Treasury secretary warns ‘extraordinary measures’ needed to keep US from defaulting on debt as soon as next week

[bave]

Haha, like I said, amazing. Carry that water for the rich like a good little boy. Yes, how freakish that Americans want to get higher education without crushing debt, like they live in a first world country or something.

First off, I am "the rich".

Second off, statistics and data points hurt you that much?

Third, the entire educational system is rigged and based off endless streams of lending with no underwriting. They are selling $300k educations that have no chance of making $30k/yr.

 

[Galactic Spin]

First off, I am "the rich".

I seriously doubt that. But if true, then I don't give a shit about your opinion of any of this. You are then merely ranting out of pure self interest. Which nobody needs to hear. We know all the lines and have for millenia.

The little con you run where you try to pretend this is a bunch of poor people trying to get handouts? It's not a new act. We heard the same thing about public education, public libraries, Medicare, etc.

 

[MTAtech]

There is something to be said for a tiny population which is almost perfectly homogenous.



While I agree both parties are culprits in this, that doesn't mean that change has to happen, or it will be made to happen. We can't even manage to stop *increasing* spending. The current administration is one of the most spendthrift administrations in history, purely for vote buying at that. How do you stop the urge from politicians, on both sides, from buying votes each cycle?




How many other nations in the world have had to provide for the number of illegals we have had to? Let alone to the extent of that provision? Why are we the only developed nation that has a birthright citizenship based on where you were born?

I used Denmark as one example. Most of Europe has social programs that are far more generous than in the U.S. and it doesn't result in dependence like American conservatives state.

If one wants to grow out of the debt, merely have annual deficits that are less than the GDP growth rate. Over time, the debt will become irrelevant. If your mantra is that the current administration is one of the most spendthrift administrations in history, what new expensive programs has Biden instituted? In any case, the numbers don't confirm your claim.

The federal deficit was worse under the previous administration and is improving.

 

[bave]

You’re being dishonest.

It only became an issue in your mind once trump was gone.

False, it has always been an issue for me. Stop pretending you know what is an issue for me and when it became one. Nothing like lying about someone being dishonest. Lol.

Same deplorables. Same hypocracy. Different years.

Hypocrisy......

 

[bave]

I seriously doubt that. But if true, then I don't give a shit about your opinion of any of this. You are then merely ranting out of pure self interest. Which nobody needs to hear. We know all the lines and have for millenia.

The little con you run where you try to pretend this is a bunch of poor people trying to get handouts? It's not a new act. We heard the same thing about public education, public libraries, Medicare, etc.

I could care less what you think, I am giving you hard data points and you are rejecting them because you are envious of those who have made better decisions and/or are more capable than you. That sucks for you.

The stats don't lie, all you need to do is look them up, something you will never do.

I used Denmark as one example. Most of Europe has social programs that are far more generous than in the U.S. and it doesn't result in dependence like American conservatives state.

That is generally not true. Look at the total welfare per capita in the United States and compare to the EU. It is remarkably similar, if not higher in the US. You can make the argument that the US doesn't spend wisely, but that is another argument.

If one wants to grow out of the debt, merely have annual deficits that are less than the GDP growth rate. Over time, the debt will become irrelevant. If your mantra is that the current administration is one of the most spendthrift administrations in history, what new expensive programs has Biden instituted? In any case, the numbers don't confirm your claim.

The Debt/GDP ratio is projected to expand consistently over the next ten years, indicating this is not the baseline case. Moreover, it largely can't be given the demography.

The federal deficit was worse under the previous administration and is improving.

Again, this is the same argument people clowned when Obama came into office, it was better than before! Both the Great Recession and COVID were not the fault of the administration that ate them, nor can you reasonably use it as a baseline, it is intellectually flawed or dishonest, dealer's choice.

 

[Galactic Spin]

I could care less what you think, I am giving you hard data points and you are rejecting them because you are envious of those who have made better decisions and/or are more capable than you. That sucks for you.

