The Myth That the US Is Rapidly Approaching Bankruptcy

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Suppose, suppose, that the people demanded of their elected representatives, we want the social security of having a retirement that we can look forward to after we reach age 65 or 66 or 67. We want to live in a society that honors a lifetime of work by not making you destitute when you’re old. It doesn’t seem like an extreme demand. It’s reasonable. We want that. And you know what else we want? We want a health insurance from the day we’re born till the day we die, like so many other people have around the world. And you know what else we want? We want a free higher education. We want college to be like high school and elementary school. It is something we as a society invest in ourselves, like a public park, like a beach, like a state reserve where you can take your family and go camping. We want a higher education like most of Europe already offers its people for no fee at all. No tuition. No. We want that.

All right. We all know … what the answer is. Oh, the government can’t afford it. Wait a minute. What do you mean the government can’t afford it? The government is currently shelling out, I don’t know what it is right now, but six to eight hundred billion dollars of interest on the national debt right now, and it’s forecast to become more over the next two or three years, a lot more. So the American people say, okay, don’t pay the interest on the debt. There it is. Then you have 800 billion bucks right now, and that’s way more than you need to give us free education, free health care, and all the rest we’ve just asked for. Do that. We elected you. Do that. And if you don’t do that, we will unelect you and replace you with people who will. Oh my gosh, say all the people in the world who own the debt.

For every debt, there’s somebody holding that debt for whom it is an asset, and they want to protect their assets. They don’t want there to be a risk that the United States (any) government will stop paying interest on the debt. So the government’s pledge to them, unspoken but very real, don’t worry, we will cut back on everything to the people to preserve your interest in getting paid off for that debt that you own and that you invested in. You rich people, you potentates around the world ripping off your own populations and investing it in dollars. Yeah, yeah, yeah. We’ll protect you who don’t elect us but who fund us. And we will screw the people because you elect us but you don’t fund us. We’re told, gee, we’ll have to cut public services so we don’t mess up the budget.