National Debt Hits $30T

#78
#78
n_huffhines said:
First, I'd like to thank the people who refuse to stop voting Republican and/or Democrat.

I'd like to thank Trump for adding $8T of that debt in just 4 years. I didn't think that level of spending was going to be possible for at least another decade. Masterful work there, old chap. He signed off on over a 1/4 of our national debt in 1 term. Let that sink in.

I'd like to thank Biden for saying "hold my beer."

I'd like to thank all the presidents in my lifetime. Basically everybody in congress. The special interest groups. The media. The educational system. And so on.

National debt surpasses $30 trillion due to COVID, government spending
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It's really jacked up. I think this really went sideways with Obama but I don't think Bush helped either.

If there is a good enough 3rd party candidate that is convincing enough to say they'd fix this and this is all they talk about on the campaign trail then I'd consider voting for them.
 
#79
#79
Matt2496 said:
No one cares about our kids/ younger people's future. Both this and the way COVID has been handled has made that crystal clear.

It's only a matter of time before it all collapses in Venezuela-like fashion.
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As a 44 year old with kids (17,18). It’s never about the kids, but serves as recycled taking points.
 
#80
#80
@Orangeburst Love you man/woman, but I cannot believe you linked a 1 hour music video. Nobody has time for that now. They will go watch someone play video games.
 
#81
#81
IluvdoubleD's said:
Trumps debt was officially 7.8 T. anyone that tells you different is probably looking at (russians) trumpets social. Obamas debt might have been more, I don't doubt it. You can consider them equals on debt. The difference is republicans used to be concerned about debt. and more than likely Obama had a plan. trumpets are just helping their friends.
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And they MUST get back to that. Must if we want any chance of surviving economically.
 
#83
#83
utvolpj said:
Get back to when? I can only think of one time it happened and that took a Dem potus to agree and it was a quarter century ago
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Right, the republicans need to be fiscal hawks again. Gonna be tough, and I really don't think they can ever do it. A lot of them have their hands in the cookie jar too. Term limits may help?? Maybe??
 
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#85
#85
BigOrangeTrain said:
Probably never. We will just continue to print money.
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That is why, for the sake of humanity, you should want to pull the band-aid off as quickly as possibly and soon, instead of further delaying the inevitable or prolonging this so that another generation would have to deal with this.
 
#87
#87
norrislakevol said:
Right, the republicans need to be fiscal hawks again. Gonna be tough, and I really don't think they can ever do it. A lot of them have their hands in the cookie jar too. Term limits may help?? Maybe??
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Lol in my 40 years on earth they pretend to be. Screw them
 
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#88
#88
Seriously, our debt isn't problematic.

Before wringing your hand and getting your panties all in a wad, consider looking at our national debt through the prism of your own personal financial house... literally your house, if you own one:

Let's say you have an annual household income of $100K. This means you can likely afford a home that costs $600K. If you bought that house, per the same equation applied to our Federal Debt to GDP ratio, you'd be at 600%. Would this be irresponsible on your part to maintain such a high debt ratio? Nope. Not at all.

Our current Federal Debt to GDP ratio is around 128%.

So, in reality, our government debt is at a far more reasonable level than many (most) private citizen homeowners. And this doesn't take into consideration any of the other debt (e.g. car loans, student loans, etc.) that many of us have.
 
#89
#89
MontyPython said:
Seriously, our debt isn't problematic.

Before wringing your hand and getting your panties all in a wad, consider looking at our national debt through the prism of your own personal financial house... literally your house, if you own one:

Let's say you have an annual household income of $100K. This means you can likely afford a home that costs $600K. If you bought that house, per the same equation applied to our Federal Debt to GDP ratio, you'd be at 600%. Would this be irresponsible on your part to maintain such a high debt ratio? Nope. Not at all.

Our current Federal Debt to GDP ratio is around 128%.

So, in reality, our government debt is at a far more reasonable level than many (most) private citizen homeowners. And this doesn't take into consideration any of the other debt (e.g. car loans, student loans, etc.) that many of us have.
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One difference is most individual borrowers can't borrow more money to make a portion of their payments every year. We don't have an unlimited debt ceiling to raise when we run out of money to make our payments with
 
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#90
#90
norrislakevol said:
Right, the republicans need to be fiscal hawks again. Gonna be tough, and I really don't think they can ever do it. A lot of them have their hands in the cookie jar too. Term limits may help?? Maybe??
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Last one was Eisenhower so don't hold your breath
 
#91
#91
MurphyVol said:
One difference is most individual borrowers can't borrow more money to make a portion of their payments every year. We don't have an unlimited debt ceiling to raise when we run out of money to make our payments with
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Yeah, the continuing resolution stuff is annoying... especially when it threatens or actually shuts down the government... although I suspect some here enjoy that fact.
 
