Normalized data can be deceiving.
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| Graph #1: Wow! Look how big the Public debt is! |
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| Graph #2: Wow! Look how big the Private debt is! |
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| Graph #3: In fact, Private debt is substantially bigger. |
All three graphs show that total U.S. Public debt approximately doubled between 1947 and 1970.
All three graphs show that total U.S. Private debt increased more than seven-fold during that time.
Only Graph #3 shows that Private debt was almost $1000 billion more than Public debt, already in 1970.
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