Republicans Have A Correct Concern, But The Wrong Answers

The US national debt continues to get worse and neither political party nor many economists seem to treat it as the crisis it is. Traditionally, the Republican Party says that they are the fiscally responsible party but the image below belies that claim. With two wars going on and the US Congress (that controls the purse) deadlocked, it's more than time to shape up and get things in order financially. I have posted on this issue before but I thought that the article below presents data that emphasizes the crisis:

"According to the International Monetary Fund’s (IMF) measure of central government debt, the U.S. federal government is among the most indebted governments in the world. As of 2021 (the latest available data), federal debt reached 115 percent of gross domestic product (GDP), ranking 16th highest out of 164 countries for which the IMF has data. Japan tops the ranking with central government debt of 221 percent of GDP, followed by Greece, Sudan, Eritrea, and Singapore. Not long ago, the U.S. was among the least indebted countries. In 2001, U.S. federal debt was 42 percent of GDP, lower than debt levels found in 100 other countries."

How America’s Debt Problem Compares to Other Countries—and Why It Matters

US Debt And Globalization

"It was 1917 when the United States had just joined World War I. With demands for military investment growing, the US Treasury Department was in desperate need of money. Without enough of its own, the Treasury Department had to borrow it from someone but was also constitutionally required to receive congressional approval to take on debt and make financial decisions. Rather than oversee every increasingly common request and transaction, Congress figured, 'Hey, let's give the Treasury Department power to oversee their own debt! But we have to limit that so we don't get ourselves in any trouble.' 

"Thus the debt ceiling was born. It was a means to allow the Treasury Department to get money, accrue debt, and invest in everything the government needed to invest in without requiring constant approval from Congress, while still allowing Congress to control the total amount of debt accrued."

Click on the link below for a better understanding of how debt works and how it helps to bind the world together:

Who is the US in Debt to?

Republicans And The Debt Ceiling Simplified

"Sen. Elizabeth Warren, D-Mass., joins Morning Joe to discuss why she says the House Republican plan for the debt ceiling is about protecting the wealthy and the well-connected from paying their fair share in taxes."

Click on the link below for one of the best summaries of where the Republicans are coming from economically:

Republicans are threatening to wreck our economy to protect a wealthy handful

Debt: The Good, Bad, And The Ugly

"How have citizens viewed personal debt over the course of American history? What can the morality and functionality of debt tell us about the debate over President Bident’s student loan forgiveness program?

"Heather and Joanne discuss the history of debtors’ prisons in early America, the rise of bankruptcy laws after the Civil War, and the Cold War origins of federal student loans."

Click on the link below for an interesting podcast on money and debt historically and presently:

Forgiving (and Unforgiving) Debt

Is Taxation Theft?

One doesn't have to go far in the "Trump Era" to find media personalities promoting the idea that taxation is theft, especially in financial media. This Wikipedia page presents the history and support of this ideology, along with representative statements supporting the legality and ethics of taxation. Also, click on the link below for a clear and succinct argument against the claim that taxation is theft:

No, it's not your money: why taxation isn't theft

Applying this taxation ethic, using public funds from taxes for various societal benefits is supported by science as cost-effective. John Oliver gets it.