Modern Monetary Theory is here to show why this is largely a myth. Let’s lay it out.
The US has the ability to print USD. This is currency sovereignty.
That debt is largely debt to itself (inter government obligations)
If we can always create the money needed for any debts, we can never default on this debt.
Taxes should be seen through the lense of a deflationary mechanism instead of a way to actually acquire USD.
Thus, the national debt is fairly meaningless and is intentionally used by conservatives as a way to advocate for spending cuts that would help average Americans.
Modern Monetary Theory is here to show why this is largely a myth. Let’s lay it out.
Thus, the national debt is fairly meaningless and is intentionally used by conservatives as a way to advocate for spending cuts that would help average Americans.