One thought on “Your government’s debt

  1. Damocles says:

    “In June, The Associated Press reported on the latest International Monetary Fund survey of the U.S. economy, which concluded that as a result of Trump’s “tax cuts and expected increases in defense and domestic programs, the federal budget deficit as a percentage of the total economy will exceed 4.5 percent of G.D.P. by next year — nearly double what it was just three years ago.” Such a “big boost … has not been seen in the United States since President Lyndon Johnson in the late 1960s boosted spending on the Vietnam War at the same time it was adopting Johnson’s Great Society programs.”
    Faced with so much debt, which the country will not be able to grow out of, The A.P. story continued, paraphrasing the I.M.F. report, the U.S. “may need to take politically painful steps,” such as cutting Social Security benefits and imposing higher taxes on consumers. (We’ll probably also have to limit spending on new roads, bridges and research.)
    You might want to let your kids know that.”
    Thomas L. Friedman, NYT Op-Ed Sept. 11, 2018 https://www.nytimes.com/2018/09/11/opinion/anonymous-op-ed-republican-party-trump.html

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