Congratulations to the United States Govt. for just accumulating $18 Trillion in debt! But no worries let's look at some of the biggest reasons why YOU don't need to worry about it.
#1. "They can get it under control."
What a massive lie. Politicians have been saying this for decades.
FACT: The last time the US debt actually decreased was 1957!!!
FACT: the last several years the US government has been spent 90% of tax revenue just to pay for mandatory entitlement programs and interest on the debt.
#2. " The debt doesn't matter because we owe it to ourselves."
This is probably the biggest lie of all. Two of the Social Security trust funds alone own $2.72 trillion of US debt.
The federal government owes this money to current and future beneficiaries of those trust funds, i.e. EVERY SINGLE US CITIZEN ALIVE.
I fail to see the silver lining here. How is it somehow 'better' if the government defaults on its citizens as opposed to, say, banks?
#3. "They can fix it by raising taxes"
No they can't. Just look at the numbers. Since the end of World War II, US government tax revenue has consistently been roughly 17% of GDP.
They can raise tax rates, but it doesn't move the needle in terms of revenue as a percentage of GDP.
This isn't about any single person or President. The problem is with the system itself.
But again, please tell me who is the world in debt to?
Narrated from words of Chris Winters
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