National Debt

[TigerGrowls]

We are on a runaway freight train headed for a cliff. Biden and congress knows this and they are still running this charade. I think they are trying to implode the nation on purpose at this point and before anyone wants to make this the political blame game I do blame both parties and blame Trump to an extent but his blame is miniscule in comparison to the uniparty occupiers that have been running us into the ground from DC for decades.

When the interest payment on the debt which is what we pay the fed becomes the single largest figure in the budget then we are hosed and this come a lot sooner than most think. Think about it...the interest payment on the debt more than military spending.

They will either hyperinflate and print trillions and pay it off or just default. Its not going to be pretty at all. We will be in the beans and bullets economy when that occurs.

Thread by @RealEJAntoni on Thread Reader App

@RealEJAntoni: Latest US Treasury data show we're on unsustainable path: interest on the debt was a whopping $61 billion in May, more than was spent on veterans benefits and services, education, and transportation C...…

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EJ Antoni​

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Jun 12 • 4 tweets • 2 min read Read on Twitter
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Latest US Treasury data show we're on unsustainable path: interest on the debt was a whopping $61 billion in May, more than was spent on veterans benefits and services, education, and transportation COMBINED; interest costs were a quarter of the deficit last month:
Also note that the Treasury's graphic is deceptive, w/ no note that it isn't to scale - "deficit" of $240B is numerically larger than "social insurance & retirement" receipts of $140B, but "deficit" is half the size in the graphic:
The deficit is substantially worse than last fiscal year, with 8 months' worth of deficits almost equal to previous 12 months' deficits; fiscal year to date deficit is 2.7 times the same period from previous fiscal year:
Interest on the debt this fiscal year has risen 25% from last fiscal year, the result of issuing new debt but also rolling over old debt at much higher interest rates:

 

[dpic73]

We are on a runaway freight train headed for a cliff. Biden and congress knows this and they are still running this charade. I think they are trying to implode the nation on purpose at this point and before anyone wants to make this the political blame game I do blame both parties and blame Trump to an extent but his blame is miniscule in comparison to the uniparty occupiers that have been running us into the ground from DC for decades.

When the interest payment on the debt which is what we pay the fed becomes the single largest figure in the budget then we are hosed and this come a lot sooner than most think. Think about it...the interest payment on the debt more than military spending.

They will either hyperinflate and print trillions and pay it off or just default. Its not going to be pretty at all. We will be in the beans and bullets economy when that occurs.

Thread by @RealEJAntoni on Thread Reader App

@RealEJAntoni: Latest US Treasury data show we're on unsustainable path: interest on the debt was a whopping $61 billion in May, more than was spent on veterans benefits and services, education, and transportation C...…

threadreaderapp.com

EJ Antoni​

Subscribe
@RealEJAntoni
Jun 12 • 4 tweets • 2 min read Read on Twitter
Bookmark Save as PDF
Latest US Treasury data show we're on unsustainable path: interest on the debt was a whopping $61 billion in May, more than was spent on veterans benefits and services, education, and transportation COMBINED; interest costs were a quarter of the deficit last month:
Also note that the Treasury's graphic is deceptive, w/ no note that it isn't to scale - "deficit" of $240B is numerically larger than "social insurance & retirement" receipts of $140B, but "deficit" is half the size in the graphic:
The deficit is substantially worse than last fiscal year, with 8 months' worth of deficits almost equal to previous 12 months' deficits; fiscal year to date deficit is 2.7 times the same period from previous fiscal year:
Interest on the debt this fiscal year has risen 25% from last fiscal year, the result of issuing new debt but also rolling over old debt at much higher interest rates:

Now you care?

"One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country."

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

www.propublica.org

 

[firegiver]

Funny how cutting taxes and increasing spending works.
Thankfully that boarder wall keeps all dem illegals out

 

[TigerGrowls]

Now you care?

"One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country."

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

www.propublica.org

Its called compounding interest and out of control spending bro. Each successive potus has added more to the national debt than the previous due to this. Without a doubt the increase in national debt under China Joe will far surpass the increase under Trump just due to simple mathematics. Lets not try to blame one party over the other as this is a group effort.

 

[anon_5e8aassgcbjz1]

Its called compounding interest and out of control spending bro. Each successive potus has added more to the national debt than the previous due to this. Without a doubt the increase in national debt under China Joe will far surpass the increase under Trump just due to simple mathematics. Lets not try to blame one party over the other as this is a group effort.

