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As to the National Debt...Buffet said that there is not any reason to be alarmed as long as the GNP grows at a higher percentage rate than the National Debt does.
While I understand what he is saying...I think that when the third largest expenditure of the budget is payment on the interest for the National Debt...there is reason for alarm. Maybe not in the sense that the economy is on the verge of collasping but when interests payments are the third largest expenditure in anyones budget...including the governments...I think that should be reason for alarm.
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