Almost all media reports about the Congressional Budget Office’s new long-term budget analysis will highlight its forecast that the federal public debt, now about 73% of GDP…
I mean, I know what it means: It is the debt not held by other government agencies like Social Security or the Treasury or whatever.
But we’ve always talked about the “national debt,” which includes all the actual debt (not the unfunded liabilities, which are a dead horse of an entirely different color and stench).
Apparently the Word has gone out from the Won to the Journojismlist to start referring to the “Public Debt,” since it looks a lot smaller than the national debt.
But interest still has to be paid on the “non-public” debt, and it still has to eventually be paid off, just like the “public debt.” And, in fact, there is no real difference between the two. In other words, this is just another hack propaganda scam to try to make the big spenders and borrowers of the Ruling Party and the Ruling Class look a little bit better.
Don’t fall for it.