Boiling down what Little Nemo said to “sovereign debt is irresponsible” is a straw man.
From the CIA’s World Factbook, revenues and expenditures for selected countries:
Denmark
revenues: 172.5 billion (2017 est.)
expenditures: 168.9 billion (2017 est.)
(A surplus of over 2%.)
Finland
revenues: 134.2 billion (2017 est.)
expenditures: 135.6 billion (2017 est.)
(A very modest deficit of a little over 1%.)
Norway
revenues: 217.1 billion (2017 est.)
expenditures: 199.5 billion (2017 est.)
(A nearly 9% surplus. Of course Norway is notoriously rich from all that North Sea oil.)
Sweden
revenues: 271.2 billion (2017 est.)
expenditures: 264.4 billion (2017 est.)
(A surplus of over 2.5%.)
These are all countries with famously generous social safety nets, universal health care, and so on. (They also have modest military forces, and high taxes.)
Another group, our “Anglo-Saxon” peers:
**Australia **
revenues: 490 billion (2017 est.)
expenditures: 496.9 billion (2017 est.)
(A deficit of less than 1.5%.)
**Canada **
revenues: 649.6 billion (2017 est.)
expenditures: 665.7 billion (2017 est.)
(A deficit of nearly 2.5%.)
New Zealand
revenues: 74.11 billion (2017 est.)
expenditures: 70.97 billion (2017 est.)
(A surplus of over 4.4%)
**United Kingdom **
revenues: 1.028 trillion (2017 est.)
expenditures: 1.079 trillion (2017 est.)
(A deficit of over 4.7%.)
And a couple of other countries for further comparison:
France
revenues: 1.392 trillion (2017 est.)
expenditures: 1.459 trillion (2017 est.)
(A deficit of over 4.5%.)
Japan
revenues: 1.714 trillion (2017 est.)
expenditures: 1.885 trillion (2017 est.)
(A deficit of over 9%.)
And then we have the United States:
revenues: 3.315 trillion (2017 est.)
expenditures: 3.981 trillion (2017 est.)
(A deficit of over 16%.)
Oh, wait, what’s this note?
note: revenues exclude social contributions of approximately $1.0 trillion; expenditures exclude social benefits of approximately $2.3 trillion
(Scratch that, the deficit is actually over 31%!)
And we don’t even have a very good social safety net! We have a very expensive social safety net, which provides something like universal health insurance…for old people; and some form of “old age pension”, but which is very stingy for what American politicians call “welfare” (payments to poor people). We have an enormous military. And now we’ve had have big tax cuts for the rich (those will magically pay for themselves, just like they always do!!1!¡), and low taxes compared to a lot of the other advanced economies. All of which adds up to Zimbabwean deficit levels –Zimbabwe: revenues: 3.8 billion (2017 est.); expenditures: 5.5 billion (2017 est.); a deficit of just under 31%–and of course we are borrowing in what is effectively the World Currency (the Almighty Dollar…for now) which is quite helpful.
Compared to that
seems pretty sensible.
I’m not calling for “austerity”. I am saying “enormous tax cuts for the rich” is not sustainable. And sneering at the very idea of “fiscal responsibility” is stupid.