Debt- Debt is major problem for many governments, big and small. While local and state debt do result in a loss of services, federal debt is worse. Many states have restrictions of deficits and debts, which at least slow down politicians spending like drunken sailors. The federal government has no such limits (unless you count that silly spending cap they always agree to raise at the last minute), they will run deficits and if you, the taxpayer, doesn’t want to give them more money, well they’ll borrow it from China—mortgaging off the futures of millions not yet born to a totalitarian state. $18 trillion in national debt doesn’t even scratch the surface as it doesn’t include unfunded Social Security and Medicare liabilities. While the average American may think this doesn’t affect them, US credit rating downgrades have a dimming effect on the economy as a whole, and the Federal Reserve’s quantitative easing practices have led to inflation.