The Long Con - & We are the Suckers

We have to pay the Superwealthy for Our National Debt

But increasingly — since the Reagan, George W. Bush, and Trump 1 tax cuts — tax rates on the super-rich have plummeted.

So instead of financing the government with their taxes, the super-rich have been financing the U.S. government by lending it money. (You may have heard that America’s debt is held mainly by foreigners. 

Wrong. 

Over 70 percent of it is held by Americans — and most of them are wealthy.) So, an ever-increasing portion of the taxes from the rest of us are dedicated to paying ever-increasing interest payments on the debt — going largely to the super-rich.

So, an ever-increasing portion of the taxes from the rest of us are dedicated to paying ever-increasing interest payments on the debt — going largely to the super-rich.

This means that when the debt of the United States is downgraded because Trump Republicans are planning another big tax cut mainly benefiting the rich and big corporations, most Americans could end up paying in three different ways: 

(1) They’ll pay even more interest on the growing debt — to the super-rich. 

(2) They’ll pay higher interest rates on all other long-term debt (as higher rates on Treasury bonds waft through the economy, they raise borrowing costs on everything from mortgages to auto loans).

(3) The debt crisis will give Republicans even more excuse to do what they’re always wanting to do: slash safety nets. So many Americans could lose benefits they rely on, such as Medicaid and food stamps.

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The world's national debt is great news for the wealthy