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Krugman: National default 'can't happen'
Posted By -NO AUTHOR- On 11/30/2012 @ 12:47 am In Money | No Comments
(NetRightDaily) In the past 30 years, the national debt has increased 1,328 percent from $1.1 trillion to $16.3 trillion.
From 1952 to 1982, it nearly quadrupled, from about $250 billion to $1 trillion. And from its 1922 level of $23 billion, it increased by 967 percent.
See a pattern?
What will the national debt be in 2042? An historically “modest” tripling to $50 trillion? Or perhaps a mind-boggling $100 trillion?
But not to worry, says New York Times pundit Paul Krugman. No matter how large it gets, we can’t default on our debt.
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