National Debt

[TigerGrowls]

 

[LaniKaiTiger]

Dude look at how much the debt has increased exponentially more under each potus. You claim a high iq so I know you are just shit talking. LOL!!

So we are in aggreement that Donnie didn't help the national debt. Thank you.

In fact, it's worse than that. He managed to increase the deficit after inheriting a strong economy from his predecessor.

 

[TigerGrowls]

So we are in aggreement that Donnie didn't help the national debt. Thank you.

In fact, it's worse than that. He managed to increase the deficit after inheriting a strong economy from his predecessor.

Go ahead and tell us why also in totality then since you appear to have it down.

 

[TigerGrowls]

We are getting to that point.

 

[LaniKaiTiger]

We are getting to that point.

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To make an attempt at a practical answer, when the interest payments get too high. What qualifies as "too high?" No idea.

We'll probably default, but I don't believe it'd be catastrophic. Too much economic potential in the US

 

[fatpiggy]

To make an attempt at a practical answer, when the interest payments get too high. What qualifies as "too high?" No idea.

We'll probably default, but I don't believe it'd be catastrophic. Too much economic potential in the US

We need to take Warren Buffets advice, and We The People should demand, a law which states that if a balanced budget is not passed all current members of congress are ineligible for re-election.

 

[LaniKaiTiger]

We need to take Warren Buffets advice, and We The People should demand, a law which states that if a balanced budget is not passed all current members of congress are ineligible for re-election.

I think we may as well have term limits anyway.

I don't believe that the government should be trying to turn a profit, so to speak, but we can't have the deficit spiral out of control either.

 

[BlueRidgedf]

Why is it Republicans only care about the debt when they're not in charge?

I will just bump this

 

[TigerGrowls]

 

[TigerGrowls]

https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html

The U.S. national debt is rising by $1 trillion about every 100 days​

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.
The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months.

U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.

“Little wonder ‘debt debasement’ trades closing in on all-time highs, i.e. gold $2077/oz, bitcoin $67734,” he wrote in a note Thursday.
Spot gold is currently hovering around $2,084 an ounce, while bitcoin was recently around $61,443. The cryptocurrency in February closed out its best month since 2020, briefly trading above $64,000 on Wednesday before pulling back. Inflows into crypto funds are on course for a “blowout year,” with an annualized inflow of $44.7 billion so far this year, Hartnett noted.
Moody’s Investors Service lowered its ratings outlook on the U.S. government to negative from stable in November due to the rising risks of the country’s fiscal strength.
“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said. “Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”

 

[TigerGrowls]

 

[TigerGrowls]

The interest on the US national debt is already at $1 trillion per year.

As more older debt matures and needs to be refinanced at the new higher rates, the projected interest payments increase to between $1.2 trillion to $1.6 trillion, depending on if the Fed cuts rates and by how much.

Interest on the national debt is likely to become the biggest item in the budget within a few years. Only social security and Medicare currently cost more.