3 ms·
Given that the US gov is over $30 trillion in debt, it is hard to justify saying that there has been a lack of government. There’s been over $30 trillion too mu
by unnamed76ri 3y ago
Given that the US gov is over $30 trillion in debt, it is hard to justify saying that there has been a lack of government. There’s been over $30 trillion too much government and they don’t appear to have any plans of slowing down.
- NemoNobody 3y agoThe Debt to GDP ratio hasn't changed much - it peaked at around 132% of GDP in 2021, due to the COVID spending and lower pandemic income. As of Dec 2022 it had dropped to 123% - 9% of the US GDP has been "repaid" in only a year. We are the richest country on earth - our budget is almost incomprehensible. The important thing to realize is that despite how high the debt number is, it's only ever been 132% of our GDP at its highest - roughly 16 months of the US economy. We could easily make it up by adding higher income tiers so ppl that earn $500k p/y are not taxed at the same percentage as ppl that earn $500 million. Trump's first day tax cuts for rich people added a lot to the debt - just look at how much they added to their bank accounts between 2019 and 2022 - trillions of dollars, literally. If there was no government there would only be the billionaires and their corporations - I need look no further than Google to understand how terrible a world that would be.