U.S. National Debt Tops $30 Trillion as Borrowing Surged Amid Pandemic

[SunTrader]

That is MMT, repackaged Keynesianism, at its "finest".

 

[Nine_Ender]

And everyone believes the economy is fine and dandy filled with rainbows and butterflies haha...next collapse will be epic!!!!

13 years of you posting this shit god you are a moron.

 

[RGLD]

our children will feel the pain, maybe our grandkids..

That's why the birthrate is declining. The unborn are not stupid.

 

[SunTrader]

That's why the birthrate is declining. The unborn are not stupid.

As well as living adults, and ones who came before us in last century or so, are polluting the environment - and with it food sources - to such an extent male sperm counts have been dramatically dropping.

 

[piezoe]

U.S. National Debt Tops $30 Trillion as Borrowing Surged Amid Pandemic

WASHINGTON — America’s gross national debt topped $30 trillion for the first time on Tuesday, an ominous fiscal milestone that underscores the fragile nature of the country’s long-term economic health as it grapples with soaring prices and the prospect of higher interest rates.

The breach of that threshold, which was revealed in new Treasury Department figures, arrived years earlier than previously projected as a result of trillions in federal spending that the United States has deployed to combat the pandemic. That $5 trillion, which funded expanded jobless benefits, financial support for small businesses and stimulus payments, was financed with borrowed money.

In modern times, the U.S. has never financed its spending with borrowed money! It always finances its spending with tax receipts or newly created money. Keep in mind there is no U.S. National Debt. There is a net cumulative deficit, but there is not a "National Debt." Not at the present time. The U.S. can create too much money , or too little. It can manage its monetary policy well, or poorly. But it has no debt. U.S. States have debt, You and I may have debt, but there is no National Debt, so far at least. No country that has its own fiat currency and has not borrowed in another country's currency has debt in the traditional sense of the word "debt." In today's United States, "The National Debt," is a creation of political rhetoric. In other words, it is a myth.

Perhaps the single most important thing to understand in regard to the so-called national debt is that Treasury Securities serve an entirely different purpose than the raising of money.

 

[RGLD]

As well as living adults, and ones who came before us in last century or so, are polluting the environment - and with it food sources - to such an extent male sperm counts have been dramatically dropping.

It's no one's problem. We'll be too old/dead to care. Like dying with a mountain of debt and no kids.

 

[piezoe]

That is MMT, repackaged Keynesianism, at its "finest".

You're not qualified to comment on MMT. Which explains why you post such ridiculous statements. I trust your statements in regard to sperm counts, but not those in regard to MMT.

 

[SunTrader]

You're not qualified to comment on MMT. Which explains why you post such ridiculous statements. I trust your statements in regard to sperm counts, but not those in regard to MMT.

Because you read a book or two on nonsense MMT means you are qualified?

 

[SunTrader]

It's no one's problem. We'll be too old/dead to care. Like dying with a mountain of debt and no kids.

You should have included sentiment when replying to vegasdesert. Would have saved me from replying to a cynic.

 

[piezoe]

Because you read a book or two on nonsense MMT means you are qualified?

Because I have been a student of economics since ~2010 and my main focus has been money theory since ~ 2014. And yes, I admit that I have read even more than "a book or two". I have posted reading recommendations for those interested in money theory in another thread in this forum. If you search for "Randall Wray" in the body of my posts you can probably turn up relevant posts.