The stats don't lie, all you need to do is look them up, something you will never do.



That is generally not true. Look at the total welfare per capita in the United States and compare to the EU. It is remarkably similar, if not higher in the US. You can make the argument that the US doesn't spend wisely, but that is another argument.



The Debt/GDP ratio is projected to expand consistently over the next ten years, indicating this is not the baseline case. Moreover, it largely can't be given the demography.



Again, this is the same argument people clowned when Obama came into office, it was better than before! Both the Great Recession and COVID were not the fault of the administration that ate them, nor can you reasonably use it as a baseline, it is intellectually flawed or dishonest, dealer's choice.

Your stats mean exactly fk all. We have more than enough wealth in this country to spend even more without deficits. Our tax revenue is pathetic. Our spending is middle of the pack. But we have 100 million fools who got conned into carrying Water for rich people and corporations. Reagan started that, using racism and abortion and other assorted bigotry as the smoke and mirrors.

And your posts are the result of that 40 year campaign.

 

[Kushinator]

When they want to spend more and talk about how little we are doing to help "regular people".

You're generalizing.

Hell, the CBO even says it will be ~$2.5T. LSE says $2.9T. Btw, the difference is largely in the assumed cost of financing. The CBO assumes they will be able to carry the debt with a 3 handle. That's unlikely IMO.

Why bother making these claims if you are unwilling to provide citation? Why am i not surprised with your alternative take on interest rate expense....

Oh yes, the most progressive tax code in the world just isn't enough for people demanding more from the same Golden Goose.

And then the clock work of mentioning progressive taxation.

 

[Kushinator]

You’re being dishonest.

It only became an issue in your mind once trump was gone.

Exactly. There was never a move to cut spending, and that's what Republicans campaign on.

 

[bave]

Your stats mean exactly fk all. We have more than enough wealth in this country to spend even more without deficits. Our tax revenue is pathetic. Our spending is middle of the pack. But we have 100 million fools who got conned into carrying Water for rich people and corporations. Reagan started that, using racism and abortion and other assorted bigotry as the smoke and mirrors.

And your posts are the result of that 40 year campaign.

Precisely my point. People like you are incapable of grasping and comprehending what the data points actually mean, either because you are emotionally, ideologically, or intellectually falling short.

If we have the most progressive tax code on the planet, and our "tax revenue is pathetic" doesn't that inherently mean that the lower/middle class are not paying their fair share? Thanks for making my point.

Why bother making these claims if you are unwilling to provide citation? Why am i not surprised with your alternative take on interest rate expense....

www.google.com

And then the clock work of mentioning progressive taxation.

You mean the relevant data points your ilk love to ignore? Sorta like the clock work lie of "the rich not paying their fair share".

Exactly. There was never a move to cut spending, and that's what Republicans campaign on.

Again, I have repeatedly and explicitly stated that both parties are guilty of the same thing here. Stop pretending that I am defending republicans when it comes to fiscal management. You both are constantly recharacterizing what people say to make your narrative work, it is pathetic.

 

[Kushinator]

The federal deficit was worse under the previous administration and is improving.

Furthermore, the $1.375 trillion figure is accounting for $379 billion committed to student loan forgiveness.

 

[Galactic Spin]

Precisely my point. People like you are incapable of grasping and comprehending what the data points actually mean, either because you are emotionally, ideologically, or intellectually falling short.

Haha, I know you like to tell yourself that. And then normal people step out of the 5 talking point reaganomics bubble and see literally the entire rest of the civilized world easily pulling off things that help the population.

And that's why this horseshit pill has to be wrapped in fear and bigotry, when force feeding it to people.

Historians will be studying this con for decades. Maybe centuries. Your name will not be mentioned.

 

[Paradoxical]

Here's How Much Federal Spending Must Be Cut to Balance the Budget

It’s been more than twenty years since we last had a balanced federal budget during the tenure

pjmedia.com

 

[TomFitz]

False, it has always been an issue for me. Stop pretending you know what is an issue for me and when it became one. Nothing like lying about someone being dishonest. Lol.



