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What is the national debt?
The numbers are frightening. And fear is easy to manipulate. Yet not everyone sees the debt as a national crisis. Corporations, governments, money managers and private individuals lend to the U.
Department of the Treasury — the body with the near magical power to print dollars — is widely seen as the safest place in the world to store money.
A long history of fiscal probity and rule of law has shaped the consensus that no one offers a safer haven. When someone lends to the U.
These are essentially I. Counting the debt The national debt is a sum of many different figures, all oscillating to the cadence of government spending, tax receipts and the constant buying and selling of those Treasury securities.
Hence, the numbers used to describe the debt are vulnerable to cherry picking. At the same time, the recession led to lower tax receipts fewer people working meant fewer people paying taxes.
If he does not cut spending by a comparable amount, the debt will rise accordingly. But is government debt as bad as many right-leaning politicians argue? In theory, the private companies then earn more money and pay higher taxes.
Or the future generations that use a bridge built with debt are more productive and pay higher taxes. For a powerful government, owing money is not as risky as it is for an individual or corporation. If it were the other way around, if private individuals and companies were so heavily indebted, the economy would be in chaos.
Think of the mortgage debt bubble that led to the Great Recession. Some people find this so alarming that they voluntarily send Uncle Sam earmarked contributions to pay down the debt. The federal government accepts gifts which are not tax-deductible by check, credit card and PayPal at Pay.
This is money the government owes to ordinary people, corporations, foreign countries and banks. The Treasury Department releases daily updates for both of these figures. Who owns the debt? Some are private American investors and banks.
American states and local governments buy securities. Federal Reserve Bank also buys and sells debt to affect monetary policy and interest rates.He has also added reporters (the Post now has newsroom employees and counting).
Marty Baron, editor of the Post, added a rapid-response investigative team of eight people this year. North Dakota Court Reporters Association, Bismarck, ND.
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