Why Liberal-Progressives Should Oppose the National Debt (Even if they have no problem stealing from children)

The political system in America is rigged so that the wealthy always benefit regardless of the outcome of the election (Duh… anyone else notice how many companies sponsor both parties?).  The Republican Party is much more open about their support for the rich, because they favor lower taxes (obviously the rich pay way more in taxes so lowering rates all around benefits the rich the most) and cheaper/fewer social services (which are generally not consumed by the wealthy). 

The Democratic Party is subsidizing the wealthy in a much sneakier way, which is understandable given their rhetoric.  They use public debt. 

Roughly two thirds of U.S. debt is owed to Americans and American institutions.  (China and Japan are around 7-8% each, to put that piece of propaganda into perspective).  Who are these Americans?  They are the people who can afford to buy treasury bonds, i.e. wealthy people, investment banks, insurance companies, etc.  In fact, the wealthier the person/corporation or institution is, the more bonds they are likely to hold.

Okay, so what? Well, let’s think about why they would be willing to loan Uncle Sam money: he’s going to pay them back more than they gave him.  Where’s that money going to come from?  Taxpayers, obviously.

Yes, the rich pay taxes, too, so they will be paying money to the government that it then pays back to them as interest on the bonds they purchased from it.  The people who lose most are middle-class Americans who all pay taxes but who do not all own treasury bonds and do not all benefit from the social programs that were funded by the debt. 

Public debt is therefore a transfer of wealth from middle America to the rich (the poor benefit from the social programs, but we could easily have those without the deficit if we structured and planned for them better).  If the Democratic party were truly the progressive party, they would make sure that social programs are fully funded by taxes instead of borrowing money from and paying interest to wealthy bondholders.

Check out Mr. Obama’s plan to ensure that public debt continues to rise in proportion with GDP, holding steady at 75%.  That will ensure that there is plenty of opportunity for "the 1%" to invest their money with a 100% guarantee of making a profit, using the blood, sweat, and tears of the children of America as collateral.