Hypocrisy......

False, it has always been an issue for me. Stop pretending you know what is an issue for me and when it became one. Nothing like lying about someone being dishonest. Lol.



Hypocrisy......

Hypocricy.

I don’t recall you ever once complaining about spending. At least not recently.

As for the trump/right wing crowd.

My remarks in general are quite accurate.

Not one of the trump losers on this forum uttered a peep about spending once Obama was gone. And not one of them cared about Bush’s spending either.

This only becomes a big GOP issues when they aren’t in the White House. When they are, the spend, borrow and spend.

The record is very clear. Ronald Reagan tripled the national debt. Bush Jr doubled it again. Trump didn’t even bother to try and con people into believing that his tax cuts for Wall Street were being financed with borrowed money.

Spending has never been an issue for Republicans, unless they aren’t the ones signing the appropriations bills.

BTW, I predicted this phony right wing chorus about spending years and years ago. And I’m watching the right wing do what it always does.

Flip on a dime and rant about spending after years of being silent when their man was doing it.

 

[BlueTex]

Here's How Much Federal Spending Must Be Cut to Balance the Budget

It’s been more than twenty years since we last had a balanced federal budget during the tenure

pjmedia.com

Do you see the flaw in the authors logic?

 

[Kushinator]

www.google.com

You're just making shit up and hope nobody knows the difference. The CBO's last LTBP release was in May 2022, and they did not project a FY 2032 deficit of $2.5 trillion. They didn't project it at $3 trillion.

I'm sure you can find some zero hedge bullshit if you weren't a lazy poster.

You mean the relevant data points your ilk love to ignore? Sorta like the clock work lie of "the rich not paying their fair share".

Pointing out that there is progressive taxation doesn't mean what you think it means. You're just trying to attack a strawman because your argument is based on hypocrisy and deceit.

Again, I have repeatedly and explicitly stated that both parties are guilty of the same thing here.

Take your both parties bullshit and shove it. Republicans CAMPAIGN on the basis of cutting government spending, and the only time they work to cut spending is when election results don't turn out their way.

Stop pretending that I am defending republicans

That's all you ever do... and it's not a good look. The people who agree with your posts are GQP cultists. That's your crowd.

At least have the decency to own it like they do.

 

[bave]

Haha, I know you like to tell yourself that. And then normal people step out of the 5 talking point reaganomics bubble and see literally the entire rest of the civilized world easily pulling off things that help the population.

And that's why this horseshit pill has to be wrapped in fear and bigotry, when force feeding it to people.

Historians will be studying this con for decades. Maybe centuries. Your name will not be mentioned.

Sigh.

When adjusted for PPP, the US per capita nominal spending on welfare benefits was in the top 10 (and rising). Last time I saw the data was a few years ago and we were smack in between Germany and Italy. Even if you did it as a % of GDP we are in line with the OECD average @ 16% vs 17% and that measurement is extremely detrimental to the US in methodology.

Again, find a data point before you ramble, you just look like the fool.

 

[vegas giants]

Sigh.

When adjusted for PPP, the US per capita nominal spending on welfare benefits was in the top 10 (and rising). Last time I saw the data was a few years ago and we were smack in between Germany and Italy. Even if you did it as a % of GDP we are in line with the OECD average @ 16% vs 17% and that measurement is extremely detrimental to the US in methodology.

Again, find a data point before you ramble, you just look like the fool.

We should be number one

 

[Tbird19482]

The best you have to offer is attacking a strawman?

