The U.S. national debt crossed 100 percent of gross domestic product (GDP) at the end of March, with signs that it might cross the record of 106 percent of GDP reached immediately after World War I…
On federal level the deficit is actually the sum of wealth the US gov injects/ed into its economy. There is no such thing as ‘my taxdollar’ on fed level. The gov proposes policy, congress ok’s it and FedRes pays the bills. Through creation of new money from the 12 magic computers Elon discovered during his doge tenure.
Not so on state level: states have no monopoly over a currency and have to hold up their own pants or go bankrupt.
‘My taxdollar’ absolutely applies on state level.
On federal level the deficit is actually the sum of wealth the US gov injects/ed into its economy. There is no such thing as ‘my taxdollar’ on fed level. The gov proposes policy, congress ok’s it and FedRes pays the bills. Through creation of new money from the 12 magic computers Elon discovered during his doge tenure.
Not so on state level: states have no monopoly over a currency and have to hold up their own pants or go bankrupt. ‘My taxdollar’ absolutely applies on state level.
Source: MMT/Sectoral Balances