The national state debt is 33 trillion dollars. But Michael Hudson says public debt is not the problem, in part because the State can just keep printing more money. This is why yelping about Social Security running out of money is nonsense. It is private debt – student loans, mortgages, car loans – that is a much bigger problem because writing out IOUs does not operate in the public capitalist world.
It is Not Public, But Private Debt That is the Problem
