Welp, I am just glad I have no debts or loans myself; paid all my student loans off well over a decade ago. Excited to not have a credit rating whatsoever.
U.S. Debt Hits $40T as America's Borrowing Binge Continues
51–60 of 227 posts
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#52I am ignorant. If they don't pay, who will charge it if the default?
It's literally impossible to default as you can simply emit new money and buy back the debt or pay the interest with the minted money.
Of course this comes with its own set of gigantic issues, likely triple digit inflation and hardship to raise money for generations.
But US can't default really.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#53Earlier quoted context omitted.
This debt problem was long before Trump and this is why the US dollar is being printed straight to $0, until it loses its reserve currency status.
It really already did lose its reserve status, in a manner of speaking. There isn't ever going to be a gold standard again (even if there is, would the actual gold have the sort of real life uses it had when the gold standard was around? Not like people fill teeth with it anymore unless you are some sort of thug).
Gold is a fantastically useful element. It's vastly more useful today as our knowledge and application of chemistry has improved.
It's probably more in demand as a commodity today than it ever has been.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#54I guess it’s time to elect a couple democrats to curb the deficit while solving the impending social collapse. Unfortunately, I don’t think that will happen this time.
[flagged]
Trump, 1st term, added 24% of GDP worth of debt.
That's more or less the same number of Obama and Bush, but they served two terms each.
In his second term, he's already added 11% in a record 19 months.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#55Earlier quoted context omitted.
[flagged]
Trump, 1st term, added 24% of GDP worth of debt. That's more or less the same number of Obama and Bush, but they served two terms each. In his second term, he's already added 11% in a record 19 months.
Don't bother, Republicans are the only ones that care about the debt and their ideology makes them incapable of realizing there very choice of candidates is the exact problem
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#56I am ignorant. If they don't pay, who will charge it if the default?
A country that controls its currency can always bail itself out of all debt by printing all that money. Now they would destroy their whole economy in the process because of inflation and countries being mad about a country doing that. If they don't pay and default they kind of also piss everyone off and that makes the curency rates fall as well. In that case they would repay as much as they want really, the price for not doing that is economy strengt. The dollar could lose the global currency status either way, fun!
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#57I guess it’s time to elect a couple democrats to curb the deficit while solving the impending social collapse. Unfortunately, I don’t think that will happen this time.
[flagged]
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#58They need to cut your taxes and raise everyone elses.
The US needs the binface party as a credible 3rd choice.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#59I guess it’s time to elect a couple democrats to curb the deficit while solving the impending social collapse. Unfortunately, I don’t think that will happen this time.
[flagged]
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#60I guess it’s time to elect a couple democrats to curb the deficit while solving the impending social collapse. Unfortunately, I don’t think that will happen this time.
[flagged]
I mean, there's fiscally responsible but the welfare department is never gonna make money at the end of the day spending is a political football. Trump's ICE got $10 billion, because what? So now in addition to DEA we have ICE and the TSA, and well, we can't un spend that money and shut them down so, well, shit.