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Your statement presumes a lot, for instance that sovereign debt under all circumstances, is an existential threat. The United States has been in deeper debt (a
by pnut 11y ago
Your statement presumes a lot, for instance that sovereign debt under all circumstances, is an existential threat.
The United States has been in deeper debt (as a percentage of GDP) before.
- nocman 11y agoA huge amount of debt is always a threat to prosperity (both personal and national). The fact that so many people seem to think it is "no big deal" is part of the problem (on both a personal and national level).
- hwstar 11y agoYes, the amount of debt was much larger in WW2. https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt#/media/File:Federal_Debt_Held_by_the_Public_1790-2013.png https://en.wikipedia.org/wiki/History_of_the_United_States_p...
- nocman 11y agoOnly if you are measuring against GDP. Even adjusting for the value of a dollar in 1950, the $260 billion owed was equivalent only to about 3.5 trillion dollars. Nothing to sneeze at, but nowhere near 19 trillion.