Quote:
Originally Posted by jimjamuser
National debt numbers are totally meaningless !!!!!!The number appears scary today because interest rates are high. And I could collect all the money in a heartbeat just by making the rich class like Musk and etc pay their fair share.
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The national debt is now $35 Trillion. The entire USA GDP for 2023 was $27 Trillion. For 2022 (latest data available), IRS collected $3 Trillion of all individual, estate, and trust taxes. Please tell us how to collect $35 Trillion (that’s trillion, not billion) more in taxes in a heartbeat. You did say heartbeat, right?
Math is hard.
By the way, your Modern Monetary Theory (MMT) that you probably saw on MSNBC has been largely discredited by mainstream economists.
Understanding the National Debt | U.S. Treasury Fiscal Data
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SOI Tax Stats - IRS Data Book | Internal Revenue Service
Breaking down a popular economic theory for some 2020 candidates