Don’t panic about the national debt — the US has the wealth to handle it
Summary
The article explains that while the U.S. national debt often seems overwhelming when compared to one year’s income, looking at it alongside the country’s total wealth shows the U.S. can manage this debt without cutting spending or raising taxes on regular workers. This broader view suggests other ways to handle the debt without hurting everyday Americans.Key Facts
- The U.S. national debt is commonly compared to the country’s yearly income.
- This comparison often leads to talk about cutting government spending or raising taxes on ordinary workers.
- Comparing the debt to total national wealth provides a different, less alarming perspective.
- The U.S. has enough total wealth to manage its debt responsibly.
- This approach could avoid austerity measures, which means severe spending cuts.
- It could also prevent raising taxes on wages and salaries of regular people.
- The article encourages thinking about the debt in terms of overall wealth, not just yearly income.
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