L. Randall Wray

Now on all reasonable projections of what we think the nation's productive capacity will be, I can assure you that the estimates are we will be able to do that. We're going to be productive enough to take care of All the young, all the old, and everybody in between. And since we can't run out of money, we'll be able to afford it.

Now on all reasonable projections of what we think the nation's productive capacity will be, I can assure you that the estimates are we will be able to do that. We're going to be productive enough to take care of All the young, all the old, and everybody in between. And since we can't run out of money, we'll be able to afford it.

There is this great fear that if the US government runs a deficit this year, deficits add to debt. So over the course of this year, if the government spent 500 billion more than it received in taxes, that will add 500 billion to the national debt, which is somewhere north of $30 trillion right now. We would add 500 billion more. And some people say, well, this can't go on forever.

There is this great fear that if the US government runs a deficit this year, deficits add to debt. So over the course of this year, if the government spent 500 billion more than it received in taxes, that will add 500 billion to the national debt, which is somewhere north of $30 trillion right now. We would add 500 billion more. And some people say, well, this can't go on forever.

There is this great fear that if the US government runs a deficit this year, deficits add to debt. So over the course of this year, if the government spent 500 billion more than it received in taxes, that will add 500 billion to the national debt, which is somewhere north of $30 trillion right now. We would add 500 billion more. And some people say, well, this can't go on forever.

You can't have the outstanding debt grow year after year. Well, if you look at the past 200 and something years since the founding of the nation, the debt has grown steadily. It has grown faster than GDP, which is our measure of national output. The debt ratio has grown over that period at a rate of 2% per year. It's gone on for over 200 years.

You can't have the outstanding debt grow year after year. Well, if you look at the past 200 and something years since the founding of the nation, the debt has grown steadily. It has grown faster than GDP, which is our measure of national output. The debt ratio has grown over that period at a rate of 2% per year. It's gone on for over 200 years.

You can't have the outstanding debt grow year after year. Well, if you look at the past 200 and something years since the founding of the nation, the debt has grown steadily. It has grown faster than GDP, which is our measure of national output. The debt ratio has grown over that period at a rate of 2% per year. It's gone on for over 200 years.

The notion that something that has been going on for 200 years can't go on a while longer just boggles the mind. We will be able to grow the debt. Now, households and firms at some point need to repay their debts. They have finite lifetimes and hopefully, by the time you die, you're going to pay off your debt. The US government doesn't have a finite lifetime.

The notion that something that has been going on for 200 years can't go on a while longer just boggles the mind. We will be able to grow the debt. Now, households and firms at some point need to repay their debts. They have finite lifetimes and hopefully, by the time you die, you're going to pay off your debt. The US government doesn't have a finite lifetime.

The notion that something that has been going on for 200 years can't go on a while longer just boggles the mind. We will be able to grow the debt. Now, households and firms at some point need to repay their debts. They have finite lifetimes and hopefully, by the time you die, you're going to pay off your debt. The US government doesn't have a finite lifetime.

It has been around for over 200 years and maybe it'll be around 200 more years. It doesn't actually ever repay the debt. The debt grows year after year. All that happens is that when a bond matures, so if you have a 10-year bond, at the end of 10 years, it will mature and the holder can present it to the government and say, I want cash. Government will say, fine, we'll give you the cash.

It has been around for over 200 years and maybe it'll be around 200 more years. It doesn't actually ever repay the debt. The debt grows year after year. All that happens is that when a bond matures, so if you have a 10-year bond, at the end of 10 years, it will mature and the holder can present it to the government and say, I want cash. Government will say, fine, we'll give you the cash.

It has been around for over 200 years and maybe it'll be around 200 more years. It doesn't actually ever repay the debt. The debt grows year after year. All that happens is that when a bond matures, so if you have a 10-year bond, at the end of 10 years, it will mature and the holder can present it to the government and say, I want cash. Government will say, fine, we'll give you the cash.

And then the government will just issue another 10-year bond and sell it to someone else. That's what happens. The debt doesn't get repaid. It gets rolled into new debt. This has been going on for 200 years.

And then the government will just issue another 10-year bond and sell it to someone else. That's what happens. The debt doesn't get repaid. It gets rolled into new debt. This has been going on for 200 years.

And then the government will just issue another 10-year bond and sell it to someone else. That's what happens. The debt doesn't get repaid. It gets rolled into new debt. This has been going on for 200 years.

The the debt government's debt. Is our asset. OK, if the government issues $100 bond, That will be held in the non-government sector by banks, by household savers, by pension funds, and by private firms that want to hold the safest asset in the world, which is U.S. Treasury bonds. That is the safest asset you can possibly put in your portfolio.

The the debt government's debt. Is our asset. OK, if the government issues $100 bond, That will be held in the non-government sector by banks, by household savers, by pension funds, and by private firms that want to hold the safest asset in the world, which is U.S. Treasury bonds. That is the safest asset you can possibly put in your portfolio.

The the debt government's debt. Is our asset. OK, if the government issues $100 bond, That will be held in the non-government sector by banks, by household savers, by pension funds, and by private firms that want to hold the safest asset in the world, which is U.S. Treasury bonds. That is the safest asset you can possibly put in your portfolio.