> Ten years ago, the debt level was at $19.4 trillion.
$80 trillion if it doubles again in 10 years.
U.S. Debt Hits $40T as America's Borrowing Binge Continues
111–120 of 227 posts
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#112brought to you by the "party of fiscal responsibility"
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#113And who's going to hold the US responsible for repayment? Way I see it, US has the power to just tell any creditor that they won't be repaying, whether through structuring it as some economic package or just straight up saying go suck it. The former's been done before (1933); maybe eventually we'll see the latter, if a nation has the balls to ask. And talking about it is pretty pointless, like talking about how wet y…
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Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#114And who's going to hold the US responsible for repayment? Way I see it, US has the power to just tell any creditor that they won't be repaying, whether through structuring it as some economic package or just straight up saying go suck it. The former's been done before (1933); maybe eventually we'll see the latter, if a nation has the balls to ask. And talking about it is pretty pointless, like talking about how wet y…
> talking about it is pretty pointless, like talking about how wet you'll get swimming in a pool.
Until the pool runs out of funding to do to replace the evaporated water.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#115And who's going to hold the US responsible for repayment? Way I see it, US has the power to just tell any creditor that they won't be repaying, whether through structuring it as some economic package or just straight up saying go suck it. The former's been done before (1933); maybe eventually we'll see the latter, if a nation has the balls to ask. And talking about it is pretty pointless, like talking about how wet y…
Yes, some sort of technical default is likely in a few decades. I expect that when debt payments become unsustainable the government will force bondholders to exchange their holdings with new bonds that have the same nominal face value but longer maturity and artificially low interest rates. The next step will be legislation that forces all retirement accounts such as 401(k) to purchase Treasury bonds for "safety".
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#116Earlier quoted context omitted.
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.
What's the difference? Everyone involved has been completely reckless with the debt. You think a democrat will somehow stop spending? Both parties are super happy to drive the car off the cliff
They just told you what the difference is.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#117Earlier quoted context omitted.
You are conveniently ignoring the other half of finance - one party includes plans to actually pay for what they want to spend while the other cuts revenue to make rich people happy. This is not the same, even though it may be tempting to cry “both sides” and throw your hands up.
Biden's infra plan was $550bn in new spending, which was offset in only $50bn of new revenue and $110bn of spending reductions. So, on net, it was massively inflationary and toasted the budget. That was just one proposal with half a trillion.
Would you care to provide a citation for that?
According to any of the reporting I can find, the Inflation Reduction Act: "This bill would raise $737 billion in revenue while spending $437 billion. The remaining $300 billion would go toward deficit reduction." [0]
[0] https://en.wikipedia.org/wiki/Build_Back_Better_Plan#Inflati...
This is pretty much the same story with every major policy proposal from the Biden administration. They all included plans to cover the expected costs.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#118And who's going to hold the US responsible for repayment? Way I see it, US has the power to just tell any creditor that they won't be repaying, whether through structuring it as some economic package or just straight up saying go suck it. The former's been done before (1933); maybe eventually we'll see the latter, if a nation has the balls to ask. And talking about it is pretty pointless, like talking about how wet y…
> US has the power to just tell any creditor that they won't be repaying
To think about it, we have the perfect president who has been telling creditors to go pound sand for decades: https://www.usatoday.com/story/news/politics/elections/2016/...
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#119Earlier quoted context omitted.
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It's helpful to avoid "both sides"-ing, or abandoning all hope. Clinton through 2001 - ended with a 1.2% GDP surplus Bush through 2009 - ended with a 9.8% GDP deficit Obama through 2017 - ended with a 3.4% GDP deficit Trump through 2021 - ended with a 12.3% GDP deficit Biden through 2025 - ended with a 5.9% GDP deficit Trump now - running even higher, though final data isn't yet available. There's a clear pattern ava…
> ...or abandoning all hope.
"Abandoning" all hope implies a choice. I never chose to have every last shred of hope and optimism I had forcibly ripped from me and stomped into the dirt by these scumbags we call "leaders" (and their idiot cultists). When will humanity learn that the types of people who become billionaires and trillionaires literally want us all dead? At this point they appear to also want themselves dead too, but it's all gonna be okay in the end, because one of them gets to die last with all the money, thereby "winning" the game.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#120They need to cut your taxes and raise everyone elses. The US needs the binface party as a credible 3rd choice.
> The US needs the binface party as a credible 3rd choice.
Infinitely more credible than either of our current parties at this point.