The king of debt
- Thread starter Kenneth Griffin
- Start date
Trump knows what he’s doing man. He’s so smart.
Things are out of control by everyone.
It seems though some have forgotten about the 8 years prior.
It seems though some have forgotten about the 8 years prior.
Sounds like a good time for another tax cut that will pay for itself and then some.
Now let's see. That's with the bigliest economy in the history of the world. Sounds like we need some tax cuts. Corporations haven't bought back enough stocks. The gazillionaires haven't sent enough money to offshore accounts.
OR..... the two unpaid wars from the eight years before THOSE eight years.
The highest debt. No ones ever seen debt this high. This is the best debt this country has ever seen.
How could anyone forget that? I mean... how could YOU ever forget that? I know how you could forget it, by ignoring the gargantuan debt that is the subject of this thread which is directly pointing at Republicans- the party of fiscal responsibility- in complete control, and still allowing it to balloon to that amount, and growing every second of every minute of every hour of every day of every week of every month of every year... with no slowing-down even a remote possibility.
In the future, stop bitching about unnecessary spending. Never even mention it. It doesn't exist. Especially when your conservative Republican president is asking for 25 billion MORE dollars to build a stupid fvcking wall and shutting everything down until he gets it.
Whoa...calm down angry boy.
Oh, by the way, walls work. I’ll talk the Border Patrol professionals word for it over the likes if you.
You got called the eff out. You, of course, backed off into the shadows.
And finished off by making up some BS about talking to border security. Which you added in because you knew you were looking stupid, it didn't help.
At keeping people out or IN?
Lawrence Kotlikoff said about 8 years ago that the debt is actually closer to $144 Trillion. At the same time, a Fed Governor said it was closer to $67 Trillion when you factor in unfunded liabilities.
Economist Kotlikoff: 'Our Country Is Broke'
By Dan Weil | Wednesday, 11 March 2015 07:40 AM
By Dan Weil | Wednesday, 11 March 2015 07:40 AM
- Boston University economist Laurence Kotlikoff has a sobering reply.
"Our country is broke. It's not broke in 75 years or 50 years or 25 years or 10 years. It's broke today," he told the Senate Budget Committee. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece."
And what about official figures showing that federal government debt is "only" 74 percent of GDP? "Unfortunately, the federal debt is not an economic measure of anything, including our nation's fiscal position," Kotlikoff argued. "Instead, the federal debt and its annual change, the deficit, are purely linguistic constructs that reflect how members of Congress choose to label government receipts and payments."
For example, that figure omits the almost $750 billion the government is collecting this year in Social Security payroll taxes from workers and the future Social Security transfer payments these FICA contributions secure, he explains.
"Were we to go back in time and re-label all past Social Security taxes as borrowing, official federal debt held by the public would not be $13 trillion, but $38 trillion, which is 211 percent of U.S. GDP."
In reality we're facing a fiscal gap of $210 trillion, Kotlikoff proclaimed. That's 16 times larger than official U.S. debt, "which indicates precisely how useless official debt is for understanding our nation’s true fiscal position," he noted, and almost 12 times the current GDP of $18 trillion.
Looking at the global horizon, from 2007 through the second quarter of 2014, debt grew by $57 trillion, raising the global debt-to-GDP ratio by 17 percentage points to 286 percent, according to the McKinsey Global Institute.
The endgame of this global cesspool won't be pretty, says Jeremy Warner, assistant editor of The Daily Telegraph. "The world is sinking under a sea of debt, private as well as public, and it is increasingly hard to see how this might end, except in some form of mass default," he wrote.
And it won't just be sovereign nations, but the corporate sector as well, Warner says.
"You might have thought that a financial crisis as serious as that of the past seven years would have ended the world economy's addiction to debt once and for all. It has not. If anything, the position has grown even worse since the collapse of Lehman Brothers [in 2008]."
Governments in advanced economies have borrowed heavily to fund bailouts and boost demand. Private sector debt also has climbed rapidly in many countries.
The massive debt burden makes the global economy very vulnerable to financial crises, Warner maintained.
