i’m in the fence about the deficit. the ones most concerned about it also believe in supply side economics. in reality the US has experienced a lot of economic growth it otherwise would not have due to deficit spending.
I mean I understand that there’s a point where the US can’t make it’s interest payment which would be bad. but I’m also aware that point is a moving target and it’s also possible GDP growth and tax adjustments can sustain deficit spending indefinitely. It’s also likely that balancing the budget and cutting spending would shrink the economy to the point that it’s more harmful than continued deficit spending.
I'd say that it's a bit more complicated than that, honestly. For example, actual investment spending vs spending that's pretty much just one-off giveaways that won't meaningfully benefit the country. Infrastructure, research, making sure that children have their basic needs met so they're likely to grow up as happy, healthy, contributing members of society, helping out adults who are hitting rough times so that they'll be able to stay on or get back on their feet, and stuff like that is probably best considered as investment when it comes to the deficit. Overall, it will more than pay itself off. The supply side proponents tend to push for the latter, though, which tends to end up just lining the pockets of their rich and powerful donors at a dramatically higher rate, while at the same time pushing to cut investment spending. Given the actual people behind those pushes, of course, it's generally not actually so much about the debt/deficit, but rather that they don't want what they consider "their money" being taken from them for the sake of the suckers they took it from... and about power, really, because the less time, attention, and ability that the average person can spare to advocate for themselves, the easier it is for the people pushing supply side economics to gain and maintain power over everyone else.
Also, internal debt is much less worthy of concern than external debt. There's something to be said about the benefits of paying interest to your own citizens, yes, at least the ones that will actually then use it and generate more tax income. Not so much when it comes to paying interest to foreign countries, as has apparently increasingly been the case, and, separately, paying interest to those who are already absurdly rich.