The rich used to pay taxes. Now they loan money to the US government – at a profit that everyone else pays for
The dire warnings of fiscal hawks are once again darkening the skies of official Washington.
They’re demanding that the $31.4tn federal debt be reduced and government spending curtailed – thereby giving cover to Republican efforts to hold America hostage by refusing to raise the debt ceiling.
Robert Reich, a former US secretary of labor, is professor of public policy at the University of California at Berkeley
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