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U.S. Debt Hits $40T as America's Borrowing Binge Continues

nytimes.com

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Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#211

Post by Gud »

skeledrew wrote: post #162
Gud wrote: post #150

Earlier quoted context omitted.

Perhaps true 20 years ago, today I'm not so sure. From across the pond, the USA looks like a has been who relies a lot on old merits. The world got bombed to pieces 80 years ago, but has step by step rebuilt itself. The advantage the US had has been squandered by ineffective leadership.

They still hold the advantage no matter what. If diplomacy doesn't work, they can sanction or tariff or impose export controls. Or they can invade.

Why do you say "no matter what"? It's pretty clear things are going pretty badly for the USA? Last time they went into the Middle East, they steamrolled their enemy in weeks.

Now they're running low on ammo, without having accomplished anything of strategic value...

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#212

Post by HDThoreaun »

insane_dreamer wrote: post #203
HDThoreaun wrote: post #188

Earlier quoted context omitted.

And democrats were the party of slavery, these things change since there are only 2 parties in the country

what does that have to do with it? the GOP is _still_ proclaiming itself to be the party of fiscal responsibility

Not really. It’s proclaiming itself to be the party of right populists that also does tax cuts for the rich in exchange for donations/corruption

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#213

Post by solid_fuel »

0xy wrote: post #164
solid_fuel wrote: post #117

Earlier quoted context omitted.

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 admi…

You are wrong. CBO. https://www.cbo.gov/publication/57406

I am right. CBO. https://www.crfb.org/blogs/cbo-scores-ira-238-billion-defici...

It's pretty pointless to compare individual bills though as they are usually packaged up with the whole goals of the administration. And, as expect, Democratic administrations are far more fiscally responsible and consistently propose packages and goals that reduce the deficit.

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#214

Post by 0xy »

solid_fuel wrote: post #213
0xy wrote: post #164

Earlier quoted context omitted.

You are wrong. CBO. https://www.cbo.gov/publication/57406

I am right. CBO. https://www.crfb.org/blogs/cbo-scores-ira-238-billion-defici... It's pretty pointless to compare individual bills though as they are usually packaged up with the whole goals of the administration. And, as expect, Democratic administrations are far more fiscally responsible and consistently propose packages and goals that reduce the deficit.

You just linked a completely irrelevant blog post about a completely different act.

You seem to have conflated the infrastructure bill with the inflation reduction bill.

Notably, and tellingly, any purported debt reduction from the inflation bill was made irrelevant from the $300bn of extra debt from the infra bill.

Let me know when you have an actually relevant source.

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#215

Post by solid_fuel »

0xy wrote: post #214
solid_fuel wrote: post #213

Earlier quoted context omitted.

I am right. CBO. https://www.crfb.org/blogs/cbo-scores-ira-238-billion-defici... It's pretty pointless to compare individual bills though as they are usually packaged up with the whole goals of the administration. And, as expect, Democratic administrations are far more fiscally responsible and consistently propose packages and goals that reduce the deficit.

You just linked a completely irrelevant blog post about a completely different act. You seem to have conflated the infrastructure bill with the inflation reduction bill. Notably, and tellingly, any purported debt reduction from the inflation bill was made irrelevant from the $300bn of extra debt from the infra bill. Let me know when you have an actually relevant source.

It's literally from the Committee for a Responsible Federal Budget but sure, go off LMAO.

You seem laser focused on one specific bill (presumably the one bill from the Biden admin you could find with a deficit) but again, federal policy is larger than that.

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#216

Post by Timon3 »

otterley wrote: post #208
Timon3 wrote: post #207

Earlier quoted context omitted.

Then I must admit I'm unsure how to interpret your objections, since I understand you to be arguing against the position "The group spending the most money must always win elections". If you're not assuming that I'm taking this position, why bring it up? > If you meant something else, happy to receive a clarification. As a thought experiment, assume we're playing gods and decide to simulate a bunch of universes almos…

I'm not sure. On the other hand, there're plenty of corruption and loss of quality of life where there's not much money in electioneering, or not even a democracy. Take Russia, for example, or any of a number of African or Central American countries.

Again, I'm not proposing a necessary condition. But leaving aside that Russia isn't a democracy (meaning it's not relevant when discussing elections): are you referencing a study that, among the countries you mentioned, compares the relative amounts of money spent & the development of said issues? If so, links would be greatly appreciated.

If not, I once again fail to see your point - sure, the issues I mentioned occur a lot in poorer countries, I never claimed otherwise! So I still can't see how this relates to my hypothesis.

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#217

Post by bijowo1676 »

ReptileMan wrote: post #209
bijowo1676 wrote: post #199

Earlier quoted context omitted.

US can always print currency to cover existing debt, the problem is convincing investors to keep lending money to the US and keep buying US bonds

You can always print money out of thin air and instead with debt, fuel spending with inflation.

if other people stop accepting your printed currency, it quickly turns into Weimar or Zimbabwe

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#218

Post by ReptileMan »

bijowo1676 wrote: post #217
ReptileMan wrote: post #209

Earlier quoted context omitted.

You can always print money out of thin air and instead with debt, fuel spending with inflation.

if other people stop accepting your printed currency, it quickly turns into Weimar or Zimbabwe

USA is vast and endowed with resources enough to be self sufficient. And US citizens will always accept dollars by law.

Re: U.S. Debt Hits $40T as America's Borrowing Binge Continues

#220

Post by [deleted] »

Timon3 wrote: post #216
otterley wrote: post #208

Earlier quoted context omitted.

I'm not sure. On the other hand, there're plenty of corruption and loss of quality of life where there's not much money in electioneering, or not even a democracy. Take Russia, for example, or any of a number of African or Central American countries.

Again, I'm not proposing a necessary condition. But leaving aside that Russia isn't a democracy (meaning it's not relevant when discussing elections): are you referencing a study that, among the countries you mentioned, compares the relative amounts of money spent & the development of said issues? If so, links would be greatly appreciated. If not, I once again fail to see your point - sure, the issues I mentioned occ…

[deleted]
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