FV The Biggest Deficit You Have Never Heard Of

If wealthy individuals and corporations want all the advantages that come with being American, they have to pay taxes so America can afford the public investments necessary for a high-wage, high-productivity society.

The other way to pay for public investment is through public borrowing. This kind of borrowing doesn’t burden future generations, because it’s used to build a better future for those future generations. 

Remember: There’s a difference between borrowing for the future and borrowing for today. You might not want to borrow to pay for a vacation, but it’s perfectly rational to borrow to purchase a house because a vacation doesn’t have any future return, while a home does. Right now, the federal budget irrationally treats all government borrowing the same.

The government needs a public investment budget separate from the current spending budget to clarify what we’re investing in and allow us to keep borrowing for investments as long as the returns justify it.

Public investment is the biggest and most important deficit you’ve never heard of. 

Don’t listen to people who claim we can’t afford to invest in the American people. We can afford it. We can’t afford not to. Joe Biden needs to recognize this and make public investment a central part of his economic strategy. 

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