Tax increase

When the government spends more that it takes in we have a deficit. To make up the deficit the government sells bonds. The accumulation of the bonds year over year is the national debt. These bonds are held in various accounts some personal, some in pensions and in other investment portfolios. So the national debt is the total of all these bonds which are held by various investors. If you ask a person would it be a good thing if we could get rid of the national debt they would say yes. This means that all of those investors would see their savings disappear overnight. If you look at the national debt clock as it moves above $29 trillion it is scary but if you call it the national saving account it doesn't look so bad. According to modern monetary theory (MMT) the deficit only becomes a problem when it causes inflation and at that point taxes are increase to counter inflation. Biden is proposing a massive spending plan for things like infrastructure which should spur economic growth but he is also proposing a tax increase which will slow the economy.