alt Hacker NewsDid France, Germany, the UK, etc. spend a trillion dollars in Iraq? How did they get themselves in the same ballooning deficit death spiral?
The US did spend a Trillion on Iraq. But during Covid they spent nearly $5T...in 1/4th the time they spent 1 in Iraq. They also spent $9T on QE.
Iraq is a drop in the bucket. The real problem is a structural one with modern democracies. Turns out when you can legally take your citizens money at gunpoint and also tax the entire world via inflationary money printing with few short term consequences, this power gets abused.
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watwut • today at 9:35 AM
Germany dont have the same ballooning debt problem: https://countryeconomy.com/countries/compare/germany/usa?sc=...
Their economies have problems, but USA leads in debt.
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If the problem is booming deficits, then the cause isn't taking citizens money at gunpoint, because that doesn't cause a deficit. The cause is the voters, they want the benefits now but they don't want to pay for them, so they pass the bills onto their children and grandchildren. The government is doing exactly what the voters are asking for.