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“The expression ‘national debt’ is really 100 years out of date for America, and does not reflect the modern U.S. financial system.”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