Tuesday, October 09, 2012
You know how some folks insist the government is going broke?
They are full of shit. This kind of talk is being spread by folks who have a deep desire to shred the social safety net and get their hands on as much of the public treasury as they can. To refute these evildoers you will need some facts. Here are 8 points that will help you understand the debt situation much better.
But America does not face a debt crisis. Nor are we likely to face one in the next 100 years. In fact, we are the last country on Earth that needs to worry about its public debt.Now go read the 8 reasons why all the deficit hysteria is just so much bullshit.
What’s really behind the debt histrionics is a relentless effort by these Very Important People to use a trumped-up crisis to shred the social safety net and bring forth their bleak vision of a dog-eat-dog society where government provides for no one (except the super-rich). Unfortunately, many liberals are also buying into a “debt crisis” that doesn’t exist.
It’s time to inoculate ourselves from deficit hysteria. The first step is recognizing that virtually everything we read and hear about government debt and deficits is misleading, manipulative or just plain wrong. So, here’s your handy guide to the eight biggest lies.
But first, some basic definitions and facts:
Deficits are how much the government budget goes into the red in a given year. The red ink is covered by the sale of government bonds to investors here and abroad.
The national debt is the total amount of what the U.S. owes on those government bonds. If we have deficits year after year, then the debt gets larger year after year.
The projected deficit for this fiscal year is over $1 trillion.
Our total government debt is more than $16 trillion as of Oct. 1, 2012.
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