Randomly picking this thread to comment on the democratic power shift - not necessarily a comment on OP. There are millions of middle of the road people like me that lean right yet abhore trump. This is the time to take the high road when he goes low, and to be a uniter not a divider. If you want to make hay and expand the tent go that route. Repeated blows against the whole body of the right (even if right of center 1%) for the sins of a total f$ck up of a president won’t net the desired results in 2 years. At least not other than the presidential race. I think if a bill Clinton is out there they time is nigh for an 8 -year run tenure.
But it doesn't really 'secure' anything. Flemming v Nestor the Supreme Court said there is no property right accrued in Social Security and Congress can change the rules whenever they want.
Federal debt is secured by the 14th amendment.
In reality they're just going to monetize the debt, again.
"We can guarantee cash payments from here on out, what we cannot guarantee is the purchasing power of that cash." -Alan Greenspan during remarks on Social Security, Feb 16, 2005
Almost, and certainly within reach. Give it time.
So we're charting the date in years and some other unit between 20 and 120.
Debt to GDP.
The record was set during WW2 (actually 1946) at ~119%.
Japan's general government debt to GDP is ~253%.
Here is a more granular listing if you're interested in seeing how it has moved.
We're gonna roof the country! Whoo-hoo!!! No more rain delays!!
Thank goodness for the small government - reduce the national debt tea party movement and their subsequent congressional takeover in 2010! Because of their tireless work and because of the amazing leadership shown by Mitch McConnel and Paul Ryan, they were able to successfully increase the national debt from 13.5 Trillion in 2010 to 22 Trillion 2019. So much winning.
The entire GOP with scant exceptions has propped up this "total f$ck up of a president" And it was the votes of "middle of the right" people who put this clown in office when it was manifestly obvious that he was a "total f$ck up" from the jump.
But her EMAILS!!!
Well, I am a registered republican who voted for Hillary and I know many similarly situated people. You should look at voting preferences in the South, rural areas, and the blue collar class.
You still don't get it. The country will take good Trump bad Trump over the disastrous policies of the Democratic Socialist.
Do you understand how the different branches of government work? Or that Trump has been president for 2 of the 8 years since the tea party movement?
BS. The Dems voted for those wars as well. Everyone owns it!
In fact I’m pretty much the only poster on here that objects to these foreign military endeavors. The rest of you are either warhawks or doves depending on whether it’s politically expedient. Look at Syria and Ukraine as an example.
And don’t for a second act like Obama didn’t spend and run us into further crushing debt. Everyone knows better.
For me it was more her experience.
I was happy to reject outright the candidate who never met a war she didn’t want America in.
The idea of her being president and potentially wanting to show her toughness was way scarier to me than the guy who called them ‘stupid wars’ and pointed out they don’t benefit the US at all.
It was amazing to see a US public office seeker suggest we don’t need to borrow money to defend South Korea from their smaller, poorer neighbor.
I'm all for protecting our borders. But, it's one step closer to becoming EG for any future POTUS.
You are smart to stop talking about fiscal policy. Get back to ur border talk. At least you may know what a border is.
???
You do realize that the Republican Congress and the Republican Senate gave him these spending bills and tax cuts right?
Not that the Democrats can make the claim either but it's extremely annoying to Republican selective use of fiscal responsibility. If we talk about providing healthcare to Americans or food or something like that, we never have the money. If we talk about reducing the income of our federal government via tax cuts (that do not pay for themselves) or dropping another hundred billion dollars into the military, then suddenly money is no longer an issue.
My point is that there are layers in any party. I believe that there are a number of middle of the road voters to be had if not alienated, even if they are registered as republicans.
A border wall with the third world isn’t going to make us any closer to being the German Democratic Republic.
That’s what the NSA and FBI are for.
Well the limitations of the two parties does leave a lot of people who don't fully agree with either in a difficult situation when it comes to voting. Trust me I get that.
But the base of the parties and the politicians of the party, you look at what they do and fiscal responsibility is only something they resort to when out of power and someone wants to spend money on something they don't like or something that isn't a pet project.
