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33 sats \ 1 reply \ @Msd0457890 5 Aug \ on: U.S. National Debt Reaches $35 Trillion charts_and_numbers
Can someone explain to me how one of the largest economies in the world and a world power has such debt?
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33 sats \ 0 replies \ @ken 5 Aug
You take in less taxes than you spend. Thus, you are forced to borrow to make the system work.
Taxes are unpopular and so are spending cuts. So, when the debt comes due, we borrow more.
The whole system relies on dollar and bond holders to accept a loss in buying power over time. I don't think this can continue forever.
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