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Larry Fink is incredibly smart, but this line of argument is silly. US debt has never been a crisis. The US has never made any meaningful progress on its debt payments. The US has never been penalized for its debt, paid or otherwise. "The national debt" is, for all intense and purposes an imaginary financial metric invented by Republicans to cut social service programs.
23 hours ago
BlackRock CEO Larry Fink says:
"Interest on the US debt is ultimately what's predicted to destroy the US economy. That debt payments will eventually grow out of control, and the dollar will be abandoned because it essentially turns into monopoly money. A fair amount of folks believe the US debt is already out of control, which is why they're swapping to actual long-term assets like precious metals, nuclear goods, or refinement."
The idea that we suddenly have to drop everything and prioritize the "national debt" is a right-wing distraction tactic from pressing domestic economic issues. Retire that argument forever; it only wastes our time.
The only really serious downgrades of US debt occurred because of gridlock in Congress around political standoffs over the debt ceiling. There hasn't been a serious downgrades panicking over the US's ability to actually service its debt. It's all been theoretical. If it was a serious concern, the US would have been downgraded for the debt it took on to create disastrous wars and foreign policy.
Very much enjoying hearing the opinions of Insane Libertarian Bros* but since they can't share an opinion without being complete and total a*sh*les, closing replies until they go away and eat their own snot for lunch as usual 🤗
*I do not. They are gross little trolls.
Didn't expect to make the Libertarian Bros crawl out of their caves to cry about this, but it's a nice bonus 🫶 Feels like 2013 again to see them melting down about made-up debt 💸
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