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For first time since World War II, US national debt now larger than its economy

fortune.com

51–54 of 54 posts

Re: For first time since World War II, US national debt now larger than its economy

#51
post #33

Earlier quoted context omitted.

we should give up 765 things first before entitlements - starting with cutting Department of War budget by about 90% and go from there

That would be irrational. Even the UK and France spend 2% of GDP on defense, and they live under America's shield. Cutting our spending down to their level would save $400 billion/year. That's not peanuts, but that's only 1/3 of the deficit. Having sufficient capacity for violence is indispensable for the existence of a state. You need a military so you can kill people in other countries, and you need police so you c…

> Even the UK and France spend 2% of GDP on defense, and they live under America's shield.

You mean: America lives under the UK and France's shield. The last time that US soldiers died to defend France or the UK is a long time ago, much more recently French and UK soldiers died for (amongst others) the USA. Not that anybody seems to remember.

Oh and on a per-capita basis more people from the UK died in the Gulf war than from the USA.

But this isn't a matter of keeping score it is standing together and at least trying to maintain some kind of world order. One problem with that is that you may have to refrain from threatening your allies with invasion.

Re: For first time since World War II, US national debt now larger than its economy

#52

Earlier quoted context omitted.

Taxes would have to go up so dramatically that people would completely be protesting in the streets and rioting. Governments always just print more money instead. Which is why we are at the spot we are at.

They would not have to go up that much.

Close to 70 percent

Re: For first time since World War II, US national debt now larger than its economy

#53
post #20

There's nothing particularly special about the debt being larger than GDP. GDP is not income and debt is paid over time. For context, China has a Government Debt to GDP ratio of 96%, the UK is at 94%, France at 116%, Japan is at 263%.

The direction of travel is concerning, though.
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