Earlier quoted context omitted.
Occasionally countries do default on debt. It doesn't go well.
Life is the leading cause of death
> Life is the leading cause of death
100% fatality rate thus far...
U.S. Debt Hits $40T as America's Borrowing Binge Continues
121–130 of 228 posts
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#122By the time Trump leaves office, the whole federal government will be completely trashed, up to and including the East Wing of the White House being torn down to a hole in the ground. I've never felt so alienated from the leaders of my industry, from my politicians, and from my fellow citizens. Ya'll should have known better. It is the information age, all ignorance is willful ignorance.
This started long before Trump. Ironically things quite stable under Clinton. 2nd term Bush not so great, 2nd term Obama not great, Trump post covid not great, Biden was terrible, Trump 2.0 terrible. The only real solution is to enforce the actual debt ceiling, the begin lowering it a few hundred billion each year, destroying things we don't need. Require all new spending be funded by the 2.5x destruction of existing…
Why is it ironic that Clinton balanced the budget?
Second term Bush not so great? Can you think of anything in his first term that maybe impacted the deficit for, say, two decades?
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#123Earlier quoted context omitted.
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This isn't a refutation or even an argument. If something was obviously incorrect, you would think it would be trivial to prove wrong. But, evidently not. The idea that the government is inherently inefficient is an idea that GOP just made up ~50 years ago to justify tax cuts for the rich. Tax cuts which, by the way, got us into this debt mess. This all started with Reagan, who royally fucked our government fiscally.…
The Department of Defense has never received a clean opinion on a full financial audit. Since starting comprehensive yearly reviews in 2018, the Pentagon has failed eight consecutive enterprise-wide audits due to scale, missing records, and untrackable assets.
Federal Government Made $236 billion “Improper Payments” Last Fiscal Year: https://www.gao.gov/blog/federal-government-made-236-billion...
The only propaganda I see here is coming from those who are so out of touch of reality that they firmly believe there's a chunk of the uniparty that doesn't increase the deficit.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#124By the time Trump leaves office, the whole federal government will be completely trashed, up to and including the East Wing of the White House being torn down to a hole in the ground. I've never felt so alienated from the leaders of my industry, from my politicians, and from my fellow citizens. Ya'll should have known better. It is the information age, all ignorance is willful ignorance.
> I've never felt so alienated from the leaders of my industry, from my politicians, and from my fellow citizens. Ya'll should have known better. It is the information age, all ignorance is willful ignorance.
^^^ 1000% this right here. Right there with ya (sadly)... Not at all the world we were promised as children. "Star Trek" vs "Mad Max"/"Terminator"? Humanity chose the latter. We ain't gonna survive long enough to escape this planet.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#125Earlier quoted context omitted.
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.
There is no practical difference. Both parties are glad to drive the car off a cliff
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#126> Ten years ago, the debt level was at $19.4 trillion. $80 trillion if it doubles again in 10 years.
That's not how debt works. It would be way more than $80 trillion.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#127They need to cut your taxes and raise everyone elses. The US needs the binface party as a credible 3rd choice.
What the USA needs is more decentralisation and direct democracy.
Why has the federal state accumulated $40T debt?
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#128Earlier 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
The difference is that this administration is running at double the rate of the previous ones, and George Bush oversaw both two wars and the global financial crisis in 2007.
Your argument "since you're already over the speed limit, 200 or 300 miles per hour don't matter". Sounds asinine.
In any case I didn't say anything about democrats, but for sure, this administration with large tax cuts and increased spending is speeding US into very dangerous territory.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#129Earlier quoted context omitted.
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.
Ofc the US can default and it will most likely in the event. Debasement is far more painful - the treasury will simply choose not to come good on the obligations.
Nonsense.
Credit worthiness is a must and you're talking about the savings and liquidity of all the world, us citizens, banks and institutions included.
There's a reason Germany and Italy can borrow lots of money at relatively low costs despite everything: no matter the economic crisis, no matter the inflation, no matter if the countries were in rubbles post not one, but two world wars, they always paid their debts.
I'm not sure how can you imagine that defaulting can be anywhere better than increasing inflation.
And the US in particular has the huge advantage of being able to mint the money to back it.
Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues
#130Earlier quoted context omitted.
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
The difference is that this administration is running at double the rate of the previous ones, and George Bush oversaw both two wars and the global financial crisis in 2007. Your argument "since you're already over the speed limit, 200 or 300 miles per hour don't matter". Sounds asinine. In any case I didn't say anything about democrats, but for sure, this administration with large tax cuts and increased spending is…
Well all the other administrations were driving 200 or 300 miles over, now we are driving 500 over. It doesn't matter really, if we hit anything (like Japan dumping US treasuries) we may be dead.
The democrats thing was what I had originally replied to. My whole point is that it really doesn't matter who is in the White House really, both sides seem determined to rack up as much debt as possible and it'll probably spiral out of control.
Neither side wants to cut costs (not really), in fact many want to spend more.