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8 Facts That Prove Our Govt. Is Not Going Broke

The Republicans are out to shred our social safety net -- and they're using debt as their excuse.

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What about in 30 years when our darlings are at the helm? The answer depends on the economy, not on debt. If we borrow cheaply now to put our people back to work, if we invest fully in funding higher education, and if we build up our crumbling infrastructure and tend to the environment, then we’ll leave behind a prosperous economy. Debt will shrink over time as the economy grows. And more revenues will come in as our people go back to work.

However, if we become obsessed with debt and deficits, and slash to the bone the programs that develop future prosperity, we’ll leave behind a faltering economy and an even bigger environmental mess.

Debt hysteria is like a pandemic that quickly cripples logical thinking. Once infected, Very Important People with Very Impressive Degrees sound like fools.

Let’s hope there’s a cure…and soon.  

Les Leopold is the executive director of the Labor Institute in New York, and author of How to Make a Million Dollars an Hour: Why Hedge Funds Get Away with Siphoning Off America's Wealth (J. Wiley and Sons, 2013).

 

 
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