When right wingers are running the show, they SPEND, and SPEND, and then SPEND some more.. They put it ALL the nations credit card.. Then when they LOSE, they snivel about the debt that THEY created.. They say, we CAN'T add any more to the debt, and that's WHY we need to CUT Social Security and Medicare..
But, the debt, all by itself, doesn't matter.. What matters is the ratio between the debt and the GDP.. It's like your house.. Even IF your debt is HIGH, if you make enough to more than cover the payments, your debt isn't TOO high..
So debt is not a bad thing excon? What about the deficit? I know they are not the same thing. As an individual I cannot stand to be in debt. I don't charge things I can't afford to pay in full. If I do charge something for convenience I do pay the bill completely. I do without if I can't afford something. In a crisis I have had to ask for help but I always paid back every cent. That was very long ago. I have never had creditors hound me. I really don't get why the US has to have so much debt. Why can't we save billions immediately but cutting off all foreign aid to everyone but the most impoverished nations? That would be a big savings wouldn't it? Than you for your thoughtful reply! :)
Is debt a bad thing??? Could you have PURCHASED your house without it?
There's ANOTHER reason right wingers are screaming about the debt.. When people "loan" us money, they do it by buying US Treasury certificates.. They buy them because they're the SAFEST investment that ever was or ever will be.. The US does NOT default on its debt..
But, if we ELIMINATED those debt instruments, what markets would be left for the people of the world to invest in? Wall Street perhaps???
This post was edited by excon at January 10, 2017 8:05 AM MST