Last paragraph "Rather than having those dollars devoted to better education, defense, infrastructure, and various other services, the money evaporates into thin air as interest payments."
The money does not evaporate into thin air. The money is simply transferred from tax payers to bond holders who are receiving those interest payments.
So it is more of a wealth transfer from one group to another facilitated by the government.
And also the debt was taken to finance education, defense etc earlier. The money was put to use, so the taxpayers do get some value from their interest payments.
Last paragraph "Rather than having those dollars devoted to better education, defense, infrastructure, and various other services, the money evaporates into thin air as interest payments."
The money does not evaporate into thin air. The money is simply transferred from tax payers to bond holders who are receiving those interest payments.
So it is more of a wealth transfer from one group to another facilitated by the government.
And also the debt was taken to finance education, defense etc earlier. The money was put to use, so the taxpayers do get some value from their interest payments.
Such a sad picture you've painted today, Pomp. Well done! haha