A country that issues its own currency cannot run out of money or be forced into default in that currency. What we call the national debt is the total of money the government has created and not yet taxed back. Those dollars are private savings in another form, not a burden that must one day be repaid.
Creditors do not fund government spending; they hold safe interest-bearing assets created by it. The real risks to society are not financial but productive and ecological. What matters is whether we are using our labor, technology, and resources to meet real needs, not the size of a number on a balance sheet.
> A country that issues its own currency cannot run out of money or be forced into default in that currency. What we call the national debt is the total of money the government has created and not yet taxed back. Those dollars are private savings in another form, not a burden that must one day be repaid.
Richard Murphy is that you?
Snark aside, this is just straight up MMT which you're presenting as gospel, but absolutely isn't.
The very shortest way to debunk MMT is that every single government would be printing their way to prosperity if it was possible. Their ultimate desire is to be in power, and a happy prosperous population will keep electing them. No government has ever follow MMT to it's natural conclusion.
Creditors do not fund government spending; they hold safe interest-bearing assets created by it. The real risks to society are not financial but productive and ecological. What matters is whether we are using our labor, technology, and resources to meet real needs, not the size of a number on a balance sheet.