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Tax revenues have increased along with higher rates of employment and higher wages for low-income workers. The data presented here should serve as a potent counterweight to the notion that the U.S. is on the verge of debt and deficit crises or can no longer finance its operations in the open global market.
The American economy is not on the verge of a systemic crisis because of government debt.
But as long as a debt ceiling exists, there is always the chance of a miscalculation on one part of the political authority that will plunge the United States into default and a financial crisis.
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