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SEX. Did I catch your attention? Now some juicy economics to study.
Eeek. USA National Dent (oops Freudian slip – Debt).
https://www.truthinaccounting.org/about/our_national_debt
Fascinating watching the debt clock like watching a ‘slot’ machine.
What created America’s debt – America’s Debt: $23 Trillion
Kite & Key Media
https://www.kiteandkeymedia.com › national › debt-crisis
Biggest culprits behind our national debt are programs like Social Security and Medicare. America is more than $23 trillion dollars in debt. What happens when the bill comes due?
Can the U.S. default on its debt?
It is that the U.S. Constitution makes debt default impossible. This idea risks breeding complacency among our politicians about the economic and financial market dangers associated with the debt ceiling standoff that lie ahead.8/03/2023
Actually, the US can default on its debt | The Hill thehill.com
https://thehill.com › opinion › finance › 3885
We should not be able to vote until we have passed a paper on national economics because they drive our lives, now more than ever!! More education in real life needed.
https://www.investopedia.com/updates/usa-national-debt/
It is interesting how the USA government carved into the national resource even in 1800s.
…
The Growing National Debt
The U.S. incurred debt during the American Revolutionary War and it grew until 1835 with the sale of federally-owned lands and cuts to the federal budget. During the Civil War, the debt grew over 4,000%, increasing from $65 million in 1860 to $2.7 billion shortly after the war ended in 1865.
The debt grew steadily into the 20th century, and events that triggered large spikes in debt include the Afghanistan and Iraq Wars, the 2008 Great Recession, and the COVID-19 pandemic.2 Programs and activities that strain government funding and add to the growing debt include:
(Note that there was a factor of economic advantage in the Civil War which provided a reason for the North in instigating large debt in the war, it wasn’t so much reparation for an untenable behaviour upsetting the Christian morals of the good people. The big thorn in the flesh was that the south could win in mercantile dealings over the north because of the cheap labour that slaves offered. After the war was won to the north’s advantage, the slaves were often worse off for they had no certain employment or sustenance and housing and could become virtual whipping boys to malicious claims of bad behaviour.)
Read on in the article but remember that there is clear evidence garnered for long that there are large inefficiencies even corruption in the health system, insurance etc. This article explains the difference between National Debt and National deficit. (The federal government’s annual budget deficit differs from the national debt. The deficit occurs when spending throughout the year exceeds government revenue from sources that include taxes on personal income, corporate income, and payroll earnings.)
The U.S. spends more than other wealthy nations on healthcare relative to the size of its economy and population. U.S. health care spending is more than Germany’s 11% and the United Kingdom’s 9.6%.5Annual U.S. military spending exceeds that of the next nine highest spenders combined.6
The top categories and percentages of federal spending in 2022 included:
Social Security: 19%
Health: 15%
Income Security: 14%
National Defense: 12%
Medicare: 12%
Education, Training, Employment, and Social Services: 11%
Net Interest: 8%
Veterans Benefits and Services: 4%
Transportation: 2%
General Government: 1%
Other: 1%4