American Federal Debt To Absolutely SOAR

The Boomers have for 50 years refused to pay our bills and have refused to limit our consumption.

This has doomed America, there is no way out now.

Have fun fuckers.
 
If memory serves, the OMB and other agencies warned of this as a result of the tRump tax cuts that benefitted him immensely.
 
I heard ten years ago that the debt was projected to be somewhere between $120 and $160 trillion by the time the last Boomer died if anyone would let us go that far in debt (wont happen)....now I get told that it is all Trumps fault.






barf
 
Hawkeye10 said:
I heard ten years ago that the debt was projected to be somewhere between $120 and $160 trillion by the time the last Boomer died if anyone would let us go that far in debt (wont happen)....now I get told that it is all Trumps fault.






barf
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tRump certainly owns a large piece of it. Truly a shame that tRumpanzees are so void of character that they won't acknowledge any tRump failures. Truly sad indeed.
 
Hawkeye10 said:
Congress is in charge of the money moron.
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No shit dumbass. It WAS a Republican led Congress that passed this bill that disproportionally benefits the uber rich. The measure was strongly pushed by your savior Donald-I want to "boink" my daughter-tRump.
 
Tacomaman said:
No shit dumbass. It WAS a Republican led Congress that passed this bill that disproportionally benefits the uber rich. The measure was strongly pushed by your savior Donald-I want to "boink" my daughter-tRump.
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This sounds a lot like when lawyers blame their behavior on their clients.

I am not having it.
 
cawacko said:
How can talk about federal debt and not discuss trillions in potential (stimulus) spending? Where do you think that money would come from?
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Yeah what the hell, we spend damn near a trillion every year on defense, those starving in the streets evicted from their homes will just have to die, we don't know where the money is going to come from.

Raise taxes on those making over 400,000 and make them 50-60% for those making over 10 million, then eliminate any cutoff on social security taxes, that's where you get it.
 
archives said:
You got that right, miraculously, all the GOP concern over deficits/debt will return come 1/21
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You got it! You never heard the repubs bitching about spending under trump when we should have been able to balance a budget. Now we have a democrat in there it's the first thing the assholes in the senate will say. The fucking teabagger mentality, I'm like Reagan, "Do what you must, the deficit is big enough to take care of itself".
 
Michael_Panetta said:
It's called fractional reserve banking. Most people are unaware of it. If you understood it, you would understand why our debt is necessary and why paying it off would make our money worthless.
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sure.......it's logical.......I know I have no hope of living if I have money in the bank and don't owe anyone anything........

tell me this.......why would the nation fail if, instead of the required minimum reserve banks had a higher percentage of people's cash on hand in the bank
 
PoliTalker said:
I can't see any way around this.
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It's like COVID: we could have controlled the virus without mandates if the US leadership had kept us informed and provided leadership by example. Now, it's so out of control, barring an effective, easily available vaccine, medical mandates may be the only way to stop it.

The budget is the same way. It's so far out of control the only solution is for our leaders to set up an austerity plan and raise taxes. Unfortunately, like COVID, they'll probably keep their heads in the sand and nothing will change until the entire thing is collapsing.

Notice the chart below is debt as a percentage of GDP. Notice the spike and how debt is over 40% greater than GDP.

https://fred.stlouisfed.org/series/GFDEGDQ188S
fredgraph.png
 
Hello Tacomaman,

Tacomaman said:
If memory serves, the OMB and other agencies warned of this as a result of the tRump tax cuts that benefitted him immensely.
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Exactly.

Beats the heck out of me why Democrats, who have been far better to the Federal Budget for decades, don't make more of an issue out of this.
 
Port Tack said:
Yeah what the hell, we spend damn near a trillion every year on defense, those starving in the streets evicted from their homes will just have to die, we don't know where the money is going to come from.

Raise taxes on those making over 400,000 and make them 50-60% for those making over 10 million, then eliminate any cutoff on social security taxes, that's where you get it.
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You're free to support, or not support, whatever spending you want. The OP is about the soaring debt and the trillions in proposed stimulus spending. Raising taxes isn't going to cover the amount of spending being talked about.
 
Hello Michael_Panetta,

Michael_Panetta said:
It's called fractional reserve banking. Most people are unaware of it. If you understood it, you would understand why our debt is necessary and why paying it off would make our money worthless.
Click to expand...

Either extreme makes our money worth less.

If we allowed the debt to GDP ratio to get too high, our money would lose value.

We have to manage our debt responsibly to keep our credit, and ability to carry that debt, strong.

Debt/GDP must be kept in the 'sweet spot.'

It is debatable where that 'sweet spot' is.

50% would be good.

It is now 128%.

Debt is $27 Trillion.

GDP is $21 Trillion.

CURRENT US DEBT FIGURES
 
Port Tack said:
You got it! You never heard the repubs bitching about spending under trump when we should have been able to balance a budget. Now we have a democrat in there it's the first thing the assholes in the senate will say. The fucking teabagger mentality, I'm like Reagan, "Do what you must, the deficit is big enough to take care of itself".
Click to expand...

Well, if you're concerned about the debt soaring why would you complain that Republicans in Congress will be more fiscally conservative? You can (rightfully) complain about when they chose to do so but not sure why you complain them doing it however.
 
Hello cawacko,

cawacko said:
Well, if you're concerned about the debt soaring why would you complain that Republicans in Congress will be more fiscally conservative? You can (rightfully) complain about when they chose to do so but not sure why you complain them doing it however.
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Because it is obviously false.

When they can find no other fault with Democrats, they resort to the debt.

And they themselves caused the increase with irresponsible tax cuts for the rich and for Trump.

How many people here paid more than $750 tax last year?
 
PoliTalker said:
Hello cawacko,



Because it is obviously false.

When they can find no other fault with Democrats, they resort to the debt.

And they themselves caused the increase with irresponsible tax cuts for the rich and for Trump.

How many people here paid more than $750 tax last year?
Click to expand...

If you care about the debt why do you get upset when people focus on it to lower it?
 
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