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the debt (lemmy.world)

submitted 5 months ago by [email protected] to c/[email protected]

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[–] [email protected] 29 points 5 months ago (1 children)

Micro-economics vs. macro-economics

[–] [email protected] 19 points 5 months ago (1 children)

I strongly encourage people who still think like OP to look up what happened the last time we paid off the national debt.

[–] [email protected] 4 points 5 months ago (1 children)

...link?

[–] [email protected] 8 points 5 months ago* (last edited 5 months ago)

Andrew Jackson sold off enough Native American land to cause a real estate bubble, and between that and other things started a bank run, and the kind of people that think they'll win the shell game pretend it's because non-productive debt is good, and the problem was elimination of debt, not how it was done and other circumstances (among them being on a gold standard so you can actually do a bank run)

https://www.history.com/this-day-in-history/andrew-jackson-national-debt-reaches-zero-dollars