We rarely talk about the reason why the megarich are so obsessed with cutting the federal deficit.
Less public debt means the govt can issue fewer Treasury bonds. And with fewer Treasury bonds, agencies like Social Security would have to turn to Wall Street for securities.
Less public debt means the govt can issue fewer Treasury bonds. And with fewer Treasury bonds, agencies like Social Security would have to turn to Wall Street for securities.
I'm not saying that just adding more and more and more debt is a good thing. If we had a real debt crisis, it could devalue our currency and cause other problems.
But our current level of debt is not a crisis, and we should recontextualize the motives of those who say it is.
But our current level of debt is not a crisis, and we should recontextualize the motives of those who say it is.
The real crisis is that we have spent the last 40 years slashing vital public programs and investments to the bone, chasing budget surpluses that stand to benefit Wall Street far more than they would ever benefit the working people who rely on the programs being cut.
