It’s no secret that federal debt is bigger, relative to the economy, than at any time since WW II, that deficits these days are measured in trillions, and that interest on the debt likely exceeds spending on defense. It’s unquestionably bad. But is it out of control? Not yet. To begin with, Federal Debt Owed to the Public is $27.7 trillion. It’s not $34.9 trillion, as many will tell you. The
