It’s a presidential election year; time for every single Republican to suddenly start talking about a “debt crisis” that for some reason didn’t exist while they were running up record deficits to cut taxes for the wealthy.
It doesn’t change the fact that the US has an unsustainable growth in the national debt which continues every year. Broken clock right twice a day etc. The US spending more than it makes on a consistent basis is not good long-term. It’s a bipartisan issue, both parties regularly approve budgets well above what we can afford.
Jerome Powell is the fed chair, he was nominated to the post by President Barack Obama in 2012, he was subsequently elevated to chairman by President Donald Trump (succeeding Janet Yellen), and renominated to the position by President Joe Biden.
How is it the federal debt and the public debt are perfectly aligned in that chart? Are those labels wrong? Am I missing something? Seems sus…
I believe this is where it’s from. If you look up similar charts you’ll see similar data. Most debt is publicly owned in the form of bonds, treasury notes, etc https://econofact.org/why-is-the-u-s-debt-expected-to-keep-growing
Short answer, I misunderstood. “Debt held by the public” sounds like my credit card debt, but it’s not. That is (obvious now) private debt.
https://www.crfb.org/papers/qa-gross-debt-versus-debt-held-public
https://research.stlouisfed.org/publications/page1-econ/2020/03/02/making-sense-of-private-debt
So… anyone have a transcript? Because I don’t want to watch the whole video to find out that he never suggested raising taxes on the wealthy or raising the minimum wage. Especially when he probably never suggested either.
OP is a cryptocurrency bait-and-switch poster. They make these posts and then reply to comments with crypto shilling.
