[Steve_American]

Rep. Bobert was going on about the national debt being over $200K per person (or adult?) in testimony with the OMB chief.

I replied that Ray Dakio has said that the US can *never* pay off the debt with hard money, aka tax dollars. He said that every time the US has tried to do that it has cause a depression (his word). I suggested that people google it. I explained that the national debt is also the assets of someone, and paying it off would destroy those assets. And that sucking $30 T out of the economy would cause a depression. Etc. I suggested they google Stephanie Kelton for more info.

Within 12 hours my reply had been deleted. I was censored. Forbes could not let people see the other side of the argument. They admitted that their side can't let both sides be given equal time.

People, this should give you pause. Forbes is not alone. The MSM pretty much now refuses to give my side a fair hearing. This is censorship of ideas that are not extreme. MMT is not Nazism or Communist foreign ideas that support nations on the other side in a war or a cold war.

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[Unthinking Majority]

Some of the debt are assets I agree. Some of them aren't, for example if they are consumed. An example would be military munitions that have been fired. A lot of US gov deficit money spent on wars the last 20 years. Some of that spending is on assets, like vehicles. The profit from the spent munitions could be considered assets since the gov may have bought them from a private defense dealer based in the US, and that money was added to the US economy.

The censorship is gross.

[Steve_American]

Some of the debt are assets I agree. Some of them aren't, for example if they are consumed. An example would be military munitions that have been fired. A lot of US gov deficit money spent on wars the last 20 years. Some of that spending is on assets, like vehicles. The profit from the spent munitions could be considered assets since the gov may have bought them from a private defense dealer based in the US, and that money was added to the US economy.

The censorship is gross.

UM, let me try again.
When a guy buys a car he gets a car loan. The contract he signs is a liability for him. The car is his asset. However, the contract is an asset for the "bank" that made to loan to him. The bank can sell that asset for cash or hold it to get the income.
In the exact same way, when the US Gov. deficit spends to buy 10 jet strike planes, it sells a bond to fund the deficit spending. The bond is a liability for the Gov., but the planes are assets, and the bond in an asset of its holder. She can sell the bond for cash of hold it for the interest income, and the payoff some day when it is redeemed.

Because the US Gov. issues the dollar, it is like a counterfitter in that it can always create the dollars to pay every bill that comes due that is denominated in dollars. Because the US Gov. only borrows in dollars, it only owes dollars, and so it can always pay its bills.

Not only is it impossible for the US to tax to have a surplus to pay off its debt with tax revenue dollars; it need never pay down the debt at all. The UK, aka England, has had a national debt since 1694, for 325 years. Most of those years it was on the gold standard, in the 1960s it lost most of its Empire, and only in 1971 did it go off a sort of gold standard. In all those years it didn't pay the debt down much. It kept getting larger. Why does any one think that the US will be different from the UK? Why? Answer, because the whole thing is a scam to keep the American people poor. And now, to keep it from spending to save us from the damage to the economy that climate change is doing and which will keep getting worse and worse.

Poor people work for lower wages and will take ant job. Corps like it that way.
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