this post was submitted on 06 Feb 2024
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United States | News & Politics

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[–] charonn0@startrek.website 7 points 2 years ago (2 children)

As if US history began in 1945. /s

We've been deeper in debt, less literate, less equal, less patriotic, and the political system has been more broken. None of items the article brings up are actually new or unprecedented.

[–] Shinhoshi@lemmygrad.ml 2 points 2 years ago

This is fair, but was the US the undisputed global superpower then?

[–] YeetPics@mander.xyz -3 points 2 years ago

Uhm, no logic allowed in the radleft circlejerk. Consider this your only warning

[–] sub_ubi@lemmy.ml 3 points 2 years ago (1 children)
  1. national debt

🙄 stopped reading

[–] yogthos@lemmy.ml 0 points 2 years ago (1 children)

While private debt is the biggest concern for US, government debt does actually matter because as debt payments go up then less money is available for government programs. You can read detailed explanation regarding the mechanics of this here if you're interested https://geopoliticaleconomy.com/2024/01/12/debt-neoliberalism-radhika-desai-michael-hudson/

[–] sharkfucker420@lemmy.ml 3 points 2 years ago (1 children)

Does this conflict with MMT? Or am I misinterpreting

[–] yogthos@lemmy.ml 1 points 2 years ago (1 children)

It does because MMT states that the government can just issue currency without any consequence. However, we now have plenty of evidence that there are indirect negative consequences associated with this policy.

[–] sharkfucker420@lemmy.ml 2 points 2 years ago (1 children)

So why do I hear so much about MMT if it's so easily disproven? Is it just a baby leftist thing?

[–] yogthos@lemmy.ml 0 points 2 years ago

MMT has basically been the dogma that all western mainstream economists subscribe to. Every time there's an economic crash, which happens roughly once a decade, more currency is issued to keep financial institutions afloat. We're now starting to see the results of this policy manifest themselves all around us.

[–] sharkfucker420@lemmy.ml 3 points 2 years ago

I will see america fall in my lifetime inshallah