The fact of the matter is, Republican's had no problem with increasing the debt ceiling 3 times under Trump.

and they ran the debt up under Trump something like 7.9 Trillion in 4 years and when Obama was in and ran it up just over 8 Trillion in 8 years all they did was cry about it ALL the time. and they don't say a word about Trumps spending
didn't Trump say he was going to cut the debt? or was that eliminate it?
yep run the debt up 7.9 Trillion in FOUR years NO problem because Trump was a Republican run it up EIGHT Trillion in EIGHT years BAD because Obama was a Dem
I guess it is all up to what Party you belong to
Have a nice day

 

[bave]

Pointing out that there is progressive taxation doesn't mean what you think it means. You're just trying to attack a strawman because your argument is based on hypocrisy and deceit.

How's that? The mantra of your side is entirely based on a lie. A lie that the rich people aren't carrying their fair share of the load. Any metric shows that is precisely the opposite of the case. We pay more relative to our share of the population, GDP, or even wealth. Your side just needs more money from us to keep buying votes and getting elected.

Take your both parties bullshit and shove it. Republicans CAMPAIGN on the basis of cutting government spending, and the only time they work to cut spending is when election results don't turn out their way.

That's all you ever do... and it's not a good look. The people who agree with your posts are GQP cultists. That's your crowd.

At least have the decency to own it like they do.

LOL. You're clowning. I have clearly, repeatedly, and insistently blamed the GOP on this very thread. Keep up.

 

[bave]

and they ran the debt up under Trump something like 7.9 Trillion in 4 years and when Obama was in and ran it up just over 8 Trillion in 8 years all they did was cry about it ALL the time. and they don't say a word about Trumps spending
didn't Trump say he was going to cut the debt? or was that eliminate it?
yep run the debt up 7.9 Trillion in FOUR years NO problem because Trump was a Republican run it up EIGHT Trillion in EIGHT years BAD because Obama was a Dem
I guess it is all up to what Party you belong to
Have a nice day

First off, the POTUS doesn't spend money, Congress does.

Second off, the bulk of that deficit was related to COVID. Hardly something you can saddle on an administration.

These comparisons are the classic bullshit analysis you see from the left constantly. Zero context.

 

[Kushinator]

and they ran the debt up under Trump something like 7.9 Trillion in 4 years and when Obama was in and ran it up just over 8 Trillion in 8 years all they did was cry about it ALL the time. and they don't say a word about Trumps spending

It's a touchy subject for most of them, and so careful compartmentalization is necessary. I mean, we did have a global pandemic that most of them will continue to claim is fake.

didn't Trump say he was going to cut the debt? or was that eliminate it?

He said eliminate, but his supporters will wave these statements away with a chuckle.

 

[Paradoxical]

Do you see the flaw in the authors logic?

No

 

[bave]

Hypocricy.

Nothing like begging to be taken seriously when you can't spell, even after I corrected you. Jesus, go back to elementary school. This is why life is so hard for you.

I don’t recall you ever once complaining about spending. At least not recently.

Then you might want to do some deeper digging.

 

[Galactic Spin]

When adjusted for PPP, the US per capita nominal spending on welfare benefits was in the top 10 (and rising).

Which is a result of our tax code and laissez faire acting as a force to create a huge wealth gap and to depress wages.

As anyone who bothers to look and to compare us with other first world nations can easily determine.

And as predicted by everyone who wasn't carrying water for trickle down mythology.

I appreciate you strengthening my points.

 

[Kushinator]

First off, the POTUS doesn't spend money, Congress does.

Second off, the bulk of that deficit was related to COVID.

Debt increased by nearly $4 trillion during Trump's first three years prior to the pandemic.

How's that? The mantra of your side is entirely based on a lie. A lie that the rich people aren't carrying their fair share of the load.

Compounding strawmen? You are the one who is generally concerned with spending. So are GQP cultists. They only give a **** when election outcomes don't go their way.

LOL. You're clowning. I have clearly, repeatedly, and insistently blamed the GOP on this very thread. Keep up.

Nah... it was more the typical both parties nonsense.

Both parties don't campaign on the basis of cutting the size and scope of governments. And both parties don't hold each other to their own standards.

I notice you haven't provided a link to your $2.5 trillion / $3 trillion claim. All you have to say is you were mistaken... it's not that hard.