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But, they’re (two authors) also wrong. The US is not insolvent. The treasury report did not say It was insolvent. For a country to be insolvent it would have to be unable or unwilling to pay its debts.
The article relies on readers not understanding how government financials work. They use a household metaphor which is completely irrelevant.
The article is propaganda pushing the “we need balanced budget” narrative which is a ridiculous way to run a government.
No one said being wasteful is a good thing. This article is not about how much or where money should be spent. They want to push a narrative that the government spends more than it can afford. This is false.
The real aim is to limit government spending on entitlements, social programs, arts, sciences, etc.
The US is not insolvent right now, but Trump has been making moves economically that could cripple either quantitative easing or quantitative tightening's economic use and success. I get that the article is trash and pushing an agenda, I get that normally this wouldn't be an issue because there's nothing theoretically wrong with quantitative easing or tightening. The issue I have is we are not in normal times and we're at real risk of losing the economic status that made our currency less vulnerable to budgetary concerns. I mean we have leaders who may either be stupid or may actually want things to crash so they institute a new post-democracy feudalistic era, and its hard to tell which sometimes. Because every serious economist has been raising alarm bells about this since before Trump got into office. We may not be broke now but it might be worth talking about the possibility when it feels our leaders are trying their damnedest to bankrupt and fleece us. When other countries stop buying US dollars and bonds and are selling them off, I think budgeting actually becomes a serious problem, and that's on the table with how hard Trump is fucking up.
The fed chair is hostile to any idea Trump wants to use on the economy. This Hormuz closing has really shown the capitalists behind all this that he will fuck up the markets with no planning or forethought. Most likely scenario is the Treasury bond rebounds after 3 years and the inflation growing in that time isn't drastic.
The economy is in a weird K state that is seeing different results than regular folks. It still works for the super wealthy so it should stay solvent.