You and your family can go broke.
The United States cannot.
Instead of fearing government deficits, we should ask what the deficits are for. Let's quickly debunk the suggestion that we somehow "can't afford" to cancel student debt for 45 million Americans.
The United States cannot.
Instead of fearing government deficits, we should ask what the deficits are for. Let's quickly debunk the suggestion that we somehow "can't afford" to cancel student debt for 45 million Americans.
The money for these policies exists. It belongs to us––the public. The federal budget isn't like a household budget. The US government doesn’t have to have the money in advance (by raising it through taxes, for example) because it is the issuer of the US dollar.
The US isn't financially constrained in the way households or some countries are. While federal spending has to be managed and dollars have to be spent in ways the economy can absorb, US gov debt (aka the deficit) is actually sustainable, unlike our personal debt which isn't.
So what are deficits for? Was the debt incurred to steal from the public or invest in the future? We conjured up trillions for corporate bailouts in '08 & this year for massive spending to rescue cruise lines, hotels, airlines and private equity firms w/ no cuts or tax hikes.
In the United States, the challenge isn’t finding the money, it’s ensuring that it goes to the things we need. We’re in a power struggle over spending, not a struggle to raise funds. #DebtCollective
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