A bit odd for the back of a school busConcerned_Asuran t1_iya7fg8 wrote
Reply to comment by The_Countess in A bit odd for the back of a school bus by Type31
>Government debt isn't like household debt.
Correct.
>Government don't need to pay off debt (or write it off), they just need to service it, and wait for inflation and economic growth to make it basically irrelevant.
Incorrect.
>US world war 2 debt for example was never repaid, but at 285 billion, today, with the US economy reaching 23 trillion, it would represent just 1.2% of the economy.
Ambiguous.
The Deficit Myth by Stephanie Kelton should be required reading in middle and high school. Adults world-wide die of old age still believing in Santa Claus.
The_Countess t1_iyaf5c8 wrote
most of these competing economic theories, like MMT pushed by Kelton here, just look like people arguing over which part of the feedback loop is most important.
They are all important.
If you pick one and push on that too much, then before long it becomes more efficient to push on the other.
Concerned_Asuran t1_iye7ov7 wrote
No no. The book I mentioned just explains step by step what happens during a typical day in Washington. Don't be scared.
[deleted] t1_iya9lku wrote
[deleted]
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