> I really need some politics-free scholarship on this.
It's impossible to discuss GDP without politics, could you describe exactly what it is about political discussion that you'd want to avoid?
It's impossible to discuss GDP without politics, could you describe exactly what it is about political discussion that you'd want to avoid?
It would seem that functionally the only real world impact would be spending more money to service that debt.
Ok, what about just cancelling that debt? Some economists have said “it’s money we owe ourselves”, so why not just forgive ourselves of our own debt? What would be the real world impact? What would happen?
We keep attaching political value judgments to this without reasonably discussing the practical implications free of our own political dogmas.
It's tied to Treasury Bonds that people hold so they would become worthless.
It's not money we owe "ourselves", it's money we owe each other. When you buy government bonds you're lending money to the government. Cancelling the debt is just stealing the money everyday people and investment institutions have lent to the government. What would happen is people would lose a huge portion of their investments and pensions and it would be catastrophic.
Honestly it's wild to spout an opinion in this thread if you don't understand this.