Trump inherited a good economy and ran up the debt while pushing for rock bottom interest rates. Sleepy Joe inherited a Covid economy with no wiggle room to have the Fed cut interest rates further to stimulate growth. Comparing apples to oranges.

 

[TigerGrowls]

Trump inherited a good economy and ran up the debt while pushing for rock bottom interest rates. Sleepy Joe inherited a Covid economy with no wiggle room to have the Fed cut interest rates further to stimulate growth. Comparing apples to oranges.

You are a total low IQ if you describe Trumps pre covid economic performance anything other than historically exceptional and I am not even joking here. Please come back with realism instead of partial party centric BS.

 

[nytigerfan]

Its called compounding interest and out of control spending bro. Each successive potus has added more to the national debt than the previous due to this. Without a doubt the increase in national debt under China Joe will far surpass the increase under Trump just due to simple mathematics. Lets not try to blame one party over the other as this is a group effort.

For real? Your OP was blaming Biden for everything. Now that someone points out trump’s historic contribution to the debt, we should not place blame? Just a few posts later?

I will give you some credit. A year ago when we pointed out how much trump contributed to the debt you called me a liar. At least now you admit that he did in fact do so. Baby steps to get you to realize the daily dose of GWP bullshit that you consume is not serving you well.

 

[nytigerfan]

You are a total low IQ if you describe Trumps pre covid economic performance anything other than historically exceptional and I am not even joking here. Please come back with realism instead of partial party centric BS.

Again, you make covid excuses for trump but allow Biden no such leniency.

 

[dpic73]

You are a total low IQ if you describe Trumps pre covid economic performance anything other than historically exceptional and I am not even joking here. Please come back with realism instead of partial party centric BS.

It was fools gold because those unnecessary tax cuts added 2 trillion to the debt.

 

[TigerGrowls]

For real? Your OP was blaming Biden for everything. Now that someone points out trump’s historic contribution to the debt, we should not place blame? Just a few posts later?

I will give you some credit. A year ago when we pointed out how much trump contributed to the debt you called me a liar. At least now you admit that he did in fact do so. Baby steps to get you to realize the daily dose of GWP bullshit that you consume is not serving you well.

You got me mixed up with somebody else on this one.

 

[okclem]

Trump is going to jail.

 

[nytigerfan]

You got me mixed up with somebody else on this one.

Nope

 

[anon_5e8aassgcbjz1]

You are a total low IQ if you describe Trumps pre covid economic performance anything other than historically exceptional and I am not even joking here. Please come back with realism instead of partial party centric BS.

It was a continuation of the strong economy shape we were in at the end of Obama's term, which coincidentally saw the smallest deficit since Clinton. Imagine that

 

[TigerGrowls]

It was a continuation of the strong economy shape we were in at the end of Obama's term, which coincidentally saw the smallest deficit since Clinton. Imagine that

You are incredibly wrong on this subject.

 

[yoshi121374]

You are incredibly wrong on this subject.

How about you present some actual facts to dispute what he said then?

 

[TigerGrowls]

How about you present some actual facts to dispute what he said then?

This is a thread I started on national debt dimwit. We have multiple threads on Trump. You guys try to change the subject when you lose the argument. Its indisputed that Trump made the economy better with his policies. To give Barry Soetaro any credit is an insult on sanity. Take your arguments to the Trump 2024 thread if you want but I have created multiple threads stating Trumps many accomplishments and it goes right over yalls heads.

 

[dpic73]

This is a thread I started on national debt dimwit. We have multiple threads on Trump. You guys try to change the subject when you lose the argument. Its indisputed that Trump made the economy better with his policies. To give Barry Soetaro any credit is an insult on sanity. Take your arguments to the Trump 2024 thread if you want but I have created multiple threads stating Trumps many accomplishments and it goes right over yalls heads.

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

 

[anon_5e8aassgcbjz1]

This is a thread I started on national debt dimwit. We have multiple threads on Trump. You guys try to change the subject when you lose the argument. Its indisputed that Trump made the economy better with his policies. To give Barry Soetaro any credit is an insult on sanity. Take your arguments to the Trump 2024 thread if you want but I have created multiple threads stating Trumps many accomplishments and it goes right over yalls heads.

