Politics & Philosophy by Dr. Martin D. Hash, Esq.
America's debt is the accumulating difference between how much government spends versus how much taxes it collects. America hasn't had to balance its budget in decades, essentially getting its cake and eating it too.The debt is accounted for by the total amount of Treasuries issued, now well into the mid-20 trillions of dollars, which doesn't even cause any concern anymore because of how long debt-alarmists have been crying wolf. People have arguments of why continuing debt is a good thing or bad thing; good because of the stimulus it provides, and bad because they think someone has to eventually pay, not understanding that government can create as much imaginary money as they want, for as long as they want. There's also been the persuasive percentage of GNP argument which says The Debt is fine as long as it's less than some fraction of the GNP, the Gross National Product, now over 100%; but that isn't relevant because no amount of debt is worrisome as long as production equals consumption.
The fascade usually used to explain why nothing bad has happened yet is; that it's mostly Social Security and government retirement obligations; or other nations are shouldering it, putting America at their mercy, but that threat doesn't matter to a nation whose dollar is the world's reserve currency, because when you're the 600-lb. gorilla, what other nations do is immaterial. America's debt isn’t going away, and there’s nothing wrong with it; in fact, deficit spending puts money in the populace's hands that wouldn’t otherwise be there, so everyone benefits even though the money eventually all ends up in the hands of The 1%, but concentration of wealth is another problem entirely.
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