Penelope
Diamond Member
- Jul 15, 2014
- 60,260
- 15,767
- 2,210
come out with that after the rich got a giant tax cut and the Dems took maj of the House. They want to cut social programs. The national debt is not like household debt, one you have to pay off, or file bankruptcy, ask Trump about that, the other you just print more money and raise interest rates or taxes.
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Now, in general it is probably a better idea to rely on taxation rather than borrowing to fund government programs (especially permanent ones). Most government debt ends up owned by the wealthy, and so a huge outstanding debt can end up being a sort of subsidy of the rich. Similarly, the current debt explosion is objectionable insofar as it represents a giant transfer of income to the top 1 percent. But that is a tactical issue, and one that could be corrected through progressive taxation.
At bottom, the American national debt is no big deal, and insofar as it can be a problem, it has nothing to do with how mainstream budget reporting presents the issue.
Silly propaganda (like the national debt clock) deserves nothing but a snicker.
America is borrowing like crazy. Don't worry.
7 reasons we don't need to pay off the national debt
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Now, in general it is probably a better idea to rely on taxation rather than borrowing to fund government programs (especially permanent ones). Most government debt ends up owned by the wealthy, and so a huge outstanding debt can end up being a sort of subsidy of the rich. Similarly, the current debt explosion is objectionable insofar as it represents a giant transfer of income to the top 1 percent. But that is a tactical issue, and one that could be corrected through progressive taxation.
At bottom, the American national debt is no big deal, and insofar as it can be a problem, it has nothing to do with how mainstream budget reporting presents the issue.
Silly propaganda (like the national debt clock) deserves nothing but a snicker.
America is borrowing like crazy. Don't worry.
7 reasons we don't need to pay off the national debt