shhhhhh

the difference being that we control the currency that the rest of the world bases it's own currencies on

a pretty uniquely American advantage thay other countries don't have, hence why we can safely say our debt doesn't matter nearly as much

Money and currency don’t technically exist if you think about it very carefully

An advantage that is by no means guaranteed to last into the future. I think it would be wise to plan for that eventuality and get in the habit of not relying on debt spending.

but one we hold now

which makes the comparison to greece and lebanon silly

sure

let's get rid of the tax cuts that have divested trillions from our country over the years and lift the cap on social security (you know, the one that caps the taxable amount for social security to $250k arbitrarily), that's where the lion's share of the debt has been derived from

push for that and i'll be behind you every step of the way, brother

I am totally fine with seizing the assets of mega corporations and billionaires to pay for...anything, really.

comparing america's debt to greece & lebanon's debt situation is very silly

this comparison to america's debt and their debt, right here:

this was just a few posts ago, and it was your post, to boot

try to keep up with the convo

james was talking about america's national debt, you moron

For normal economies the implications of debt are well understood, the unprecedented nature of the US national debt means what eventually will happen is an unknown, and given the global effects of a major economic crisis in America it matters far, far more.

but if suddenly you didn’t you’d still have the debt I suppose.

yeah?

since most of our debt is domestic, if it really became a problem the USA could just say "haha fuck you" and refuse to honor it's bonds and such to it's citizens and corporations

that would cause the USA to lose it's status as the most trusted currency on the globe so they wouldn't do it, but if it really came down to it there is an out

That doesn’t sound like good times for anyone…

i mean it's not

since defaulting like that would make the world's trust in the dollar drop and take away our ability to print money, though, it's not gonna happen until it's already too late for it to hurt us that much

it's not something to panic about, but if you're really worried about it democrats tend to be the more fiscally responsible party, so you should support them

I’m pretty sure this is how it would go down.

It would make it far harder to be able to borrow money since foreign lenders would be reluctant to continue to lend so there would be a budget shortfall of atleast billions which combined with the outstanding foreign debt would leave you pretty much broke, wiping domestic debt would mean debt holders may go bankrupt or start recalling their debts and selling shares, the markets would panic and crash, which would cause markets all around the world to crash, debts would have to be called in, many companies would go bankrupt, banks would fail, production would almost plummet, which would cause inflation which would cause higher interest rates which would make borrowing harder, this would naturally cause political instability which would turn at least in some places in to conflict, this combined with America’s sudden disappearance as number 1 leaving a power vacuum would result in war and lots of it, as we live in a nuclear age, then well…

Like the Great Depression but worse lol

I suggest y’all learn more about economics. We could erase the debt by minting the coin today and if we spend appropriately inflation shouldn’t be an issue.

Inflation and the weakening of the dollar are because of corporate monopolies exploiting pressure points, not because of government spending.

The inflation we are experiencing now is mostly precipitating from factors that condensed/coalesced from earlier terms, and I contend that the "price at the pump" must have subsidies and discounts appended to it in order to attain actual totals for price

I don't know man, I feel like the fact that the biggest money supply increase in America's history that happened during 2020-2021 has a lot to do with the inflation we are seeing now.

As an aside, nobody talks about this enough. This was a major deal.

I'm glad to see that I'm not the only one who sees that it's usually the current president that takes on the messes of the last president.

I don't really have much to add to the conversation because I feel like what has been said has already been stated. But I've said it before and I will say it again, I'm not expecting Biden to be the best president.