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Thu Apr 14, 2016, 04:40 PM

Don’t panic: Time magazine is wrong about the national debt

The latest issue of Time magazine features a stark red cover with a strident warning:

“DEAR READER,” it reads. “You owe $42,998.12.” As it goes on to explain, “That’s what every American man, woman and child would need to pay to erase the $13.9 trillion in U.S. debt.”

Needless to say, that’s a hefty chunk of change, more than 80 percent of the American median household income. But does that number actually mean anything?

“It just seems unbelievably silly,” said Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. “This has nothing to do with people’s future living standards, nothing to do with the ability of the government to pay back its debts. It’s basically zero information.”

MORE HERE: http://yonside.com/time-magazine-wrong-national-debt/


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Reply Don’t panic: Time magazine is wrong about the national debt (Original post)
LuckyTheDog Apr 2016 OP
Jackie Wilson Said Apr 2016 #1
LuckyTheDog Apr 2016 #2
Jackie Wilson Said Apr 2016 #3
Wellstone ruled Apr 2016 #4

Response to LuckyTheDog (Original post)

Thu Apr 14, 2016, 04:41 PM

1. And republicans dont give a shit about it, unless they can use it to beat liberals over the head.

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Response to Jackie Wilson Said (Reply #1)

Thu Apr 14, 2016, 04:45 PM

2. Yep. It goes away as an issue for them whenever we have a Republican president (nt)

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Response to LuckyTheDog (Reply #2)

Thu Apr 14, 2016, 04:48 PM

3. I am always amused by rank and file, lower middle class republicans who

identify, or think they do, with the billionaires that own and run their party.

What is not amusing is Democrats receive millions more votes but the republicans control the House.

If that is not rectified soon I fear there will be problems.

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Response to LuckyTheDog (Original post)

Thu Apr 14, 2016, 05:10 PM

4. Blissful Ignorance!!!!

 

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