Mike Maloney -- The Debt Ceiling For #Trump
Our currency is backed by nothing and limited by nothing, if China wants to cash in their US debt fine here's some electronic ones and zeros representing the same thing without interest. We have seen this happen a few years ago when Russia dumped a load of US debt on the market-- puff disappeared. Old economic thinking does not apply anymore. The FED created $16 trillion out of thin air during the 2008 crisis. Bankruptcy is impossible, now political collapse that's a possibility because the general public is watching their standard of living diminish year after years. The once thriving middle class is living paycheck to paycheck and doesn't even have the savings to handle a small emergency. Deficit spending domestically is not a bad thing, that increases our standard of living. Deficit spending on war is always something to be avoided especially when your government is starting wars and financing the ENEMY! We spend over a trillion dollars a year on national security. $600 billion is shipped overseas and either benefits some other nation's economy or destroys some other nation's economy. We maintain bases in 151 countries and the military is active in 26 or 27 more countries. That is the US standard of living being shipped overseas and blown up. The outstanding debt across all sectors stands at $65 trillion dollars a 3% increase from 2015 ... that is an excellent gage of our GDP and represents ideal growth even by Keynesian standards.
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