Trump hails massive US debt
- deskpilot
- 8 minutes ago
- 1 min read
Donald Trump is talking up the advantages of America's massive debts.
The US national debt is 39 trillion dollars, mostly borrowed from other countries. And the debt continues to get bigger, as government spending rises and the tax take fails to keep up.
The President said, 'Owing so much money gives the USA a massive advantage. Other countries must be very nice to us, or we might not pay the money back.'
The President appears to overlook the issue of debt repayment. The US does not have 39 trillion dollars in loose change, and the debts must constantly be refinanced - by borrowing more money from foreign governments.
The President's spending sprees show no sign of abating. He cites the Rachel Reeves strategy - borrow big now, spend big now (to secure votes for upcoming elections), and defer the tax rises that will pay for the spending into the future, preferably after the next election.
'If I owe you 39 bucks, then I've got a problem,' says the President. 'But if I owe you 39 trillion bucks, then you've got a problem.'