Don't forget the war on drugs
this post was submitted on 20 Mar 2025
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“National debt” obscures the practical consequence. National debt is just money that has been added into the economy but not taxed back out.
It’s not necessarily bad to ramp up spending, if that new money has somewhere healthy to go. (Mega projects like Medicare For All or the Green New Deal would be prime candidates.)
So where did it go?
Well, take a look at Reagan’s reign from 81-89…
There’s the problem.
precisely. the distribution of wealth is a more important indicator of economic health than simply looking at the national debt or total tax revenues. imo we need to increase taxes on the ultra rich, not because we need to reduce the deficit but because taxes prevent the obscene accumulation of wealth (and the resulting regulatory capture epitomized by modern American oligarchy).
I think we need an entirely different economic model, where there are hard limits on income, wealth, and assets. I don't mind people being wealthy, but that definition should be something like: "I am a CEO, I get paid twice as much as a waitress. I own a very nice house, a small yacht, and spend time riding horses at the country club. My husband works as a mechanic, and only makes $10,000 less a year than me."
It would require a huge rethink on economy, the nature of wealth, implementing a strong UBI, and replacing the dollar with a fresh currency. Still, I think a complete replacement of how things were done would be key for America to become a nation worthy of the people who live in it.