Shouldn't this be alarming to economists? The very idea is quite disturbing when you think of common people. Sure, they don't have access to a $10 million credit line but they do feel the same way. Ask any recent college grad about the debt they just incurred partying away four years, they'll tell you it wasn't worth it, once they've got to get a job as a Starbucks barista to make those payments. But on the other hand, money is money and capitalism is capitalism. You benefit on the slavery and hardship of others so you can buy a yacht.
https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt Federal debt held by the public as a percentage of gross domestic product, from 1790 to 2013, projected to 2038.
Ironically, it's also quite fitting for capitalism. Think hard about it..... Slavery was replaced by the European plan, where you are not responsible for feeding or clothing your workers. How is it different than capitalism? Social security is socialism, not capitalism.
Absolutely. Anyone who argues that a debt ceiling is the issue or solution and not the appropriations that incurred that obligation has zero understanding of the most basic of economics. One wonders if they're the same people who don't understand why they have bad credit because they think the way to control their personal debt is to stop making payments on their credit card while continuing to make charges to those cards.
Firstly nobody cares about debt and secondly at least 20% of the world's cash money is forged. Second, many nations use the $US as their home currency,qwith no checks on the actual notes. Third-you think they actually have a clue? Govenments can only ruin economies, they are incapable of growing them