For first time since World War II, US national debt now larger than its economy
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Re: For first time since World War II, US national debt now larger than its economy
#2good thing the current administration was basically elected to fix it. how's that going?
Re: For first time since World War II, US national debt now larger than its economy
#3good thing the current administration was basically elected to fix it. how's that going?
It’s going great for them!
Re: For first time since World War II, US national debt now larger than its economy
#4good thing the current administration was basically elected to fix it. how's that going?
Just one more $25 Billion for this tiny war and then they'll start working on it.
Re: For first time since World War II, US national debt now larger than its economy
#5good thing the current administration was basically elected to fix it. how's that going?
Well they lowered taxes on the richest (reduced income) and have increased spending (defense, ICE, ballrooms, what have you). So, exactly as predicted.
Re: For first time since World War II, US national debt now larger than its economy
#6good thing the current administration was basically elected to fix it. how's that going?
The Associated Press doesn’t list that as one of his key campaign promises: https://apnews.com/projects/trump-campaign-promise-tracker/
It also doesn’t appear on the ALL CAPS list of campaign priorities: https://rncplatform.donaldjtrump.com/. The word “debt” doesn’t appear anywhere in the document. And the word “deficit” appears just once in the context of the trade deficit.
Trump was the first candidate to release a list of itemized priorities in small words and ALL CAPS so the average dumbass could understand. There are many, many things you can say about this list. But it’s very hard to inject ambiguity into what he was running on.
Re: For first time since World War II, US national debt now larger than its economy
#7[dead]
Re: For first time since World War II, US national debt now larger than its economy
#8America can’t solve this problem democratically. Trump has taught the GOP you can win elections through targeted bribery (e.g. No Taxes on Tips), avoiding hard decisions (e.g. no cuts to entitlements), and distracting people with expensive spectacle. Meanwhile, Democrats are a collection of interest groups held together by patronage. In the recent election, Democrats were knee-capped because inflation made it impossible to promise expensive new programs. With expanding benefits off the table as a carrot, Trump was able to make big gains among Democrat groups (e.g. Bangladeshi immigrants in Queens, Muslim immigrants in Michigan) that lean more conservative on issues other than government welfare.
That leaves everyone dealing in fictions: the fiction that you can reduce debt by cutting taxes, the fiction you can reduce debt by increasing spending, and fictions about how much you really balance the books by targeting only “billionaires” instead of taxing the middle class.
Re: For first time since World War II, US national debt now larger than its economy
#9The debt can be inflated away (which is the only plausible way this is going to go) but it might cause the dollar to be dropped as the world reserve currency. I don't know for sure what happens in that case..
I suspect that imports would become enormously more expensive, which would reveal the catastrophic erosion in worker rights and pay due to neoliberalism. People would be suddenly aware of how much less they are making and how much more the wealthy are taking than was the case 40 years ago. This in turn might result in political instability. But who knows.
Re: For first time since World War II, US national debt now larger than its economy
#10America can’t solve this problem democratically. Trump has taught the GOP you can win elections through targeted bribery (e.g. No Taxes on Tips), avoiding hard decisions (e.g. no cuts to entitlements), and distracting people with expensive spectacle. Meanwhile, Democrats are a collection of interest groups held together by patronage. In the recent election, Democrats were knee-capped because inflation made it impossi…
The only problem that exists is spending too much money. They could fix this overnight if people were willing to give up public entitlements and healthcare support. But they aren’t willing to so the US will eventually see hyper inflation or less likely bankruptcy