What actually is government debt? How does it work? Should we really be frightened of it? Will I ever get out of this swamp alive?

Sectoral Balances - Money and Debt

“The expression ‘national debt’ is really 100 years out of date for America, and does not reflect the modern U.S. financial system.”

– Frank Newman, former senior official at the U.S Treasury Department and CFO of Bank of America

Read this guy’s article to get a bullet-pointed explanation of what government debt really is. In layman’s terms, every dollar of government debt is actually a dollar in yours and ours pockets. Pay down the gov’t’s $19T debt to zero and you know how much savings the private sector loses? Exactly 19 Trillion dollars.

Source: Government debt, translated by a comedian – The Leveller – The Leveller

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Well said! It’s ridiculous that Americans are so worried about our debt and that our country is falling apart because of it. I’ve met so many people that support really stupid economic beliefs just because they think other countries can help us fix our debt!

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