4 ms·
If I’m calculating correctly, debt is like 100,000 per person, roughly. Does someone have a plan for how to pay it? To this layperson, it seems like an inevitab
by afpx 3y ago
If I’m calculating correctly, debt is like 100,000 per person, roughly. Does someone have a plan for how to pay it? To this layperson, it seems like an inevitable default. The rich may be able to, but tax the rich, and they’ll just move it.
- bb88 3y agoWe in the US enjoy a feature of capitalism known as income inequality. If you take that into perspective, and understand the total personal income in 2022 was $21.8T, then $33T of debt is not such a big number. It's only 50% more than the total income. [1] If everyone paid 100% income tax it would be paid off in 1.5 years. So typically you could increase taxes by 15% and pay it off in 10 years -- assuming, of course, you can keep congress from earmarking their way to political ecstacy. Another approach is to reduce congressional spending. We subsidize the oil and farming industries heavily -- for reasons. But if you believe that the market is the most efficient use of resources, then ask yourself, why should congress choose the winners? Removing oil and farm subsidies would be ~$50B/year right there. Also it's worth noting that people typically can buy houses worth 2.5x of their annual income. [1] https://www.statista.com/statistics/216756/us-personal-income/ https://www.statista.com/statistics/216756/us-personal-incom...