😱OMG! America's federal debt just hit an eye-popping $35 trillion by the end of July 2024! Let's break down what this means for you and why everyone's freaking out.
While some are warning about a looming fiscal disaster, others point out that the U.S. Treasury can literally print as many dollars as it needs. So, is this debt really a big deal?
Here's the tea: It's not just about the debt itself. The real issue is how this massive debt reflects the imbalances in America's political economy. Basically, it's Wall Street vs. Main Street all over again.
Money in the U.S. grows not just because the government prints it (hello, fiat currency!) but also because banks issue more credit. But where all this money goes can make a huge difference.
Think of it like a pizza 🍕. If everyone's making more pizzas, but only a few people get extra slices, others go hungry. The same goes for money—if it just flows into the stock market (Wall Street) and not into jobs or wages (Main Street), we have a problem.
It's time to pay attention to where the money's flowing and how it affects everyday people. After all, the economy should work for everyone, right? 💪
Reference(s):
Wall Street vs. Main Street: Imbalances in America's Political Economy
cgtn.com
