You know who else cited concerns about mounting debt? My Democratic opponent Senator Coons. If you're echoing Mitch McConnell talking points, whose side are you really on, Chris?https://twitter.com/hillhulse/status/1252708985691652098 …
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You don’t see mounting national debt as an issue?
Most concern about debt is really about wanting to cut social programs. Federal budgets are not like household budgets because we issue our own currency. Individual Americans are not on the hook for the debt, though leaders have tried to convince us we are to justify cuts.
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If Americans are not on the hook for the debt, then why do liberals typically want to raise taxes to pay for social programs? Why not just borrow all of it from China?
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Well, they use the same bad paygo idea. But taxes *should* be higher on the wealthy bc the economy would grow, we’d undo inequality & control inflation. “Borrow from China” is to scare us, too. China has 4% of debt. Japan has 5% but we never hear about it. 25% we owe ourselves.
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If we focus on inflation instead of just debt, spending looks different. What’s important is the economic effect of debt. If you undo 2017 tax cuts and cancel student debt instead, the effect on the economy would be much better as you gave a stimulus to 45 million of people.
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Those things sounded good two months ago, but we are living in a different reality. The fact is, that taxes will have to go significantly higher in the next decade just to pay back the borrowing we are currently doing.
End of conversation
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