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U.S. national debt

You don’t – at least, I certainly don’t – see as much talk about the national debt as there was, say, back in the 1990’s. Perhaps even debt hawks among the sorriest dregs and rinsings of the contemporary human intellect – the conservative punditry – realize that the issue has lost its edge since it’s become clear that a huge federal debt doesn’t mean economic apocalypse.
 
But that’s not to suggest that a gi-normous national debt is a good thing. Especially if you consider what has really caused it. If you’re reading this you’re presumably enough into the issue to have seen graphs like the following plenty of times before.
 
US-national-debt-GDP-graph
 
Yeah, it started with Almighty Reagan’s tax cuts for the rich and military spending. And the fundamentals haven’t changed. The U.S. national debt is nothing more or less than the cost of 35+ years of aggrandizing the plutocrats and warmongers.
 
But the real cost of prioritizing that aggrandizement is even greater – indeed, far greater. It’s the cost of the lost potential inherent in a shrinking middle class, and a long-term underclass being screwed in almost every conceivable way. And so on; again, if you’ve read this far, having come to this blog, you know what I’m typing about. Fundamentally, we’re talking about constrained to virtually nonexistent access to substantial resources and opportunity for those not born to wealth, or otherwise granted ready access to it.
 
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Who Does Our Federal Government Really Owe?

by Dan Burns on September 18, 2011 · 0 comments

Much of the general public would likely respond to that query with “China and Japan.”  That’s not correct.  As of the end of the last fiscal year:

As indicated, the federal government owes the Social Security Trust Fund, more than it does China and Japan.  No wonder, that the behemoths of the U.S. financial industry want so very, very much, to get their miserable, corrupt hands on the former.

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