If you look at the capacity for the govt. to borrow and stimulate (go back to WW II and you’ll see federal debt to GDP at 122% – right now we’re at about 70%)
Attempts to reframe the argument in terms of only federal debt are red herrings. First because how we measure “GDP” has changed so dramatically over the years that it’s not really possible to accurately compare federal debt over the decades. Second because federal debt is only 20% of the debt pie.
Ultimately whether the debt is held by a town, a state, a corporation or the federal government it is the labor of individual people that pays it off.
