America's total debt load hasn't shrunk since the 2008 crisis — it just shifted onto the government, which means onto taxpayers.

• Total US debt is still around 370% of the economy, almost exactly where it sat 20 years ago.
• The debt didn't disappear; it moved from private balance sheets to the government's.
• Taxpayers now pay record amounts of interest, while big business pays the lowest taxes in 60 years.
• Corporate profits stay private, but corporate losses get passed to the public.
• The biggest banks came out of 2008 larger than they went in — crises tend to push wealth upward.

Outlook: Expect interest costs on the public to keep climbing, with the next downturn likely following the same pattern of private gains and public losses.