Deficit spending paves

1. Explain how the U.S. government managed to accumulate a debt of $12 trillion. To whom does it owe this debt? Is the debt a burden on future generations?
2. Comment on the following: “Deficit spending paves the road to ruin. If we keep it up, the whole nation will go bankrupt. Even if things do not go this far, what right have we to burden our children and grandchildren with these debts while we live high on the hog?”