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You know those analogies that compare a normal person's charity to a rich person's charity? So a billionaire giving $1m is like me giving someone a 100% tip on
by Kye 4y ago
You know those analogies that compare a normal person's charity to a rich person's charity? So a billionaire giving $1m is like me giving someone a 100% tip on a $10 meal.
$4T in debt for the US is bearable. Between a $23T GDP and being constitutionally obligated to pay those debts as they come due, it's not really an issue. There's probably a lot of fraud in government programs, but that money still gets spent in the economy that financed the loan.
The issue is deficits. Those can go up in times of crisis, but end up bolstering the nation's ability to pay, so it's not all bad. I have near complete contempt for what passes for political parties in the US but, historically speaking, the way to go if you care about reducing the debt is Democrats. They consistently wipe out the deficit and set us on a path to paying it down just in time for Republicans to take over and flip it back to red with tax cuts and set the stage for crisis with deregulation. Democrats might raise the debt, but it's usually to deal with a crisis.