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U.S. is closing in on doing something it hasn’t done since World War II — borrowing more money than

EMNofSeattle said:
I mean if Trump really wants to piss in the cheerios he should start renouncing debt and impounding treasury payments. get our credit rating downgraded and make it harder to borrow. the Republicans should've back in 2014 just refused to raise the debt ceiling.
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If republicans had their way, there would be no debt ceiling.
 
CaughtInThe said:
hang on.

wasn't your boy (the financial genius who is really broke and under investigation) gonna wipe out our debt with his brilliant mind??
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Yep, just keep poo pooing and diverting

Great job!
 
99percenter said:
Really. Says the guy that supports a president that has 5 trillion dollar deficits.
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Yep, passed with a veto-proof margin by congress critters who enjoy re-election rates above 90%. We will soon see if Biden is able to prevent federal deficit spending using his vast political experience and negotiating skills.
 
ttwtt78640 said:
Yep, passed with a veto-proof margin by congress critters who enjoy re-election rates above 90%. We will soon see if Biden is able to prevent federal deficit spending using his vast political experience and negotiating skills.
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congress critters who enjoy re-election rates above 90%.
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Yes, only enabled by a citizenry(vain) that votes for them
 
Luther said:
Yes, only enabled by a citizenry(vain) that votes for them
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That is not really the case since a voter may only vote for (or against) 3 out of the 535 congress critters. Many run (virtually?) unopposed during the primary and the voter is left with either voting to send them back or voting for the “wrong” party’s candidate in the general election.
 
ttwtt78640 said:
That is not really the case since a voter may only vote for (or against) 3 out of the 535 congress critters. Many run (virtually?) unopposed during the primary and the voter is left with either voting to send them back or voting for the “wrong” party’s candidate in the general election.
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No... no.... and no

They don't have to vote
 
Juks said:
No, they will blame Obama and Biden, Obama because the loans from the financial crisis and Biden because he needs to take more loans due to the pandemic. Loaning for tax reduction is much more urgent than any economic crisis what so ever...
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In which years did total federal revenue fall during Trump’s term? There is a difference between a tax revenue reduction and tax revenue rising but not keeping up with increased government spending. One must remember that Trump added tariffs (a new federal tax).
 
99percenter said:
obama didnt double the debt and he lowered deficits..
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Debt at the end of 2000: $5.6 Trillion
Debt at the end of 2008: $10.0 Trillion
Debt at the end of 2016: $19.6 Trillion

So neither Bush nor Obama doubled the debt exactly. If that's what you claim as success, I guess you're free to do so. They both came really, really close. Close enough for me to condemn both as idiots.

Bush added about $5 Trillion. Obama added about $10 Trillion.

If neither of these losers had added on penny to the debt, our debt would be about 25% of the current level.

In passing, Trump slowed that rate of doubling and would likely have posted a debt increase equal to that of Obama at about 10 Trillion if he had served 8 years and not run into Covid. If's and But's...

If we assume that this rate of debt creation is a problem, seems safe to assume this rising rate of debt creation is a problem, then we probably need to figure out how to address it.

The problem goes on regardless of the PEOPLE involved. If this is the case- and it is the case- then the problem must be a problem with the SYSTEM.

The system is broken. The people running it broke it. That's the way they like it and that's the way they want it.

www.thestreet.com

What is the National Debt Year By Year From 1790 to 2019?

America's debt has (almost) always grown. Here's a quick tour through the centuries that shows why.
www.thestreet.com www.thestreet.com
 
Luther said:
Yep, just keep poo pooing and diverting

Great job!
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Your boy promised wiping out our debt, better health care for everybody, a wall and numerous other gigantic lies just to be elected president.

And a bunch of gullibles fell for it.
 
code1211 said:
Debt at the end of 2000: $5.6 Trillion
Debt at the end of 2008: $10.0 Trillion
Debt at the end of 2016: $19.6 Trillion

So neither Bush nor Obama doubled the debt exactly. If that's what you claim as success, I guess you're free to do so. They both came really, really close. Close enough for me to condemn both as idiots.

Bush added about $5 Trillion. Obama added about $10 Trillion.

