Bidenomics.....ugh.
“Bidenomics.....ugh.”
America’s unhealthy relationship with debt predates Biden. The banks have financialized our economy, they’ve disincentivized the traditional values of saving money, avoiding debt slavery, and entrepreneurship. The consequence is a population that hands over much of their earnings to the bankers in interest payments.
And now the Feds are giving the bankers one trillion dollars a year in interest payments that are also borrowed from the banks.
When our total debt (Federal, state, municipal, district, pension) is totaled it is 740% of our GDP. It is impossible to repay this and we can only inflate our way out of it. Or take the extraordinary step of defaulting.
In the long term the latter choice would be healthier.