Paul Krugman does his best to mislead the American people - again. //
Paul Krugman
✔
@paulkrugman
Repeat after me: debt is money we owe to ourselves. It doesn't make the nation as a whole poorer. https://twitter.com/adam_tooze/status/1263787928230211585 …
Adam Tooze
@adamtooze
Dramatic charts from @ChrisGiles on surge in UK gov debts.
But puzzled why he thinks this detracts from “nation’s wealth”. Obviously, COVID-driven collapse in GDP subtracts from monetary income. But gov debt shows up as asset in balance sheet. H/t @GeneralTheorist https://twitter.com/ChrisGiles_/status/1263742196605431808 … //
Ted Cruz
✔
@tedcruz
Only if by “ourselves” you mean China. //
FIFY: Repeat after me. The national debt is money the U.S. Government must repay (or refinance) at a specified date in the future. When the government borrows additional funds and spends the money, the nation as a whole becomes poorer.
