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The real misleading part, to the point of being actively malicious, is "Each Taxpayer's Share: $951k". This is intended to make the median viewer, who will nev
by bscphil 5y ago
The real misleading part, to the point of being actively malicious, is "Each Taxpayer's Share: $951k".
This is intended to make the median viewer, who will never see that much money at once in their entire life (and will take 20+ years to even make that much before-tax), feel that the Federal government is being irresponsible. It's an obvious push for fiscal conservatism which, crucially may or may not be warranted by the actual facts.
To state the obvious, most people out there do not make enough money to plausibly pay one million dollars in taxes. Therefore they will not be paying one million dollars in taxes (you can't squeeze blood from a stone). The inevitable result is that either the U.S. government is doomed to go bankrupt (what they want you to think), or rich people will be contributing more than that to the United States' debt obligation (hint: they already are).
- bassman9000 5y agofeel that the Federal government is being irresponsible. It is. https://tradingeconomics.com/united-states/government-spending https://tradingeconomics.com/united-states/government-spendi...
- belltaco 5y agoIf it really is then why are bogus arguments like the OP used to make it seem so?
- nradov 5y agoA sovereign can't literally go bankrupt. Instead when debt service inevitably becomes unmanageable then the Federal government will most likely force creditors to take a cram down.
- bscphil 5y agoSure, not in a literal sense (to the extent they manage internal affairs with a sovereign fiat currency, it's not possible for them to be under water in that currency), but it's possible for them to destroy their own credit due to defaulting on debt obligations to the point that the economy suffers greatly and enters a hard-to-control downward spiral for many years. I think that's what most people understand by the concept of the government going "bankrupt".