Granthamana says: "Sovereign currency nations (America, Australia etc.) DO NOT borrow money or tax to finance spending."
For every $1000 the US Government spends it receives revenues of $600. So where does the other $400 come from, the Tooth Fairy?
Every since Reagan took America off the Gold Standard, American governments (Federal. State and Municipal) have lived high off the hog on printed and borrowed cash.
Tomorrow will take care of the repayments. Tomorrow is here and the cupboard is bare. Let's increase the Federal debt level again. America has three wars to win. Tomorrow.
