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Because it tries to rationalize or equivocate government debt with household debt. They are not the same for a whole bunch of reasons. But lets go with this eq
by dlp211 5y ago
Because it tries to rationalize or equivocate government debt with household debt. They are not the same for a whole bunch of reasons.
But lets go with this equivocation for a moment. It ignores an incredibly significant part of the equation to the affordability of debt. It always ignores the fact that the US is worth in excess of $200+ Trillion dollars and that combining all debt (personal, government, business) and getting an accounting of the Net Worth of the United States comes in around $141+ Trillion.
That is, we have a debt equal to our income and assets many multiples our current debt and income levels. I have a mortgage that is a multiple my income, so the US is doing much better than myself and I am quickly ascending the Net Worth ladder despite this debt.
It also ignores the fact that this money --specifically money spent directly on the welfare of citizens-- is investment in said citizens in order to continue to grow the wealth and prosperity of the country as a whole and keep us competitive with the rest of the world.
It makes zero sense NOT to improve the lives of as many American citizens as possible in a global economy.