1391
Reagan...
(lemmy.world)
Don't forget the war on drugs
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this post was submitted on 20 Mar 2025
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“National debt” obscures the practical consequence. National debt is just money that has been added into the economy but not taxed back out.
It’s not necessarily bad to ramp up spending, if that new money has somewhere healthy to go. (Mega projects like Medicare For All or the Green New Deal would be prime candidates.)
So where did it go?
Well, take a look at Reagan’s reign from 81-89…
There’s the problem.
...and this chart stops at 2012
precisely. the distribution of wealth is a more important indicator of economic health than simply looking at the national debt or total tax revenues. imo we need to increase taxes on the ultra rich, not because we need to reduce the deficit but because taxes prevent the obscene accumulation of wealth (and the resulting regulatory capture epitomized by modern American oligarchy).