Discuss: Is a federal budget deficit basically a deferred estate tax on the rich? Lower income people (half of all Americans) don't pay federal income taxes at all. Future generations of high income people will have to pay down the debt, one way or another.
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Axiom is flawed. “Has to be paid”. Why? Fed gov deficit is private sector surplus (you, me, everyone else). This requires you to understand modern monetary system - floating, fiat, sovereign currency. Learn
#MMThttps://twitter.com/stephaniekelton/status/961993155028684800 …
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What most people don't realize is that we ALREADY ARE "paying" the debt. Whenever a US Treasury Bond comes due, the Treasury redeems the bond by crediting the bank account of whomever owned it, as promised. This happens every day.pic.twitter.com/kJ6oY4xZYt
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We then often sell new bonds to other people, which keeps the total level of debt the same, but that's sort of irrelevant. People think the "national debt" is this outstanding thing, a promise unfulfilled which we must someday make good on. That's wrong. We ALREADY make good on
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It's quite small relative to private mortgage:income ratios. People have less money than a currency issuing government.
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