Comment on U.S. Debt Around $35 Trillion: Are National Debts Wrong?
scoobford@lemmy.zip 6 months ago
I don’t think national debt is wrong, as it can be a useful economic tool. However, the total fiscal irresponsibility we have operated the US with since the 80s is a different matter entirely. Just limitlessly stacking debt out of a refusal to raise taxes will eventually result in a debt so large payments can’t be made, and default will become inevitable at that point.
I really hope we can get our shit together enough to reform our tax system, but it looks like it less and less every year.
airrow@hilariouschaos.com 6 months ago
how about cutting spending?
scoobford@lemmy.zip 6 months ago
Because we already have a pretty terrible social safety net and few social services for a country of our size and development level.
Obviously reforms could be made to eliminate waste and reduce corruption in government spending (especially military spending…), but I think the relative amount of fat that could be trimmed is very small in comparison to the amount of money we would need to save in order to balance the budget and start paying down our debt.