this post was submitted on 19 Mar 2025
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I should probably have mentioned:
The main point of the post is that despite the connotations of the word “debt”, retiring the debt would be a disastrous mistake.
Even running multi-year neutral (or surplus) budgets would probably cause a recession.
And that’s not a weakness of the US economy, it’s just how fiat currency works.
That sounds like our economy is being held hostage by billionaires. "You can't take money from us, it'll make things worse for everyone". Bullshit - they'll try to make things worse for everyone but we don't have to let them, which is exactly the point.