#93
#93
MontyPython said:
Yeah, the continuing resolution stuff is annoying... especially when it threatens or actually shuts down the government... although I suspect some here enjoy that fact.
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I think they should shut down the government... But shut. it. down. Not this little paid vacation that all the government workers always get.
 
#94
#94
MontyPython said:
Seriously, our debt isn't problematic.

Before wringing your hand and getting your panties all in a wad, consider looking at our national debt through the prism of your own personal financial house... literally your house, if you own one:

Let's say you have an annual household income of $100K. This means you can likely afford a home that costs $600K.
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And this is where I stopped reading. WOW...

This is the problem. That is 6Xs family income and you think (or the banks have convinced you) that this is ok or normal.
 
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#95
#95
Rasputin_Vol said:
And this is where I stopped reading. WOW...

This is the problem. That is 6Xs family income and you think (or the banks have convinced you) that this is ok or normal.
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Wait until interest rates skyrocket and housing market goes kapppoie. Markets implode and then all these people in their high end homes lose their jobs, default and little a turd down the toilet.
 
#96
#96
MontyPython said:
Seriously, our debt isn't problematic.

Before wringing your hand and getting your panties all in a wad, consider looking at our national debt through the prism of your own personal financial house... literally your house, if you own one:

Let's say you have an annual household income of $100K. This means you can likely afford a home that costs $600K. If you bought that house, per the same equation applied to our Federal Debt to GDP ratio, you'd be at 600%. Would this be irresponsible on your part to maintain such a high debt ratio? Nope. Not at all.

Our current Federal Debt to GDP ratio is around 128%.

So, in reality, our government debt is at a far more reasonable level than many (most) private citizen homeowners. And this doesn't take into consideration any of the other debt (e.g. car loans, student loans, etc.) that many of us have.
Click to expand...

Dumb on many levels. One being the house buying scenario sees the ratio get better and better. You make more and the mortgage also decreases. While GDP can increase the debt isn’t decreasing.
 
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#97
#97
MontyPython said:
Seriously, our debt isn't problematic.

Before wringing your hand and getting your panties all in a wad, consider looking at our national debt through the prism of your own personal financial house... literally your house, if you own one:

Let's say you have an annual household income of $100K. This means you can likely afford a home that costs $600K. If you bought that house, per the same equation applied to our Federal Debt to GDP ratio, you'd be at 600%. Would this be irresponsible on your part to maintain such a high debt ratio? Nope. Not at all.

Our current Federal Debt to GDP ratio is around 128%.

So, in reality, our government debt is at a far more reasonable level than many (most) private citizen homeowners. And this doesn't take into consideration any of the other debt (e.g. car loans, student loans, etc.) that many of us have.
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Short sighted, dim witted, non analogous, and horribly ill conceived opinion.
 
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#98
#98
MontyPython said:
Seriously, our debt isn't problematic.

Before wringing your hand and getting your panties all in a wad, consider looking at our national debt through the prism of your own personal financial house... literally your house, if you own one:

Let's say you have an annual household income of $100K. This means you can likely afford a home that costs $600K. If you bought that house, per the same equation applied to our Federal Debt to GDP ratio, you'd be at 600%. Would this be irresponsible on your part to maintain such a high debt ratio? Nope. Not at all.

Our current Federal Debt to GDP ratio is around 128%.

So, in reality, our government debt is at a far more reasonable level than many (most) private citizen homeowners. And this doesn't take into consideration any of the other debt (e.g. car loans, student loans, etc.) that many of us have.
Click to expand...


Problem is the debt/gdp ratio sucks the life out of the dollar as it continues to rise. Do we not think inflation won’t/can’t decouple from interest rate increases as we pile on more debt? We don’t need to pay off the debt, we need to pay it down and lower our debt/gdp ratio. And $600k home at $100k gross pay??? Wtf? Back of the napkin math says you’re probably paying more than 40% of your net income on housing. No way, Josè!
 
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#99
#99
A financial collapse is a mathematical certainty. The questions are how long can it be delayed and what will be the response. I think this will be the excuse to initiate a CBDC that will be the tool to take control over the populace. Sad times ahead. I have chosen to attempt to protect some of my savings in physical precious metals and infrastructure that will help my family be as self sufficient on our farm as we can be.
 
#100
#100
This is about the most disturbing thing I have read in a long time for our future.. I thought SS was going insolvent in the first place.

Who Owns the U.S. National Debt?
Intragovernmental Debt
The Treasury owes this part of the debt to other federal agencies. Intragovernmental holdings totaled more than $6 trillion in October 2021.1 Why would the government owe money to itself? Because some agencies, like the Social Security Trust Fund, take in more revenue from taxes than they need. These agencies then invest in U.S. Treasurys rather than stick this cash under a giant mattress,
 
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