President Donald Trump on Sunday claimed that a “dividend of at least $2000 a person” will be paid to all Americans except for “high-income people,” saying the country is now wealthy as a result of his tariff policies.
“People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price. 401k’s are Highest EVER,” the president wrote.
Who owns the debt and what does “coming due” look like? Treasury bonds have been recycled for over a century. We haven’t had a “zero” national debt since… what? The Andrew Jackson Administration? And that royally fucked the economy by depriving it of a secure repository for long term savings.
At some point, everything we do in the economy is a choice. The idea that we all need to suffer because a number on a ledger goes up or down entirely decouples the idea of money from the consequences of public policy and private administrative decisions.
There’s no material reason for clawbacks or devaluation, outside the fact that its an outcome certain powerful people are seeking. It isn’t a consequence of the national debt any more than the New Deal / Great Society or the Petrodollar were a result fiscal prudence.