… and when I compare it credit card debt … everyone usually jumps on me to say that you can’t compare national debts to a person and his credit card.
I’ve always said it and I will continue saying it … this like someone with a credit card applying for another credit card to pay off the first one … and they keep doing that for 60 years.
When a person does that, they’re called irresponsible … when a country does it, it’s called economics
US Debt is a direct division of the gold. In order to have an economy, we print bills that are backed by the gold. The more bills we print the more bills land in circulation, and the less each bill is worth. The issue we really have is the fucked up tax code that prevents that money from getting cycled back into the economy. There’s a literally a thousand more issues beyond this, but debt in economic terms is nothing like a credit card.
… and when I compare it credit card debt … everyone usually jumps on me to say that you can’t compare national debts to a person and his credit card.
I’ve always said it and I will continue saying it … this like someone with a credit card applying for another credit card to pay off the first one … and they keep doing that for 60 years.
When a person does that, they’re called irresponsible … when a country does it, it’s called economics
Getting a loan for something that will pay off more than the loan interest isn’t a new idea.
If I buy a cotton candy machine and make more than enough to pay off the interest buy selling cotton candy then it’s economically sound.
That’s how the us debt works.
US Debt is a direct division of the gold. In order to have an economy, we print bills that are backed by the gold. The more bills we print the more bills land in circulation, and the less each bill is worth. The issue we really have is the fucked up tax code that prevents that money from getting cycled back into the economy. There’s a literally a thousand more issues beyond this, but debt in economic terms is nothing like a credit card.
Probably should read up on the gold standard and how the US got off it a long time ago.
https://www.history.com/this-day-in-history/April-20/fdr-takes-united-states-off-gold-standard https://www.federalreservehistory.org/essays/gold-convertibility-ends
Are you stuck in the 1960’s?
No? That hasn’t been the case since Nixon. Fiat money has been the international standard for over half a century.