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The fall of an empire
(lemmy.dbzer0.com)
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this post was submitted on 16 Jan 2025
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Late Stage Capitalism
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It's the other way around. The US national debt is more than it's GDP. Where do you think they borrow that money from. We just don't want the US as an enemy because we want our money back. And so far the US has been the only country fucked up enough to drop not just one, but 2 nukes, not to wipe out military targets but 2 entire cities.
The large majority (73.1%) of US debt is owned domestically. US foreign debt is well, well below GDP: https://usafacts.org/articles/which-countries-own-the-most-us-debt/
26.9% still is a lot of money.
I didn’t know the fact above. Assumed more. But for a familiar scale that’s like a $13,000 auto loan of an average income household.
That means the big scary national debt could be paid off fairly quickly with only a marginally higher tax burden to the biggest corporations. We may need to do that if, for example, a bunch of political grifters wreck our credit.
We call that “for funsies” in the States. You ever hear of the Amchitka Island Nuclear Tests? Those seals had it coming!! /s