Re:Yellen urges Congress to raise or suspend the debt limit ...
by cxr on Saturday July 24, 2021 @07:25PM
(#27945250)
Please don't try to shoehorn items like this into HN's (generous) scope of "Anything[...]"; it's still not intended to function as an aggregator for displacing traditional news sources. By all means, if you're interested in these types of news items, there's no dearth of outlets that carry them.
"Off-Topic: Most stories about politics, or crime, or sports[...] If they'd cover it on TV news, it's probably off-topic."
Re:Yellen urges Congress to raise or suspend the debt limit ...
by andymoe on Saturday July 24, 2021 @07:33PM
(#27945297)
The best way to make this better is flagging if you must and not commenting like this on articles you think are off topic. The second best is not doing what I just did reminding people to just move along.
Re:Yellen urges Congress to raise or suspend the debt limit ...
by TimTheTinker on Saturday July 24, 2021 @07:11PM
(#27945150)
US debt repayments (notes, bonds, etc.) are already a significant portion of our budget ($522B in 2020)... do we really want to increase that even more?
Re:Yellen urges Congress to raise or suspend the debt limit ...
by nostrademons on Saturday July 24, 2021 @07:35PM
(#27945305)
That's what inflation is for. Increase money in circulation by 10x such that price levels rise by 10x, and you increase both tax receipts and government spending by 10x. (Well, technically tax rates go up more than that because of bracket creep, and government spending goes up less than that because the government is a monopoly and can bargain effectively for specialized services.) The absolute value of the debt and the money needed to service it remains constant, though. Instead of public debt being 127% of nominal GDP, it becomes 12.7% of nominal GDP.
Just get ready for big-denomination bills, and, well, starvation and social unrest if you're in one of the social classes unable to raise your wages to capture some of that money floating around.
"Off-Topic: Most stories about politics, or crime, or sports[...] If they'd cover it on TV news, it's probably off-topic."
https://news.ycombinator.com/newsguidelines.html
Additionally, political topics especially are not something that comments here excel at handling particularly well, anyway.
Just get ready for big-denomination bills, and, well, starvation and social unrest if you're in one of the social classes unable to raise your wages to capture some of that money floating around.
https://en.m.wikipedia.org/wiki/Trillion-dollar_coin