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U.S. Tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent [April] budget cut: $ 38,500,000,000
Let’s remove 8 zeros and pretend it’s a household budget:
Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500
Outstanding balance on the credit card: $142,710
Budget cuts: $385
Families are currency users, our Federal Gov't is the currency issuer. This means debt has entirely different meanings and implications at the Federal level.
Families are currency users, our Federal Gov't is the currency issuer. This means debt has entirely different meanings and implications at the Federal level.
Yes, at the family level, they can file for bankruptcy and start over.
At the Federal level, they'll just expect your grandchildren to pay for it.
Yes, at the family level, they can file for bankruptcy and start over.
At the Federal level, they'll just expect your grandchildren to pay for it.
At least you understand that no one should ever have to take a haircut on our National Debt.
My kids will pay their debts and taxes concurrent with their lives as I have with mine. I have paid nothing for my parents debt or their war. I have no grandkids...yet.
Has anyone else noticed there has been a shift in the way people perceive the national debt on this forum over the past few years? It used to be that the majority would have bought into the OP's basic premise.
Has anyone else noticed there has been a shift in the way people perceive the national debt on this forum over the past few years? It used to be that the majority would have bought into the OP's basic premise.
I think there's always been the two extremes.
My entire adult life has been deficit spending like there's no tomorrow. Eventually you just get burnt out caring about it. And then you become Greece. We live in a different times. It's much more "ask not what you can do for your country, but what your country can do for you." Sad maybe, but that's the reality. Unless it impacts me here and now, I don't care that much. I've done the expat thing before and would be perfectly happy to go back to it again. I keep in contact with a couple companies in the UAE/Qatar and Asia. They're frequently looking for people since the turnover rate is pretty high.
Has anyone else noticed there has been a shift in the way people perceive the national debt on this forum over the past few years? It used to be that the majority would have bought into the OP's basic premise.
People are finally learning. The MMT/MR community is making waves and gains.
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