Why Americans would benefit from a government default

Mises.org's Ryan McMaken writes, "Ultimately, when a media pundit or Janet Yellen predicts the end of the world if debt doesn't continue to skyrocket ever upward, they are simply calling for a continuation of the status quo.

And what does the status quo mean? It means a world in which the US government continues to spent trillions of dollars it doesn't have, made possible through monetizing massive amounts of debt and forcing taxpayers to devote ever more of their own wealth and income to paying off an ever-more-huge chunk of interest.

.@ryanmcmaken on why a federal default benefits Americans, whatever statist fantasy media is peddling this week.https://t.co/6egzeRPrvk

— Peter St Onge, Ph.D.?? (@profstonge) October 5, 2021

It also means more government spending, which—regardless of whether it's funded by debt or by taxes—causes malinvestment and, through the redistribution of wealth, rewards the politically powerful at the expense of everyone else. In other words, its keeps Pentagon generals and Big Pharma executives living in luxury while the taxpayers are lectured about the need to "pay America's bills."

Read the entire column.