]","Is U.S.Federal Debt Too Large? | PDF",1789962985,13]