Hiltzik: Myths About Federal Debt

The article discusses the recent milestone of the U.S. national debt reaching $40 trillion, emphasizing that fears about the debt are often overstated. It argues that Social Security, Medicare, and Medicaid are not the primary drivers of the increasing debt, which is mainly due to tax cuts implemented over the past decades, benefiting the wealthy and corporations. The piece criticizes the flawed association between high debt levels and economic slowdown, attributing rising interest costs to policy decisions like wars and tariff strategies rather than entitlement programs. Overall, it contends that responsible fiscal management should focus on addressing tax policies and government spending rather than exaggerating the threat posed by Social Security and Medicare.

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