The national debt is not a burden on future generations from "summary" of The Deficit Myth by Stephanie Kelton
The idea that the national debt represents a burden on future generations is deeply ingrained in our thinking about government finances. We tend to view it as money that will eventually have to be paid back by our children and grandchildren, creating a heavy weight on their shoulders. But this way of thinking is fundamentally flawed. When we talk about the national debt, we are really talking about the total amount of money that the government has borrowed over the years to cover its budget deficits. And when we say that this debt will have to be paid back by future generations, we are assuming that the government operates like a household or a business, with limited resources that must be carefully managed. But this analogy doesn't hold up when we consider the unique role of the government in a modern economy. Unlike a household or a business, the government has the power to create its own currency. This means that it can never "run out of money" in the same way that a household or a business can. When the government spends mo...
Similar Posts
He believed in the importance of a strong military
Hamilton was a staunch advocate for the necessity of a powerful military. To him, a strong defense force was not just a luxury ...
Limited government is crucial for individual liberty
The principle of limited government is fundamental to the preservation of individual liberty. When government is allowed to gro...
Make consistent contributions to your investments
Consistency is the key to building wealth through investing. By making regular contributions to your investments, you are harne...
Identify goals and priorities
One of the key steps in making important money decisions is to determine what truly matters to you and what you want to achieve...
Remember that true wealth encompasses more than just money – it includes relationships, health, and personal fulfillment
True wealth is not just about money; it goes beyond financial success to include relationships, health, and personal fulfillmen...
Build an emergency fund
Having an emergency fund is like having a safety net that can catch you when unexpected expenses or financial setbacks come you...
Surround yourself with successful people
One of the most important lessons I learned from my rich dad is the value of surrounding yourself with successful people. Accor...
Debt levels impact economic growth
Atif Mian and Amir Sufi argue that the level of debt in an economy has a significant impact on its overall economic growth. Whe...
Learn to control your expenses
One of the key principles of financial success is the ability to manage your expenses wisely. This means being mindful of how y...
Invest in yourself
Investing in yourself is one of the most important things you can do. It means taking the time and effort to improve yourself i...