Yet here we are disputing it.

 

[TigerGrowls]

Not good!! Part of the communist plan is to financially break us without a doubt.

National Debt Soars by $1 Trillion Just Weeks After McCarthy-Biden Debt Ceiling Deal​

National Debt Soars by $1 Trillion Just Weeks After McCarthy-Biden Debt Ceiling Deal | The Gateway Pundit | by Kristinn Taylor | 30

Just weeks after Speaker of the House Kevin McCarthy (R-CA) gave Joe Biden unlimited borrowing authority in the debt ceiling negotiations, the U.S.

www.thegatewaypundit.com

 

[TigerGrowls]

In this case that light at the end of the tunnel is a freight train.

 

[scotchtiger]

Nobody will do anything about it. We need to dramatically cut spending. And all entitlements - including SS/Medicare - need major reform. But neither party will touch it.

But hey, let’s hand out billions to college grads for student loans. Or fight work for welfare requirements. These people are incredibly stupid.

 

[nytigerfan]

Nobody will do anything about it. We need to dramatically cut spending. And all entitlements - including SS/Medicare - need major reform. But neither party will touch it.

But hey, let’s hand out billions to college grads for student loans. Or fight work for welfare requirements. These people are incredibly stupid.

Or make up fake numbers to deceive the public into believing that a tax cut with no real plan to cut expenses will not add to the debt.

You conveniently left that one out.

 

[scotchtiger]

Or make up fake numbers to deceive the public into believing that a tax cut with no real plan to cut expenses will not add to the debt.

You conveniently left that one out.

Yea there should have been massive spending cuts alongside the tax reduction.

But we have a spending problem. People should be able to keep more of the money that they earn and not send it off to the government to be wasted in inefficiency.

 

[WapPride]

I at least understand the line of thinking with forgiving student loans - an extra ~$2k/month in the pockets of people 20-40 or whatever will definitely be used frivolously. I also think a better action would be for the gov't to forgive the interest portion of the federally issued loans instead of forgiving the entire amount.

 

[scotchtiger]

I at least understand the line of thinking with forgiving student loans - an extra ~$2k/month in the pockets of people 20-40 or whatever will definitely be used frivolously. I also think a better action would be for the gov't to forgive the interest portion of the federally issued loans instead of forgiving the entire amount.

Who do you think should pay for that forgiveness? Because the money has to either come from taxpayers or be added to the national debt.

 

[broncosrb26]

Who do you think should pay for that forgiveness? Because the money has to either come from taxpayers or be added to the national debt.

How do you feel about PPP loan forgiveness?

 

[loveoysters]

How do you feel about PPP loan forgiveness?

No problem with it, this money was used to pay for employee compensation to keep from having mass firings. Plus, it was approved by the house and senate. Employers would not have taken the money as a loan that needed to be paid back, that was not the purpose of PPP loans and it was clear on the front end. Student loans were taken out knowing that they would need to be paid back.

 

[scotchtiger]

How do you feel about PPP loan forgiveness?

Like it was another sloppily run government program with lots of inefficiency and waste.

But comparing the two doesn’t really make sense. One had an expectation of forgiveness from the beginning. The other has nothing of the sort. One was enacted to create and save jobs during a deep, global pandemic induced recession. One is just giving taxpayer money to college grads.

 

[jakefest]

Like it was another sloppily run government program with lots of inefficiency and waste.

But comparing the two doesn’t really make sense. One had an expectation of forgiveness from the beginning. The other has nothing of the sort. One was enacted to create and save jobs during a deep, global pandemic induced recession. One is just giving taxpayer money to college grads.

Crazy how spending has sky rocketed when all we hear about is budget trimming from MSM........wonder why inflation is stuck at decades high rates. That first chart is bonkers

 

[scotchtiger]

Crazy how spending has sky rocketed when all we hear about is budget trimming from MSM........wonder why inflation is stuck at decades high rates. That first chart is bonkers

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Bonkers is right. There is a lot to criticize about the two major COVID spikes in spending, but most concerning are major, non-pandemic related spikes in spending along with what appears to be a more permanent - and quite significant - increase in spending trend in the last year.

