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I'd say this is spot on, but the question is that of whether paying off the vast majority of the debt is even possible. In the USA especially, I've long since c
by 46Bit 14y ago
I'd say this is spot on, but the question is that of whether paying off the vast majority of the debt is even possible. In the USA especially, I've long since concluded it simply cannot happen.
Look at how much bickering the Republicans and Democrats have over even relatively minor issues. $10^9 is one 15-thousandth of the national debt and there's fights about such amounts.
- Avshalom 14y agoWell it's entirely possible for a sufficiently reckless administration to pay off the debt tomorrow if they felt like it. The mint is allowed to make arbitrary denomination currency, they could mint a X-trillion dollar coin and pay off the debt with it if they felt like it. But they'd probably get shot for doing it. That said no, the article is not spot on. In any state where the government is a significant part of the employment/economy the government cutting spending is just going to keep money and jobs out of the economy.
- easp 14y agoMaybe you are too young to remember, but once upon a time, there was this thing called economic growth...