Goldman Sachs says Trump’s spending plan won’t stop the national debt from hitting ‘unsustainable’ highs not seen since World War II

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1. The US government is the sole legal issuer of its own fiat currency. This means that everytime the government pays a price for some something in its own currency, it simply instructs its fiscal agent (the Fed) to credit brand new financial balances into someone’s bank account. No borrowing takes place in order for these transactions to go through, so the government never actually incurs and debts.

   What we call the “national debt” is really just interest bearing accounts held by individuals and organizations at the FED. The interest income paid to these accounts are also just credited as brand new financial balances. These accounts don’t need to exist in order for the government to carry out its fiscal operations. The government’s practice of selling these accounts is a relic of the gold standard, but was never phased out due to political reasons.

2. It’s not like he intended on saving a dime. He wanted to raise the debt ceiling before he even got into office.

3. He is literally destroying our productive capacity with practically everything he does. And servicing the debt is only possible by growing net gdp. So ‘wont stop’ really just doesn’t seem like the right wording.

4. Big success for cleptocrats.

5. Why do they have to say “won’t prevent” instead of “will cause?” These reporters have no balls

6. The US has reached the time when we have to inflict **austerity on ourselves** — whether we like it or not!

   This means **raising** taxes, cutting spending, *and especially* cutting our *gargantuan* military budget.

   But no one in the US wants to admit that!

   And Trump is so wedded to his Libertarian ideology of cutting taxes for the rich that he is making things much, much worse.

   The bond markets and clear-eyed, cold-hearted banksters are just reacting logically according to their capitalist logic.

7. The debt isn’t the problem, the problem is giving it all to the 1%.

   That will freak out the bond market and crash everything.

   And there’s no stopping it. We’re boned.

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