How the economy was destroyed in the year 2000

[ragincaucasian]

Planet Money has obtained a secret government report outlining what once looked like a potential crisis: The possibility that the U.S. government might pay off its entire debt.

It sounds ridiculous today. But not so long ago, the prospect of a debt-free U.S. was seen as a real possibility with the potential to upset the global financial system.

We recently obtained the report through a Freedom of Information Act Request. Premium Link Upgrade (It's a PDF.)

The report is called "Life After Debt". It was written in the year 2000, when the U.S. was running a budget surplus, taking in more than it was spending every year. Economists were projecting that the entire national debt could be paid off by 2012.

Premium Link Upgrade



They were actually worried about the threat of paying off the debt by 2012. Thanks, guys. Great job. The entire world applauds you.


If this doesn't clearly illustrate to people why neither the democratic or republican parties deserve a single vote, then I really don't know what does.

Just imagine for a moment us going into next year worrying about what would happen if we paid off the entire national debt and needed an alternative to treasury bonds. Would republicans flood the airwaves with fake outrage of how the democrats ruined the economy by destroying treasury instruments? Really? Then when the republicans took power, what did they do? That's right. They cut taxes so deep, and ratcheted up spending so much, that we are not nearly insolvent. And don't even imagine they had twist any democrat's arm to do it. Every last one of those fuckers are like "Oh no, Mr. Mean Republican Man, don't make us do this thing we really want to do but realize NOBODY deserves to step foot in the Capitol for doing it!".


And now what is the solution, folks? That's right. Blame the American people. Economically ruin their livelihoods because of their filthy "entitlemens". That's what caused all this. Peasants.