The current system is unconstitutional also, but I’m not allowed to tell you why. I regularly try to get people to understand that SS and MC have no real assets and that they’re all part of the debt. At a certain point, the investors will demand that we get our fiscal house in order. Think of it like getting out of credit card debt. How is the debt actually paid down? Donate now. Any new revenue is simply spent right away. Accessibility | Forty percent have a wide-screen HDTV. This wall will logically pay for itself because that’s what walls do. | I’ll continue doing as I please thank you very much. . i was jobless 2 years earlier , however now i have a really extraordinary occupation with which i make my own specific pay and that is adequate for me to meet my expences. First things first: what are we talking about when we talk about US govt “debt”, and do we all accept the US govt is the currency issuer residing outside, and separate from the private sector. But your forgot the best fix of all. It’s also about to grow much bigger. The clueless ones are the ones who only see static accounting, while the dynamic of built-in spending boosts of 8%+ each year are ignored. that sort of trajectory should inspire immediate action. Clinton got some kudos for more-or-less balanced budgets, but didn’t get no free pass. Republicans will always sleep comfortably knowing that no matter how hard they fuck things up, there will be a pundit class and internet commenters who say “both sides” to absolve them of their specific culpability. The new rate is almost exactly the poverty rate we had in 1967, only three years after President Lyndon Johnson announced his war. The U.S. debt reached a new high of $27 trillion as of Oct. 1, 2020. The number has more zeros than a football team has players on the field: Advertisement. Each man, woman, and child in the United States would have to pay $68,000 to pay it off. Those aren’t the only options. “”Also : Notice you blame Obama for debt despite GOP congressional control, then excuse Bush’s debt because of Democratic congressional control. What happened, did your mom’s basement flood out? Those are shams and part of the debt. Then get The Morning Bell, an early morning edition of the day’s most important political news, conservative commentary and original reporting from a team committed to following the truth no matter where it leads. But I suppose that helps grow the debt less since less needs to be borrowed? It's a record that likely won't stand for long. Edwin J. Feulner’s 36 years of leadership as president of The Heritage Foundation transformed the think tank from a small policy shop into America’s powerhouse of conservative ideas. The day of Obama’s first inauguration the CBO projected deficit was 1.3 trillion dollars – with the economy in total meltdown. I think the issue should be framed in terms of the federal interest expense outlay instead. So how can the poverty rate be practically the same? AOC believes in “modern monetary theory”, although I doubt she really has a deep understanding of all that MMT describes and suggests. This has been a certainty for about forty years now : The GOP makes the debt situation worse their time in power; the Democrats make it better during their turn. “”Less. Already, interest on the national debt consumes about $390 billion annually. Hitting the $22 trillion threshold is just one step towards that future debt crisis, but it will take a long time to reverse these trends. That is money that is literally going to nothing beneficial to our country that we are obligated to pay. The typical house or apartment of the poor is in good repair and uncrowded. Approximately 25 Kilograms or 55.12 pounds. So in the end it’s pretty simple accounting. The fact is, to a greater or lesser extent it is all of these, and right now we’re all sitting at the foot of Mt Everest trying to figure out how we might attack the summit without any climbing gear. The time to start is now, while the economy is still growing—because another recession will only make these problems more intractable. Most of all, nobody at any level has any real idea of what if anything can be done about it or whether they would support any real solution even if someone could propose one (eg, cutting spending; it’s fine so long as it doesn’t affect something of any importance to them). You must not have any kids. “{Insert name of pet program} pays for itself” is the new opiate of the masses. 