@dpic73 Without referencing trump or taxes, what are your thoughts on the significant spending trend increases in the last year? A time of no pandemic, high employment and no real need for unusual injections of money into the economy.

 

[dpic73]

Bonkers is right. There is a lot to criticize about the two major COVID spikes in spending, but most concerning are major, non-pandemic related spikes in spending along with what appears to be a more permanent - and quite significant - increase in spending trend in the last year.

@dpic73 Without referencing trump or taxes, what are your thoughts on the significant spending trend increases in the last year? A time of no pandemic, high employment and no real need for unusual injections of money into the economy.

View embedded media

Not sure why you pulled me into this as I've never claimed to be a financial expert and right now I'm riveted on this Wimbledon final. Was this increase in spending something that was already factored in from the investments in the Infrastructure bill and the Inflation Reduction act or something else?

All I know is the economy is blazing hot right now and the rate of inflation is 2.9% or the same it was in March 2021, sustained unemployment figures are better than they've been in 50 years and consumer spending remains high.

I agree the debt is an issue that must be addressed sooner rather than later and will require both sides to come together to solve it. As much ill-will as there is in the political climate right now, that seems unlikely in the short term, though it's encouraging that they were able to find compromise on the debt ceiling.

State of the US consumer: June 2023

Cooling inflation has provided a boost to Americans’ sense of financial well-being—with fewer respondents citing concerns around their level of savings, delaying large purchases, and worsening personal financial situation

www2.deloitte.com

 

[jakefest]

Bonkers is right. There is a lot to criticize about the two major COVID spikes in spending, but most concerning are major, non-pandemic related spikes in spending along with what appears to be a more permanent - and quite significant - increase in spending trend in the last year.

@dpic73 Without referencing trump or taxes, what are your thoughts on the significant spending trend increases in the last year? A time of no pandemic, high employment and no real need for unusual injections of money into the economy.

View embedded media

And Tax revenue is down 7%......whoa, very strange. Almost as if the employment data might be way off the mark.

 

[fcctiger12]

Bonkers is right. There is a lot to criticize about the two major COVID spikes in spending, but most concerning are major, non-pandemic related spikes in spending along with what appears to be a more permanent - and quite significant - increase in spending trend in the last year.

@dpic73 Without referencing trump or taxes, what are your thoughts on the significant spending trend increases in the last year? A time of no pandemic, high employment and no real need for unusual injections of money into the economy.

View embedded media

I’d say that a significant chunk of that increase is tied to last summer’s passage of PACT Act.

 

[TigerGrowls]

Is it going to be the great awakening or the great reset? It's all being driven by this impending global financial collapse imo. This entire 7+ year saga of Trump vs the swamp is intertwined with it.

 

[dpic73]

Is it going to be the great awakening or the great reset? It's all being driven by this impending global financial collapse imo. This entire 7+ year saga of Trump vs the swamp is intertwined with it.

View embedded media

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years​

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

www.propublica.org

 

[TigerGrowls]

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years​

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

www.propublica.org

This shows how partisan you are. The national debt is on both political parties and has been building over many years and it's compounding interest so it will continue to grow faster and more out of control. When you drag stupid stuff like this out then it sucks away any little shred of credibility you might think you have.

 

[dpic73]

This shows how partisan you are. The national debt is on both political parties and has been building over many years and it's compounding interest so it will continue to grow faster and more out of control. When you drag stupid stuff like this out then it sucks away any little shred of credibility you might think you have.

What was the implication behind your post and don't lie.

 

[TigerGrowls]

What was the implication behind your post and don't lie.

The implication is the US economy is going to crash due to the implosion of the Fiat money system running its course.

 

[dpic73]

The implication is the US economy is going to crash due to the implosion of the Fiat money system running its course.

And you want to vote the guy back in who promised to balance the budget and now is responsible for almost 25% of our debt. Make it make sense.

 

[TigerGrowls]

And you want to vote the guy back in who promised to balance the budget and now is responsible for almost 25% of our debt. Make it make sense.

He is not responsible for the China virus and the emergency spending that he had to approve when the US economy had to be shut down for weeks. Wait and see where the debt is at near end of 24 and then come back and discuss it.

REVENUES WENT UP IN THE TRUMP YEARS PRE COVID AND THATS A FACT!! Trump is an outsider that came to DC in 2017 and you ding dogs want to blame him for everything. It's a joke.