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Fwd: Sandy Hager on America's Real 'Debt Dilemma'

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  • Jay Hanson
    ... Subject: Sandy Hager on America s Real Debt Dilemma Date: Fri, 19 Jul 2013 15:17:14 -0400 From: Jonathan Nitzan To:
    Message 1 of 1 , Jul 19, 2013
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      -------- Original Message --------
      Subject: Sandy Hager on America's Real 'Debt Dilemma'
      Date: Fri, 19 Jul 2013 15:17:14 -0400
      From: Jonathan Nitzan <nitzan@...>
      To: undisclosed-recipients:;



      America's Real 'Debt Dilemma'
      by Sandy Brian Hager
      Review of Capital as Power, 2013, Vol. 1, No. 1, pp. 41-62

      ABSTRACT: In the wake of the current crisis there has been an explosive
      rise in the level of the US public debt. These massive levels of public
      indebtedness are expected to keep growing unless there are drastic
      changes to existing budgetary policies. According to a recent series in
      the Financial Times, the US now faces a 'debt dilemma' over whether the
      country should bring its fiscal house in order through tax hikes on the
      rich or cuts to entitlement programs. This apparent dilemma has sparked
      a debate over which groups should bear the burden of debt repayment and
      fiscal adjustment. However, one crucial question remains unasked: whose
      powerful interests are served by the public debt? Mapping the share of
      federal bonds holdings of and interest to the top 1%, my research
      uncovers a staggering trend towards concentration over the past three
      decades and shows that federal income taxes and transfer payments have
      done little to offset this regressive distribution. Increases to the
      public debt without progressive redistributive policies are likely to
      aggravate an already explosive situation characterized by inequality,
      while decreases to the privately held portion of the public debt are
      likely to encounter resistance from the top 1%. This is America's real
      debt dilemma.

      FULL TEXT:http://bnarchives.yorku.ca/367/

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      Jonathan Nitzan
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