Wow, I never thought this would become a thing!
Even evolution, a poster child for the science vs. religion debate, has very little mathematics in it. Evolution boils down to a story which has a lot of confirming anecdotes. I'm not saying that there's anything wrong with science done in this way, just that mathematics is not a good basis for all knowledge.
<3
> Why would you want taxpayers to service the debt? Why that, rather than rolling over the debt and allowing it to grow? Keep in mind, if inflation is your answer, then that's an uphill battle. But inflation has been kept low for decades. That makes the task of paying off a home mortgage, or a government debt, very difficult. > Why that, rather than rolling over the debt and allowing it to grow? I believe the Federal reserve receives these interest payments. This represents a huge income for private banks to give the government the liberty to borrow money as it pleases. I really can't see the point of having the private banks in the middle to receive this interest. What does this accomplish other than the enrichment of private corporations?
But interest must be paid on public debt, so that the larger the public debt, the larger the amount taxpayers must pay to service this debt. When the debt is in the trillions of dollars, surely the interest payments on this money are very large. I just checked WP: in 2008, 15% of the tax take went to service the public debt. Since then, debt has increased substantially, but interest rates are low.
Hi, Jess <3! Just discovered that Laurelai and I joined Hubski on the same day :/ !