Take Japan for example: Japan has a debt-to-GDP ratio of approx. 240%.
Japan’s National Debt is over one quadrillion yen ($10.39 trillion USD) with less than one per interest rates and no inflation.
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Instead of a balanced budget, we need to have a balanced economy.
Balanced economies don’t have homeless people; balanced economies don’t have starving seniors; balanced economies don’t have millions living in poverty.
Balanced economies don’t have crumbling infrastructure.
MISSION-ORIENTED BUDGETING
Set the goals and allow/fund the budget to reach those objectives. The budget becomes the tool to carry out mission-oriented budgeting.
You don’t have to sell Treasury bills in the first place…..so if you don’t like that line item in the budget, you could make a decision to stop selling T-bills, and over a period of time all the outstanding bonds would mature, and the line item called interest on the federal debt in the CBO report would go away.
