Originally posted on Quora February 16, 2023
Before the lockdowns and the 2020 elections when the Berniebros were still high on hopium because Biden had yet to be selected by the DNC and it was still politically feasible to criticism him on their side of the aisle, the intercept published Biden’s record of trying to cut social security for 4 decade.
Fact Check: Joe Biden has Advocated Cutting Social Security for 40 years
The budget deficit (and national debt hysteria) is perhaps one of the longest enduring (and anchronistic) political footballs in US history and yet it continues to fool simple minds who don’t realize a fiat monetary system is a debt based monetary system, most of the debt is intra-government and FED debt, and about 70% of congressional spending is not subject to annual appropriations. Combined with the interest on the national debt its 75–80% of congressional spending. The greatest set back for the trust fund was the decades long cheap credit glut that kept the interest earned on t-bonds/bills lower than inflation in realty and stocks.