If extreme wealth was taxed, the debt would be zero. The point isn't even to "pay for spending" but to enforce a functional social contract, and to limit the political and democratic distortions created by extreme inequality.
"Markets" should not have a veto on policy in a democracy.
Making it non-zero is a policy choice. Inflating away this debt is also a policy choice. There is nothing accidental about this.
What will not be inflated away is personal debt. That will remain linked to inflation even after the currency is revalued, and will be captured from personal assets wherever possible.
Do you have numbers for that? Even ignoring the issues with lots of wealth being paper wealth that cannot be translated into any kind of realized gains, and any 2nd order effects, the wealth (stock, can be depleted once) is not even in the same ballpark esp. given the deficit (flow, keeps happening).
In US the best exemplification of the attitude is when in WA rangers chopped rappel anchors in the middle of nowhere so someone could die on a sketchy natural descent because hey it is totally possible without bolts. Keep wild wild or whatever. I personally think the only reason not to put a Starbucks on top of Rainier is that the water boils too slowly up there.
Basically, in 1919, Henry Ford sought to reinvest the Ford Motor Company’s profits into raising employee wages and expanding hiring, arguing that sharing success with workers would strengthen the economy and the company’s long-term prospects. However, minority shareholders John and Horace Dodge (who also ran their own competing auto company) sued Ford, claiming that his actions violated the fiduciary duty to maximize profits for shareholders.
The Michigan Supreme Court ruled in favor of the Dodges, declaring that a corporation’s primary obligation was to serve the financial interests of its shareholders and not broader social goals or even the well-being of its employees. This decision established a legal precedent that continues to shape corporate law even today and reinforcing the doctrine of "shareholder primacy" and limiting the ability of companies to prioritize stakeholders (like workers or communities) over investor returns.
It's been downhill for employees since.
Let's say you hire a general contractor to remodel your house. How would you feel about him doing what's good for society without consulting you - e.g. buying sustainable material that is more expensive, or locally sourced material that is less durable or less safe? Or hiring more workers like they do on NYC construction projects cause it's good for labor? Especially if it's something you disagree with, like he's maga and refuses to hire cheaper immigrants, giving preference to disgraced former cops. When the bill comes with all the extra costs, hed just say he's not working for the owner value but for the good of society as he sees it :)
This is all so maddeningly stupid and frightening.
What do you mean by going back slightly less, in terms of measures to take?
Sure, on the merit this particular action was dumb. But on the net I think fossil fuels are for the time being a net positive and non-replacement phase out would be worse than the amount of warming it prevents, not slightly less bad; especially in the developing world.
And, because like in so many political issues, nuanced positions aren't really popular (as these we're all gonna die comments illustrate), if having to choose between two flavors of uncompromising shouting I'm going to go with the fossil fuel camp on this issue. Although I d personally prefer more of both plus carbon tax etc for the shift.
But my original comment was just trying to put catastrophising into perspective,"following the science" ;)
If members of a reasonably technical community can't accept what's happening, then there's no reasonable hope that people will ever be able to reason about our situation correctly. We are surrounded by evidence of all varieties in every direction that we are heading down a path of catastrophic climate change, and yet people contort their logic to find ways not to see it.
The only issue with it was that the door didn't close too well. My more conscientious family would bend down to push it gently, whereas I would just kick it. It took me less time to quit smoking than to quit kicking fridges every time I close the door. I think I was still kicking fridges in the US in 2010 after last seeing that one in 2000. It was also small and didn't have any features other than producing some amount of cold air. But it worked! It still works for all I know.
If most hand wringing in this thread is to be taken at face value this is what we should pivot to :)
My most recent experience with this was a Fjällräven 30L backpack. I'd had it for years, loved it to death but it was getting a bit ripped up. Went into the store, bought the exact same model, went out to the RV where I had my current one and did a comparison. I was shocked. No padding on the straps, nice padding on the back replaced with hard foam, many of the nicely designed little details gone. I went back in and returned it and just opted to repair my old one a bit (replaced a broken buckle and sewed up some holes).
My suspicion is that when products are successful and mature but reach market saturation, profit growth pressure leads to cutting some corners on every iteration, and hence to a slow decline in quality over the years.
What's the point of building for durability if there's no demand for it?
Moreover, if you look at expensive cars or furniture, the markup on them has to be higher than cheap stuff. Honda Fit is like 20% of the price of a BMW, but I bet doesn't cost 20% to manufacture... So if people wanted quality it would be better for companies to produce more of the expensive option. Either companies are dumb or people don't want quality.
I just recently got a coffee grinder that costs 3 times as much as my old one and it's actually better across multiple dimensions, including material e.g. metal vs plastic . But how many units do you think the plastic junk at 0.33x the price sells vs mine?