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U.S. Debt to GDP: 100% - green - 09-26-2024 01:58 PM
Quote:The presidential campaign season is once again turning politicians into pandering game show hosts, promising voters huge tax cuts and spending expansions with no regard to the debt crisis these policies will accelerate.
Budget deficits are set to exceed $2 trillion this year — despite relative peace and prosperity — and then surge to $4 trillion within a decade under current policies.
For the first time since the end of World War II, the federal debt will top 100% of the gross domestic product.
The impending completion of the Biden-Harris administration brings an opportunity to assess their role in these rising deficits.
https://nypost.com/2024/09/24/opinion/biden-harris-irresponsible-legacy-debt-is-100-of-gdp-highest-since-wwii/
DROWNING
RE: U.S. Debt to GDP: 100% - gdunn - 09-26-2024 02:31 PM
I thought Biden cut the deficit
RE: U.S. Debt to GDP: 100% - Attackcoog - 09-26-2024 02:40 PM
Nearing the point of no return. We need to get a handle on the spending very very soon--or there is no going back.
RE: U.S. Debt to GDP: 100% - Eagleaidaholic - 09-26-2024 02:54 PM
(09-26-2024 02:40 PM)Attackcoog Wrote: Nearing the point of no return. We need to get a handle on the spending very very soon--or there is no going back.
It will happen when other countries stop buying our bad paper. Japan has seen it first-hand. Their money doesn't buy anything anymore. The Japanese Yen has lost over 23% over the last three years and that is with an increase of 11% in the last 3 months. Japan holds more US debt than any other country in the world.
RE: U.S. Debt to GDP: 100% - BartlettTigerFan - 09-26-2024 02:55 PM
(09-26-2024 02:40 PM)Attackcoog Wrote: Nearing the point of no return. We need to get a handle on the spending very very soon--or there is no going back.
pfffttttt
Just print $35 trillion dollars and pay it all off. Isn't that how it works now?
RE: U.S. Debt to GDP: 100% - Eagleaidaholic - 09-26-2024 02:57 PM
(09-26-2024 02:55 PM)BartlettTigerFan Wrote:There's only $6 or & $7Trillion US that exists in the world. Our debt is 5 times more than what exists in the entire world. Let that sink in.(09-26-2024 02:40 PM)Attackcoog Wrote: Nearing the point of no return. We need to get a handle on the spending very very soon--or there is no going back.
pfffttttt
Just print $35 trillion dollars and pay it all off. Isn't that how it works now?
RE: U.S. Debt to GDP: 100% - BartlettTigerFan - 09-26-2024 03:01 PM
(09-26-2024 02:57 PM)Eagleaidaholic Wrote:(09-26-2024 02:55 PM)BartlettTigerFan Wrote:There's only $6 or & $7Trillion US that exists in the world. Our debt is 5 times more than what exists in the entire world. Let that sink in.(09-26-2024 02:40 PM)Attackcoog Wrote: Nearing the point of no return. We need to get a handle on the spending very very soon--or there is no going back.
pfffttttt
Just print $35 trillion dollars and pay it all off. Isn't that how it works now?
I know! So just print some more!
RE: U.S. Debt to GDP: 100% - shere khan - 09-26-2024 03:03 PM
Thanks filth.
Well on our way to 3rd world status
RE: U.S. Debt to GDP: 100% - GoodOwl - 09-26-2024 03:05 PM
cut all Federal, State and Local governments 25% this year across the board, keep cutting each year until they are all down below 50% of current size, and then start cutting some more....
RE: U.S. Debt to GDP: 100% - BartlettTigerFan - 09-26-2024 03:07 PM
(09-26-2024 03:05 PM)GoodOwl Wrote: cut all Federal, State and Local governments 25% this year across the board, keep cutting each year until they are all down below 50% of current size, and then start cutting some more....
Keep it up till they bleed.
RE: U.S. Debt to GDP: 100% - Attackcoog - 09-26-2024 04:02 PM
(09-26-2024 02:57 PM)Eagleaidaholic Wrote:(09-26-2024 02:55 PM)BartlettTigerFan Wrote:There's only $6 or & $7Trillion US that exists in the world. Our debt is 5 times more than what exists in the entire world. Let that sink in.(09-26-2024 02:40 PM)Attackcoog Wrote: Nearing the point of no return. We need to get a handle on the spending very very soon--or there is no going back.
pfffttttt
Just print $35 trillion dollars and pay it all off. Isn't that how it works now?
FWIW----Even if the the government was running a budget surplus----there would never be enough currency to actually account for all the outstanding private debts.
The banks are actually the mechanism that expands the money supply every time they lend money due to fractional banking. The banks only have to have a small fraction of the money they lend actually on deposit.
