Debt isn’t a big problem and it’s not caused by social spending — and Republicans aren’t better economic managers.
Now for the second big lie – that the debt is primarily due to welfare-state social spending.
Here I’d like to quote myself from 2011 (“Enshrining the lies of the US’ 1%“):
Indeed – as Thomas Ferguson and Robert Johnson explained just over a year ago in their paper “A World Upside Down? Deficit Fantasies in the Great Recession” – all of the US long-term federal debt is due to just three oligopoly sectors: the military-industrial complex (the backbone of empire with bases all around the world and almost half the world’s military spending) – the medical-industrial complex (with twice the per capita costs of other systems) and the financial sector (which has recently cost trillions of dollars in lost wealth and economic activity).
All three of these are enormous cash cows for the one per cent and equally enormous cost-centres for the 99 per cent.
Without the costs imposed by lack of competition – regulation and accountability in these sectors the US would have no long-term debt problem.
We would be paying it down – rather than running it up.
In that paper’s abstract the authors write:
In an era of unbridled money politics – concentrated interests in the military – financial and medical industries pose much more significant dangers to U.S. public finances than concerns about overreach from broad based popular programs like Social Security – which is itself in good shape for as many years as one can make credible forecasts.
Concerns about Social Security are vastly overblown they note and uncertain worries about two decades from now should not dominate our attention.
(ed:..does any of that ring a bell here..?..)