National Debt
- Thread starter TigerGrowls
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anon_5e8aassgcbjz1
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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.
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anon_5e8aassgcbjz1
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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
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.
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anon_5e8aassgcbjz1
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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.
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.”
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.
Remember how Biden's signature [failed] legislation was Build Back Better, which included trillions of dollars of entitlement expansion? Imagine the additional impact on our debt and inflation.
Thank God for Joe Manchin.
This current path is unsustainable imo. Something big getting ready to occur that's probably not good.
Everyone is posting that the annualized number is about $1.059 trillion.
However the interest on the debt for just May 2024 was $103 billion. Debt will grow another $2 trillion or more in the next 12 months.
We are already on pace for over $1.2 trillion in annualized payments on the debt. Within the next few years, interest on the debt will exceed Social Security payments and become the largest item in the budget.
Your boy better do some serious budget tightening if he gets in. He didn't last time.
Interesting.
Donald Trump Is Talking About Plans The Eliminate The Income Tax
El Salvador's President Nayib Bukele Says The IRS & Excessive American Tax System Are COMPLETELY UNNECESSARY
“You pay high taxes only to uphold the illusion that you are funding the government, which you are not”
“The financial situation of the United States. When I talk to my conservative friends right here, they always tell me that the problem is high taxes, but they're wrong. Of course, high taxes are extremely high here in the United States. I give you that. You're right in that. But that's not the real problem.
The real problem is not the high taxes themselves, but the fact that they are not even really funding the government. But even those high taxes, higher than a lot of places in the world, not even those taxes are really funding the government. So who's financing the government? Government is financed by Treasury bonds, paper.
And who buys the Treasury bonds? Mostly the Fed. And how does the Fed buy them? By printing money. But what backing does the Fed have for that money being printed?
The Treasury bonds themselves. So, basically, you finance the government by printing money out of thin air. Someone could ask someone could ask, well, so if the government can print the limited amounts of money out of their error, why did they collect taxes? I mean, in theory, it would make sense. Right?
If they can put unlimited amounts of money, why would they need taxes for? The answer is simple, but it's very shocking.
The real problem is that you pay high taxes only to uphold the illusion that you are funding the government, which you are not. It's shocking, but it's true.
The government is funded by money printing, paper backed with paper, a bubble that will inevitably inevitably burst.
The situation is even worse than it seems because if most Americans and the rest of the world were to become aware of these bars, confidence in your currency would be lost. The dollar will fall and the western civilization with it.
If the next president of the United States doesn't make the necessary policies and the structural changes, sooner or later that bubble will burst.
There's still time. You don't have to make the same mistakes we did in the sixties seventies. You can still jump before the water boils.”
Donald Trump Is Talking About Plans The Eliminate The Income Tax
El Salvador's President Nayib Bukele Says The IRS & Excessive American Tax System Are COMPLETELY UNNECESSARY
“You pay high taxes only to uphold the illusion that you are funding the government, which you are not”
“The financial situation of the United States. When I talk to my conservative friends right here, they always tell me that the problem is high taxes, but they're wrong. Of course, high taxes are extremely high here in the United States. I give you that. You're right in that. But that's not the real problem.
The real problem is not the high taxes themselves, but the fact that they are not even really funding the government. But even those high taxes, higher than a lot of places in the world, not even those taxes are really funding the government. So who's financing the government? Government is financed by Treasury bonds, paper.
And who buys the Treasury bonds? Mostly the Fed. And how does the Fed buy them? By printing money. But what backing does the Fed have for that money being printed?
The Treasury bonds themselves. So, basically, you finance the government by printing money out of thin air. Someone could ask someone could ask, well, so if the government can print the limited amounts of money out of their error, why did they collect taxes? I mean, in theory, it would make sense. Right?
If they can put unlimited amounts of money, why would they need taxes for? The answer is simple, but it's very shocking.
The real problem is that you pay high taxes only to uphold the illusion that you are funding the government, which you are not. It's shocking, but it's true.
The government is funded by money printing, paper backed with paper, a bubble that will inevitably inevitably burst.
The situation is even worse than it seems because if most Americans and the rest of the world were to become aware of these bars, confidence in your currency would be lost. The dollar will fall and the western civilization with it.
If the next president of the United States doesn't make the necessary policies and the structural changes, sooner or later that bubble will burst.
There's still time. You don't have to make the same mistakes we did in the sixties seventies. You can still jump before the water boils.”
The last time he budget was balanced was when Clinton was in office. Then W cut taxes and we never again balanced the budget and never will.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.
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@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
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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:
And that was just a yearly budget. We already were into national debt at that time.
