The U.S. national debt exceeded $33 trillion for the first time ever

[LV426]

Semantics, loser.

LMAO!

No, accuracy.

 

[LV426]

Blatant lie.

You promised growth of "at least 3%" and you never hit it.

The U.S. Entered a Recession in February
June 8, 2020
https://www.nytimes.com/2020/06/08/business/economy/us-economy-recession-2020.html

 

[LV426]

Debt is wealth. I've said it before on this board. If you understand how fractional reserve banking truly works, you would embrace the national debt. The worst thing that could possibly happen in our modern financial system would be for the US to have zero debt.

The national debt is nothing more than a scorecard of government spending. So we have $30T in debt but we have things to show for it like SS, Medicare, our military, ports, airports, national parks, highways, etc.

Now, reasonable people can debate as to whether any of those things are truly worth it, but no reasonable person can conclude that tax cuts have been worth the cut to tax revenue, since growth never seems to be able to eclipse 3% with a tax cut.

 

[LV426]

You keep saying it but you never prove why most nations don't go into debt like the US and Greece. Are they stupid, 'Murica?

For the thousandth time...

The reason Greece fell as it did was not because of government spending, but because of the global financial collapse that was triggered by US subprime mortgage defaults. Greece also does not have its own fiat currency, it uses the Euro. So it can't print money to get itself out of the mess it got in because it relies primarily on tourism for revenue and if there's a global economic collapse, tourism is going to take a hit.

So Greece went to the ECB for a loan and the condition of the loan was that Greece had to "cut spending"...it was THOSE SPENDING CUTS that plunged Greece into a deeper hole because when you pull money out of the economy and don't make up for it elsewhere, that contracts your economy.

It wasn't socialism that caused Greece's debt it was capitalism.

 

[LV426]

If you believe the Democrat lies. When Trump was banning the Chinese Biden was clueless and calling Trump a xenophobe. The Democrats could see nothing but impeachment so Trump was well ahead of the Democrats

Trump didn't ban Chinese from coming to the US...he just banned them coming directly from China...they could still come into the US through Europe or Japan...and hundreds of thousands of them DID.

 

[LV426]

Personal debt is not government debt, Sock.

Since the start of trickle down economics (AKA tax cuts), household debt and personal savings rate have flipped:

 

[Into the Night]

NOPE.

The economy entered a recession in February 2020, which was a month before the lockdowns.

Blatant lie.

Manufacturing had been in a recession since 2019, losing 300,000 jobs in 12 months.

Blatant lie.

Trump promised growth of at least 3% and he couldn't even beat Obama.

Blatant lie.

 

[Into the Night]

So now you've been reduced to "I know you are but what am I" instead of defending your beliefs and ideology.

Fallacy fallacy. YOUR inversion fallacy is the problem here. You don't get away with projecting YOUR problems on others.

 

[Into the Night]

Then why do Conservatives nominate and vote for Nazis?

Neo-Nazi Arthur Jones wins Republican nomination for Illinois congressional seat
https://www.cnbc.com/2018/03/21/neo...ination-for-illinois-congressional-seat-.html

10,000 Conservatives voted to nominate that Nazi in the primary and then 58,000 Conservatives voted for him in the General Election that year.

What gives?

They don't.

 

[Into the Night]

Repetition fallacy.

You're repeating that line because you don't want to answer for yourself or your beliefs because you can't.

You are describing yourself again.

 

[Into the Night]

Repetition fallacy

LIF. Grow up.

 

[Into the Night]

Nope. Totally relevant since the embargo started with Nixon, ran through Ford, and into Carter.




Nope. You are the one making shit up. That's why you don't source EVER on a thread.

The Arab oil embargo of 1973 put the United States economy on the back foot, causing fuel shortages, a quadrupling of oil prices and long lines at gas stations
https://www.history.com/news/energy-crisis-1970s-innovation

Maybe you should have someone explain the concept of linear time to you.

The Arab oil embargo did not cause a shortage of gasoline. Carter's price controls did.

 

[Into the Night]

Of course it needs to be bailed out...capitalism is flawed to the core.

We gave trillions in loans to businesses who never paid them back.

The depression was caused by your big fat mouth...you couldn't shut the fuck up. Every single time you opened your mouth, you caused 2 people to vote for Biden.

Capitalism doesn't need bailouts. It doesn't even need government.
Socialism is not capitalism.

 

[Into the Night]

You can't create wealth out of nothing, and we learned that in the 2000's when you inflated a housing bubble to make the economy look like it was growing as a result of tax cuts when it was actually growing as a result of debt.

You can create wealth out of nothing. The entire PC industry was created out of nothing but innovation and drive, as an example.

The housing bubble was not caused by tax cuts.

 

[Into the Night]

Capitalism requires bailouts because Capitalism is bankrupt.

TARP, PPP, S&L Bailout...all because capitalism can't handle anything...it's a fragile economic system.

It can't withstand global emergencies. We've spent over $10T the last 23 years continually bailing out an economic system that simply doesn't work.




Repetition fallacy.




Nope.

Bush and the Conservatives inflated a housing bubble and made it central to their 2004 re-election campaign:

Bush Ties Policy to Record Home Ownership
https://www.foxnews.com/story/bush-ties-policy-to-record-home-ownership

Capitalism does not require bailouts. Capitalism is not bankruptcy. Capitalism creates wealth out of nothing.

 

[Into the Night]

They steal from everyone.

They have no record of success.

Every single promise made of them went unfulfilled.

Tax cuts don't steal from anyone.

 

[Into the Night]

It always does.

After the 2018 tax cut, manufacturing went into a recession for all of 2019, then the rest of the economy followed in February 2020, before any lockdown was ordered.

Trump's best annual GDP growth rate was 2.85%...Obama's best was 2.89%.

So you added $8T to the debt to get growth 0.04% LOWER than Obama.

Good job, idiot.

Manufacturing does not have recessions.
The economy went into the current depression due to DEMOCRATS and their fear mongering of covid.

 

[Into the Night]

Nope.

The last recession started February 2020, a month before any COVID lockdowns were ordered and a year after manufacturing lost 300,000 jobs.

Recession is not economic depression.
Manufacturing did not lose 300,000 jobs in 2019.

 

[Into the Night]

You promised growth of "at least 3%" after the tax cut.

Actual growth: 2.85%...0.04% lower than Obama's best mark.

Blatant lies.

 

[Into the Night]

No, what causes shortages are embargoes, like the one the Arab nations placed on us in 1973 that caused shortages and long lines.

The price of oil is controlled by the cartel, no matter how much or how little oil we produce.

If we ramp up production, that just prompts OPEC to cut their back in order to maintain the price...OR, if they want to choose violence, they ALSO ramp up production when US companies do in order to drive down the price per barrel and bankrupt their competitors...which is exactly what OPEC did in 2015 that caused a bailout of oil-producing states like Texas.

The Arab embargo did not cause shortages. Carter's price controls did.
Cartels do not control the price of oil. The Arabs found that out the hard way.

Oil producers in the US did not need a bailout.