A small misconstrued notion about the financial state of the U.S., spoken by the right person, can cause chaos among the uninformed citizens in the country. There have been several huge myths popularize and fed into by the media over the decades. You can’t believe everything you hear on the television or the internet. You have to do the research for yourself. Here is a quick summary of just a few of the ridiculous (yet widespread) lies that most people fall victim to believing.
Higher taxes for the rich would hurt the economy
This is completely untrue. From the 1930’s to the early 80’s, Americans in the top ten percent of income ranges faced lofty tax rates. Eisenhower jacked those numbers up even higher when he came into the presidency. The economy also grew faster during that time span than it ever has before or since. You also shouldn’t believe that higher taxes on the rich would hurt all of the small business owners. There are actually less than two percent of owners that would even come close to falling into the highest tax bracket.
China is on the verge of owning America
Most of us have heard rumors that America owes so much money to the Chinese that at any time China could ask for all of their money back, and we would be thrown into slavery. That’s totally NOT how it works folks!
China only has hold of around eight percent of our total debt as a country. That’s not even close to enough to come and take over our land. Even if China did get a wild hair up their heiny, these are trade bonds. You don’t just come and say, “Hey! Give me your money!” Plus it would be economic suicide for China to cause problems with America. We spend trillions of dollars each year buying products imported from China.
War is good for the economy
Most of us have heard plenty of reasons why war is good for our economy, but it’s just not true. War is extremely expensive, which is one reason why they are quite rare. Most of us don’t realize that since the dollar bill has been created, rulers just print more when they’re in a time of war. This, in turn, causes inflation and ruins the value of our dollar. It’s just that no one is willing to talk about why everything continues to get more expensive, so the issue gets swept under the rug until the average American has no real concept of the consequences of war on our economy. This is yet another reason why you should always do your research.
Originally posted on August 18, 2015 @ 7:31 am