|
The US national debt today is almost exactly the sum of monies spent since the LBJ era "Great Society" social programs. The same group of politicians who decided the Social Security "fund" was available for capital programs and replaced with govt IOUs.
Promissory notes, never paid.
Net reduction in poverty?
Nothing.
We have been taxing the Rich and feeding the poor for the better part of 50 years. You could rationally argue that it's the better part of 80 years.
I wonder how well those poor would be doing if 15 trillion dollars had not been spent on their "welfare", and invested in businesses that actually might earn a profit. I know it has bought a lot of votes and a lot of drugs, but other than that not much.
And we would not owe 48k for every living person in the US today, including a child who takes his first breath this morning, and bears the burden of that debt until he breathes his last breath.
regards
Mech
|