Here's why economists are so worried about soaring US debt levels

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• The government's soaring debt balance poses problems for the US economy.
• Those include higher inflation, greater market volatility, and a lower quality of life for Americans.
• Slowing the pace of borrowing is critical for the future, economists told Business Insider.

The US is sitting on the biggest pile of public debt in its history, and economists are getting nervous about it. 

The federal debt balance hit $34 trillion this year...