I am not a person who believes the rich pay too little in taxes. Quite the opposite. I do not however believe that tax cuts for investment are but rarely a way to accelerate economic growth. I am sure most of the time there is plenty of capital for serious businesses who have a good chance to make money on a project.
It's going to get dicey over the next few months imo.
The largest slaughter of innocent life in history was the Bolshevik Revolution with 60 million dead. Understand what happened and who was responsible and you’ll know what’s coming.
“If American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”
“I believe that banking institutions are more dangerous to our liberties than standing armies.”
— Thomas Jefferson
“History records that money changers have used every form of abuse, intrigue, deceit and violent means possible to maintain their control over governments by controlling money and its issuance.”
— James Madison
“The money powers prey upon the nation in times of peace, and conspire against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption will follow and the money power of the country will endeavor and prolong its reign by working upon the prejudices of the people, until the wealth is aggregated into a few hands and the republic is destroyed.”
— Abraham Lincoln
“The death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots and the bankers went anew to grab the riches. I fear that foreign bankers with their craftiness and torturous tricks will entirely control the exuberant riches of America and use it to systematically corrupt civilization.”
— Otto Bismarck
“I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls the British money supply controls the British Empire, and I control the British money supply.”
— Nathan Rothschild
“Since I entered politics, I have chiefly had men’s views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacturing, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they better not speak above their breath when they speak in condemnation of it.”
— Woodrow Wilson
(After signing the Federal Reserve Act)
“I have unwittingly ruined my country. All our activities are in the hands of a few men. We have come to be one of the most completely controlled governments in the civilized world. No longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
— Woodrow Wilson
“Money is the God of our time, and Rothschild is his prophet.”
— Heinrich Heine
They control finance, industry, media, politicians and governments. They want to rule the world but first they have to create chaos and kill most of us. The Bolshevik Revolution is a blueprint for what’s coming. Learn about it.
The largest slaughter of innocent life in history was the Bolshevik Revolution with 60 million dead. Understand what happened and who was responsible and you’ll know what’s coming.
“If American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”
“I believe that banking institutions are more dangerous to our liberties than standing armies.”
— Thomas Jefferson
“History records that money changers have used every form of abuse, intrigue, deceit and violent means possible to maintain their control over governments by controlling money and its issuance.”
— James Madison
“The money powers prey upon the nation in times of peace, and conspire against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption will follow and the money power of the country will endeavor and prolong its reign by working upon the prejudices of the people, until the wealth is aggregated into a few hands and the republic is destroyed.”
— Abraham Lincoln
“The death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots and the bankers went anew to grab the riches. I fear that foreign bankers with their craftiness and torturous tricks will entirely control the exuberant riches of America and use it to systematically corrupt civilization.”
— Otto Bismarck
“I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls the British money supply controls the British Empire, and I control the British money supply.”
— Nathan Rothschild
“Since I entered politics, I have chiefly had men’s views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacturing, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they better not speak above their breath when they speak in condemnation of it.”
— Woodrow Wilson
(After signing the Federal Reserve Act)
“I have unwittingly ruined my country. All our activities are in the hands of a few men. We have come to be one of the most completely controlled governments in the civilized world. No longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
— Woodrow Wilson
“Money is the God of our time, and Rothschild is his prophet.”
— Heinrich Heine
They control finance, industry, media, politicians and governments. They want to rule the world but first they have to create chaos and kill most of us. The Bolshevik Revolution is a blueprint for what’s coming. Learn about it.
We spent trillions on useless wars in the Middle East justified by lies and fear-mongering, and we’re continuing on the same path.
There’s never any shortage of money for bombs, but in the greatest country on earth, you’ve got Americans going hungry and bankrupt from medical bills.
There’s never any shortage of money for bombs, but in the greatest country on earth, you’ve got Americans going hungry and bankrupt from medical bills.
And how much of that money is getting laundered back to the US as dark money? How the hell are dems consistently able to outspend Republicans 4 to 1 or more?
there's no conversation to even be had on how to manage the debt in any policy/tax/entitlement sense. the numbers are hilariously unmanageable to a degree where it's delusional to think there's any endgame but outright printing/default. there is only one thing holding the monetary house of cards up, and that is it's place as the global reserve currency. that will be coming to an end in the next few years, and all that matters is what the fed/tsy does from there.
No clue about all of that. I don’t have any strong reason to favor one party or the next.
All I can say is that I’m tired of our obsession with getting involved in what seems like every single conflict in the world. I’m sorry, Lockheed Martin’s stock price hasn’t benefited my life in any meaningful way. Even if it did, we could help our people more directly without funding war.