At its most basic form---I deposit $100 in the bank. Bob the Builder decides he needs a $100 loan. The bank lends Bob my $100. Now Bobs account has $100 in it---and miraculously---my $100 is still available to me in my account. My bank just magically increased the money supply by $100 and the US printing presses were never involved at all.
RE: U.S. Debt to GDP: 100% - Attackcoog - 09-26-2024 04:10 PM
(09-26-2024 03:05 PM)GoodOwl Wrote: cut all Federal, State and Local governments 25% this year across the board, keep cutting each year until they are all down below 50% of current size, and then start cutting some more....
Yup. At least you understand how big the problem is. Most people dont realize how big the annual deficit spending problem really is. Basically half of what the Federal government spends is borrowed. Its simply not a problem that can realistically be solved quickly. However, we sure a heck can start heading in the right direction by CUTTING the annual deficit. Unfortunately, I see ZERO evidence of the current administration moving in that direction (the 2024 deficit is tracking to be larger than last years).
The biggest problem with balancing the budget is nearly half of it is entitlements (thats social security and medicare/medicaid). Most of those benefits were earned and are owed to people who count on them to survive. Its politically impossible to cut them. That means pretty much everything else in the budget has to go. Thats the reality of the current mess.
RE: U.S. Debt to GDP: 100% - Native Georgian - 09-26-2024 04:28 PM
(09-26-2024 03:03 PM)shere khan Wrote: Well on our way to 3rd world statusMost of our cities are already there.
I’ve said it before, but I think it bears repeating: we, as a nation, have been living with make-believe budgets for over 60 years. Budgets defined by what we want rather than by what we can actually afford. And yes, the Democrats own the lion’s share of the blame for this. But the whole nation — Red and Blue, rich and poor, North and South, East and West, ALL OF US — have played a role in this crisis and all of us will be left holding the bag when the bill comes due. It’s going to get very ugly and just selfishly I hope I’m not around when it happens.
RE: U.S. Debt to GDP: 100% - stinkfist - 09-26-2024 04:32 PM
(09-26-2024 04:28 PM)Native Georgian Wrote:(09-26-2024 03:03 PM)shere khan Wrote: Well on our way to 3rd world statusMost of our cities are already there.
I’ve said it before, but I think it bears repeating: we, as a nation, have been living with make-believe budgets for over 60 years. Budgets defined by what we want rather than by what we can actually afford. And yes, the Democrats own the lion’s share of the blame for this. But the whole nation — Red and Blue, rich and poor, North and South, East and West, ALL OF US — have played a role in this crisis and all of us will be left holding the bag when the bill comes due. It’s going to get very ugly and just selfishly I hope I’m not around when it happens.
couldn't agree more ... this margin call is going get nastier than most can imagine behind picket fences...
they're fk'n with food (foe-odd ... it's what I do) ... I'm seeing signs of collapse in a town that is 'growing' w/o substance other than the mass exodus....
once the boomers' $$$ have been siphoned, one is going to have to ask themselves the real question of, "can Ya or cain' Ya."
again, it was always about simple #s in the fiat ... and one can only juggle so many...
RE: U.S. Debt to GDP: 100% - Bear Catlett - 09-26-2024 04:32 PM
LIKE, JUST TAX THE RICH !!!
U.S. Debt to GDP: 100% - WalkThePlank - 09-26-2024 05:00 PM
Until entitlement spending is reformed you’re going to have massive deficits
RE: U.S. Debt to GDP: 100% - stinkfist - 09-26-2024 05:15 PM
(09-26-2024 05:00 PM)WalkThePlank Wrote: Until entitlement spending is reformed you’re going to have massive deficits
at least you understand why illegal aliens...
RE: U.S. Debt to GDP: 100% - Bronco'14 - 09-26-2024 05:31 PM
I started to make list of areas you could cut, but you could pretty much cut everywhere. You'll never see it tho b/c it's just bad politically to cut. That's why it loses.
RE: U.S. Debt to GDP: 100% - TigerBlue4Ever - 09-26-2024 05:41 PM
(09-26-2024 03:07 PM)BartlettTigerFan Wrote:(09-26-2024 03:05 PM)GoodOwl Wrote: cut all Federal, State and Local governments 25% this year across the board, keep cutting each year until they are all down below 50% of current size, and then start cutting some more....
Keep it up till they bleed.
The only thing they will ever understand is pain, make it hurt to be stupid.
RE: U.S. Debt to GDP: 100% - TigerBlue4Ever - 09-26-2024 05:46 PM
(09-26-2024 05:00 PM)WalkThePlank Wrote: Until entitlement spending is reformed you’re going to have massive deficits
Until every swinging dick in DC stops using SS and Medicare as their own private slush fund...