The United States has a moderate level of public debt compared to other countries. Since 1980, the debt has been increasing steadily. The Clinton administration's budget cuts may not be enough to fix the problem. Seigniorage revenue from inflation is limited. Subtracting public sector investment from the deficit may overstate revenue potential. Public debt is important when taxes are limited. Future interest payments on debt are not the same as future transfers. Even if immediate budget issues are solved, there are still bigger economic problems with government size and national saving.