If neither of these losers had added on penny to the debt, our debt would be about 25% of the current level.

In passing, Trump slowed that rate of doubling and would likely have posted a debt increase equal to that of Obama at about 10 Trillion if he had served 8 years and not run into Covid. If's and But's...

If we assume that this rate of debt creation is a problem, seems safe to assume this rising rate of debt creation is a problem, then we probably need to figure out how to address it.

The problem goes on regardless of the PEOPLE involved. If this is the case- and it is the case- then the problem must be a problem with the SYSTEM.

The system is broken. The people running it broke it. That's the way they like it and that's the way they want it.

www.thestreet.com

What is the National Debt Year By Year From 1790 to 2019?

America's debt has (almost) always grown. Here's a quick tour through the centuries that shows why.
www.thestreet.com www.thestreet.com
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obama only added 8 trillion. Bush added 7 trillion so he did double the debt. Bush is responsible for the 2009 deficit.
 
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ttwtt78640 said:
Yep, passed with a veto-proof margin by congress critters who enjoy re-election rates above 90%. We will soon see if Biden is able to prevent federal deficit spending using his vast political experience and negotiating skills.
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Well if trump really opposed deficits, he would have let congress override him. Instead he proudly signed the bill and fought to have his name of the welfare check.
 
99percenter said:
Well if trump really opposed deficits, he would have let congress override him. Instead he proudly signed the bill and fought to have his name of the welfare check.
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Hmm... not a peep about what Biden will do. ;)
 
If we continue to print and spend money, we run the risk of hyperinflation and a devalued dollar. Particularly, if we lose our status as the world's reserve currency.

www.forbes.com

Hyperinflation: Will America Dodge The Bullet?

Many believe we are in for big inflation, and the consensus on the pathway of this future development is first deflation then rocketing inflation.
www.forbes.com www.forbes.com
 
grip said:
If we continue to print and spend money, we run the risk of hyperinflation and a devalued dollar. Particularly, if we lose our status as the world's reserve currency.

www.forbes.com

Hyperinflation: Will America Dodge The Bullet?

Many believe we are in for big inflation, and the consensus on the pathway of this future development is first deflation then rocketing inflation.
www.forbes.com www.forbes.com
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I say bring it on.

unlike Argentina we have no one to bail us out and us real Americans can defend the country side until the cities are forced to make major concessions or starve
 
99percenter said:
obama only added 8 trillion. Bush added 7 trillion so he did double the debt. Bush is responsible for the 2009 deficit.
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No, Pelosi is.
 
EMNofSeattle said:
I say bring it on.

unlike Argentina we have no one to bail us out and us real Americans can defend the country side until the cities are forced to make major concessions or starve
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Typically, rent, food, utilities, and other usable goods are affected first. It won't be a pretty picture or fun event and could last for years. I don't believe we'll actually hit hyperinflation, though I do believe we're in store for some pretty severe stagflation by year-end of 2021.
 
grip said:
Typically, rent, food, utilities, and other usable goods are affected first. It won't be a pretty picture or fun event and could last for years. I don't believe we'll actually hit hyperinflation, though I do believe we're in store for some pretty severe stagflation by year-end of 2021.
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Well if we’re taken off as a world reserve currency inflation will shoot through the ceiling.

in all fairness I don’t think that is likely, not In the short term anyway, because a collapsing dollar means China, parts of Europe and Latin America will come crashing down hard.
 
EMNofSeattle said:
Well if we’re taken off as a world reserve currency inflation will shoot through the ceiling.

in all fairness I don’t think that is likely, not In the short term anyway, because a collapsing dollar means China, parts of Europe and Latin America will come crashing down hard.
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We're still too important to the global economy for other nations to allow us to collapse into a Weimar situation. Though, we're in a similar predicament.

The Weimar Republic failed because it was at the mercy of many different ideas and forces – political and economic, internal and external, structural and short-term. It is difficult to isolate one or two of these forces or problems as being chiefly responsible for the demise of the Republic.

alphahistory.com

Why the Weimar Republic failed

The question of why the Weimar Republic failed has been explored by hundreds of historians.
alphahistory.com
 
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