1.21.2021 1:45 PM. What many people don’t know is that the Social Security Trust Fund , also known as your retirement money, owns most of the national debt . Interest expense is also the fastest growing area of our budget. And remember: That FeRN is a NOTE — an IOU. $22 Trillion of debt is a huge amount, almost beyond comprehension, but when you add in $70 trillion more, the number gets a lot bigger. um Bernie Sanders said so, and he really cares about people. But remember democrats had both houses in Congress under Obama for a while. Why isn’t this all just more empty hypocrisy? Today's £ to $ USD exchange rate is 1.27. Spending any new revenues doesn’t help the debt, because the debt is bonds that have already been issued and must be paid off when they mature. I have no “gushing enthusiasm” for AOC NGD. Ultimately a bout of inflation will take nearly all dollar savings and render the debt moot. Consider what it might take, and it’s easy to see why they ignore it. America’s high and rising debt matters because it threatens our economic future. At $22 trillion, the national debt is so large, it’s hard for most people to fathom. He might have pushed it a little harder, but he screwed the US economy in the process. Here's How Donald Trump's 'Patriot Party' Could Become a Political Force, D.C.'s Unscientific Vaccination Plan Pits the Elderly Against the Obese. Public debt just gets kicked down the road and the voters know it. In the so-called "alternative fiscal scenario," which assumes current policies (such those tax cuts) are kept in place, the debt would hit 225 percent of GDP by 2050 and more than 600 percent of GDP by 2093. It’s always the fucking spending. | We should build a wall, a big, big wall from sea to shining sea along our southern border. Edward Rendell, co-chairs of the Campaign To Fix The Debt, a bipartisan group pushing for fiscal responsibility in Washington, D.C. "The fiscal recklessness over past years has been shocking," the former governors said in a statement. The national debt of over 22 Trillion dollars would reach over 1,408 miles high. The candidate last election who promised the least – who treated voters most like an adult – was Hillary Clinton. A family of four would have to pay over a quarter of a million dollars. In just a couple decades it is manageable and not THAT big a deal. They admit there’s some inflation risk, but nothing that we’re not smart enough to handle. Ours is only partly owned by us. All you have to do is maintain a BALANCED budget every year, and never deficit spend. It might… just… work! If we don’t build a digital wall to keep out the Trolls, then millions of taxpayer dollars are going to keep going into law enforcement efforts such as those required by America’s leading criminal “satire” case. The average cost per recipient in 2013? Means. Damon Root It’s worth noting that Japan’s debt-to-GDP ratio is around 236% – and they have not experienced hyperinflation or a collapse in their currency yet. Seemingly every other commenter has a different idea about what the problem is (“it’s revenue”, “it’s spending”, “it’s federal interest expense”, and on and on). It doesn’t even really help the deficit, which is the rate at which new debt accrues. That works out to about $66,000 for … You’re correct, but not at the same time. Sadly, of course, such conditions do exist for some Americans. That's more than 15% of the $7 trillion in Treasury bills, notes, and bonds held by foreign countries. Finally, Barr does not answer the ultimate question: What would make his “debt-free” money valuable? You may have seen headlines to describe the market carnage like a trillion dollar’s worth of wealth wiped away in a single day. But President Donald Trump completely ignored the national debt issue in last week's State of the Union address, and he's previously shrugged off worries about the national debt because things won't get really bad until he's out of office. For example, a lot of people think we spend too much on defense spending. @EdFeulner 1.22.2021 3:15 PM, Glenn Garvin Additionally, the GAO noted, economic losses associated with increased mortgage foreclosures and higher unemployment since 2008 need to be considered as additional costs. When my erstwhile colleagues explained to me emphatically how Obama would have saved America “billions of dollars” at “state and federal” levels because they lapped up enjoyed his delivery of a Favreau-penned speech and the subsequent commentary on NYT/MSNBC/Guardian etc, they made it heck of awkward to live in a world where water is still wet and the Sun goes down every night. You do realize it was Congress that makes the budget right? 1.22.2021 3:55 PM, Scott Shackford Sorry bro. 1.22.2021 1:36 PM. Report abuses. They’re not intended to convey your biased, partisan paraphrase of language that didn’t say anything that you purport it to say. Big debt is a symptom of big spending. I agree. STOP DEMONIZING TAX CUTS. According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $22.5 trillion (125% of GDP); subtracting out $5.25 trillion for intragovernmental federal debt to count only federal "debt held by the public" gives 96% of GDP. We really are at the point where we’re going to need our Sulla or whatever. The agency said the financial crisis toll on economic output may be as much as $13 trillion -- an entire year's gross domestic product. Pretty simple accounting, © 2020 Reason Foundation | Privacy policy | Accessibility | terms of the government... Trillion over the next decade on welfare programs that provide cash, food housing! Correct, but only one party is evil to end, they do nothing to stand on and. An economy that ’ s allowed in the United States owes China, one of the time, it. Some kudos for more-or-less balanced budgets, but next year they want a larger pool of money the aisle to! 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