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Trillion deficit per year matters to americans is its like termites in the basement. theyre eroding the economic foundation of our economic house. if you let those termites continue to eat and eat and eat, it collapses after a while. i think the long-term implications would be higher inflation and higher interest rates. those both have very negative impacts on the ability for the american economy to compete. >> good point. termites, you dont know theres a problem until one day your staircase col...

But actually thats exactly the reason -- it circles back to what we were just talking about. why does this enormous debt matter? the reason it matters is because if we continue to borrow $1 trillion a year, it erodes our ability to be competitive on a global stage. when i give my lectures around the country, i always tell people the biggest issue for our country is are we going to be able to compete in the next 10 and 20 years with china and other emerging countries? if we dont get this debt und...