{"id":68485,"date":"2024-06-09T12:36:55","date_gmt":"2024-06-09T17:36:55","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68485"},"modified":"2024-06-09T12:36:55","modified_gmt":"2024-06-09T17:36:55","slug":"the-ideological-battle-behind-the-u-s-debt-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68485","title":{"rendered":"The Ideological Battle Behind the U.S. Debt Crisis"},"content":{"rendered":"

The Ideological Battle Behind the U.S. Debt Crisis<\/a><\/h3>\n
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The U.S. national debt is at\u00a034.7 trillion dollars<\/a>. If you laid that many dollar bills end-to-end, it would wrap around the Earth 134,599 times. That\u2019s enough to travel to the sun and back 17 times. Suffice it to say, we\u2019re in a pickle.<\/span><\/p>\n

America is slowly approaching the precipice of debt default. This is no minor dilemma. A default could cause approximately\u00a08 million jobs<\/a>\u00a0to be lost. In other words, the bill would come due.<\/p>\n

For many politicians, the debt crisis is not a pressing concern. At least not enough to take measures to fix it. The Biden administration passed a\u00a01.2 trillion-dollar<\/a>\u00a0infrastructure bill in 2021, adding\u00a0256 billion dollars<\/a>\u00a0to the budget deficit over the next ten years. Biden has also forgiven\u00a0167 billion dollars<\/a>\u00a0in student loans during his tenure, which was financed through increased government spending. Despite already being one of the most indebted countries in the world, politicians continue to dig the U.S. into an even deeper hole. The problem is not simply a monetary one. There is an ideological battle underlying our descent into debt.<\/p>\n

The ideas that have caused America\u2019s current debt crisis were birthed during the Great Depression. In 1932, Franklin D. Roosevelt issued a series of spending measures that were intended to stimulate economic activity in what was called the \u201cNew Deal.\u201d FDR spent over 950 billion (inflation-adjusted) dollars on the program while being touted as an economic \u201csavior.\u201d The deal was promoted as what released America from the bonds of the recession. In reality, it made the problem worse.<\/p>\n

A study<\/a>\u00a0conducted by two UCLA economists found that the New Deal actually extended the Great Depression by seven years. By artificially increasing wages while unemployment remained rampant and below projected recovery rates, FDR\u2019s program harmed economic health. Simply pumping money into the economy wasn\u2019t the fix-all solution it was advertised to be.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ideological Battle Behind the U.S. Debt Crisis The U.S. national debt is at\u00a034.7 trillion dollars. If you laid that many dollar bills end-to-end, it would wrap around the Earth 134,599 times. That\u2019s enough to travel to the sun and back 17 times. Suffice it to say, we\u2019re in a pickle. America is slowly approaching […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,4106,304,12584,538,954,13351,18779,827,834],"class_list":["post-68485","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-debt-crisis","tag-federal-debt","tag-government-spending","tag-money-printing","tag-money-supply","tag-price-inflation","tag-schiffgold","tag-united-states","tag-us"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68485"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68485\/revisions"}],"predecessor-version":[{"id":68486,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68485\/revisions\/68486"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}