It’s also worth expanding on this by noting that 35% of the debt is debt from one government agency to another. Another 34% is held by various financial institutions who use it as a protection against financial risk as even if the market crashes they’ll still have a basically guaranteed (and now very valuable) asset to cash out to keep their customers safe, while only 24% is held by people, institutions, and governments outside the United States.
Together we’ve just gone over 93% of the national debt.
Also, they way we paid off this debt last time was that 50% effective corporate tax rate and a 91% top income tax rate during the 40s, 50s, and 60s, which as we all know was a really terrible time for the American economy./s
It’s also worth expanding on this by noting that 35% of the debt is debt from one government agency to another. Another 34% is held by various financial institutions who use it as a protection against financial risk as even if the market crashes they’ll still have a basically guaranteed (and now very valuable) asset to cash out to keep their customers safe, while only 24% is held by people, institutions, and governments outside the United States.
Together we’ve just gone over 93% of the national debt.
Also, they way we paid off this debt last time was that 50% effective corporate tax rate and a 91% top income tax rate during the 40s, 50s, and 60s, which as we all know was a really terrible time for the American economy./s