Stephen Moore Argues US Debt Not Leading to Bankruptcy

Former senior economic adviser to Donald Trump Stephen Moore argues that the United States is not facing bankruptcy despite a national debt of $40 trillion. Moore asserts that the nation's total wealth of approximately $180 trillion maintains a debt-to-asset ratio below 25%, a figure he notes is lower than the ratio following World War II.

Moore explains that nearly $8 trillion of the national debt is internal, stemming from the federal government borrowing from its own trust funds, including Social Security. He contends that rising asset values and economic growth are the primary tools for mitigating the impact of the debt.

Moore warns that implementing tax increases would hinder economic growth and encourage further spending by the United States Congress. He characterizes the legislative body as being prone to overspending and raiding trust funds to finance government operations.