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Dec 31 2017

Ten Myths About Government Debt

Most everyone is aware that the federal debt is a serious problem, but most don’t realize how serious, because they believe in some of the 10 myths economics professor Antony Davies of Duquesne University debunks in the video below:

1. The government owes only $20 trillion.

2. The government owes only $150 trillion.

3. Money borrowed from Social Security isn’t really debt because we owe it to ourselves.

4. The government cannot go bankrupt.

5. The government can solve its financial problems by raising taxes.

6. The rich aren’t paying their fair share.

7. The government could settle its debts by selling off assets.

8. The government needs to pay off its debts.

9. The government can just keep borrowing.

10. There is no way to fix the problem.

The details from Professor Davies:

It’s nice that there is a way to fix the problem. Too bad it requires more discipline than we are likely to get out of Washington.

On a tip from Bodhisattva.

5 Responses to “Ten Myths About Government Debt”

  1. Occam's Stubble says:

    The biggest myth I hear from moonbats is that government accounting is completely different from any other accounting so you can’t compare government income and expense to a business or a household.

  2. Keysbum says:

    considering that money, or really debt, is created out of thin air, you probably need to rethink your position.

  3. ramrodd says:

    NO….its not only about borrowing…its about the Fed printing it..
    It can never be repaid………..

  4. Sam Oconnel says:

    The biggest myth is that the debt is MONEY.

    Nothing was ever loaned except for “bank credit”, which is unlawful to lend and legally unenforceable because it is based on a fraud where the bank put up NOTHING for consideration and can not lose anything if it is not paid back.

    It is a void debt for the banks. It is a theft of credit from the people.

  5. Silence Dogood says:

    7. The government could settle its debts by selling off assets.

    The above is the BIGGEST MYTH of all. The gov’t isn’t in the business of owning anything. What they own is what WE own. They don’t own land. They are merely STEWARDS of OUR land. BAD FREAKING Stewards, but stewards nonetheless. And it’s HIGH time that they remember that fact.

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