Can The U.S. Still Call Itself A Wealthy Nation?
The U.S. is 17 trillion dollars in debt, yet is still considered to be the wealthiest nation on earth. How is this possible? Special Thanks to William Haynes for hosting TestTube! Follow...
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The United States has more than seventeen trillion dollars in debt and each year the government borrows more. They do this because it costs more money to run the country than the country currently earns in taxes...This is called a budget deficit. The US deficit for this year is more than 500 billion dollars. Yet, the US still regularly refers to itself as one of the most prosperous nations in the world. How is that possible? Well, National Debt isn’t like personal debt and in a lot of ways it is much less dangerous. For example, the largest single owner of US debt is the Social Security Trust Fund, which is run by the Department of the Treasury. So, the largest single chunk of debt the US owes is to itself. And Social Security isn’t the only Federal Program ...
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The United States has more than seventeen trillion dollars in debt and each year the government borrows more. They do this because it costs more money to run the country than the country currently earns in taxes...This is called a budget deficit. The US deficit for this year is more than 500 billion dollars. Yet, the US still regularly refers to itself as one of the most prosperous nations in the world. How is that possible? Well, National Debt isn’t like personal debt and in a lot of ways it is much less dangerous. For example, the largest single owner of US debt is the Social Security Trust Fund, which is run by the Department of the Treasury. So, the largest single chunk of debt the US owes is to itself. And Social Security isn’t the only Federal Program ...
