That $40T went somewhere: it went into billionaires’ balance sheets.
It used to be that US debt was an accounting trick to let them use Social Security taxes for the general budget, but that’s down to like 20%. Another 25% owed to foreign governments, leaves 55%, or $22T in the pockets of corporations, banks, & mutual funds, which means mostly held by 1%ers.
That $40T went somewhere: it went into billionaires’ balance sheets.
It used to be that US debt was an accounting trick to let them use Social Security taxes for the general budget, but that’s down to like 20%. Another 25% owed to foreign governments, leaves 55%, or $22T in the pockets of corporations, banks, & mutual funds, which means mostly held by 1%ers.