Going twice as fast now.
Posted on 07/09/2023 7:45:12 AM PDT by Kaiser8408a
The US has passed the 32 trillion mark in national debt, and is going much, much higher. More like 32 tons on the back of taxpayers. When we add unfunded liabilities like Social Security, Medicare and Medicaid, the tab soars to $224.5 TRILLION.
New data show that a growing number of U.S. firms are collapsing under the weight of higher interest rates as corporate bankruptcies reached their highest first-half levels since 2010.
In the first six months of 2023, there were 340 corporate bankruptcies, topping every other comparable span in 13 years, according to S&P Global Market Intelligence. This is up 93 percent from the same time a year ago and higher than in 2020, when there was a spike during the early days of the coronavirus pandemic.
There were 54 recorded corporate bankruptcy filings in June, unchanged from the 54 bankruptcies in May. Last month, some of the most notable companies to submit filings were Lordstown Motors, Rockport Co., Instant Brands Acquisition Holdings, and iMedia Brands.
“Lordstown Motors Corp. filed for bankruptcy June 27, with plans to restructure its business and seek a buyer, according to a company release. The electric vehicle manufacturer’s assets include its Endurance pickup truck and related resources,” S&P noted in the July 6 report.
Since the Federal Reserve launched the Bank Term Funding Program (BTFP) following the Silicon Valley Bank collapse in March, financial institutions have kept tapping into these emergency lending facilities. After hitting a record high at above $103 billion at the end of June, it remains elevated at $102 billion.
32.5 trillion in debt and $192 trillion in unfunded liabilities which means a total of $224.5 total debt + liabilities.
This is Bidenomics. Spend trillions, borrow trillions, promise entitlements. Rinse, repeat.
(Excerpt) Read more at confoundedinterest.net ...
With the millions of freeloading foreigners the Brandon administration is importing, America is at the end of the road. No taxpayers but lots of handout recipients. FJB
Well, trillions of dollars in debt, just means that the American people and corporations are very hopeful with this Biden economy, otherwise, people and companies would not be taking on so much debt.
It’s Bidenomics, after all1 The more you owe, the more hopeful you are.
It’s 3rd world economic policy, and democrats embrace it full on.
Going twice as fast now.
Since the Federal Reserve launched the Bank Term Funding Program (BTFP) following the Silicon Valley Bank collapse in March, financial institutions have kept tapping into these emergency lending facilities. After hitting a record high at above $103 billion at the end of June, it remains elevated at $102 billion.
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$102 billion at EOM June since launch earlier this year after failure of SVB.
this BTFP could be soaking up tax payer funds faster than zelensky?
Biden is a wreck on the debt. However, we won’t fix this until we admit that republicans have been just about as bad.
The system is broken and its NOT really a partisan issue. I realize that many of our younger republicans in congress talk about fiscal discipline but the elders within the party who actually run congress are just as bad as democrats.
Show me the difference? We argue about a trillion here or a trillion there but we face a hundred trillion or more in the coming decades.
The Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund.
The government has borrowed the total value of the Trust Fund to pay for other
government spending.
Social security might last longer if the feds would quit "borrowing" from the fund.
> The system is broken and it’s NOT really a partisan issue. <
Correct! Trump did not veto a single major spending bill. And the GOP House recently voted to raise the debt limit. Except for Rand Paul, nobody in DC cares.
So eventually one of two things must happen. Either the federal government will default on its debt or they’ll just print worthless paper to cover it (thus causing hyperinflation).
I’d bet on the second possibility. The only question is when.
25-30 years from now, maybe?
The biggest irony of the “immigration debate” to me is that no politicians ask the obvious question of Americans.
Will you have to share your entitlements, social security, and health care with people who did not pay into the system?
Think about it. Do you think African-Americans want to divide their benefits with those who displace them?
This is such a winning message because it crosses all boundaries yet we never hear our leaders focus on it.
Interest Rates need to be above the Inflation Rate.
“16 Tons, and what do you get ?..
another day older.. and deeper in debt”. : Tennessee Ernie Ford song from the 50’s
I was just about to type that
Guess that makes us old!
But but but, we have lots of gold about 8000 tons of it more than anybody
Well,
That much gold at $2000 an ounce os worth an astounding one half of one trillion dollars.
Can you say drunk sailor in the same sentence with government money, our money?
Lots of reasons to keep out foreigners, but no, they’re not getting social security of Medicare for free. They’re paying in like citizens. Illegals aren’t eligible under either program.
Is Medicare free for anyone who is a US citizen?
Residents of the U.S., including citizens and permanent residents, are eligible for premium-free Medicare Part A if they have worked at least 40 quarters (10 years) in jobs where they or their spouses paid Medicare payroll taxes and are at least 65 years old.
Can Green Card Holders Receive Social Security Benefits?
First and foremost, it’s important to understand that green card holders are generally eligible for Social Security benefits if they have worked and paid Social Security taxes in the U.S. for at least ten years, or if they are the spouse or dependent of someone who has.
Wonder what the stock market roller coaster will be tomorrow.
Have ear plus on hand for the screaming.
Yup !
I even remember 'penny candy', and gasoline at $.67 per gallon
and our home silverware was given out by Mobil Oil Company, at one piece per fill-up
Saturday, all-day movies (10:30AM-5 PM), where they gave out door prizes between movies,
and my first baseball glove came from 'S&H Green Stamps'.
The Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund. The government has borrowed the total value of the Trust Fund to pay for other government spending.
whitehouse.archives.gov
^^^^^^^^^^^^^^^^^^
Social security might last longer if the feds would quit "borrowing" from the fund.
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no need to worry. they have already "borrowed" all the money in the SS "trust" fund
I remember all that except the price of gas(too young to drive)
I remember s&h stamps and after we got home from grocerys, we’d lick all the stamps and put them in the booklet and dream about what we could buy with them.
Thing is, I don’t remember redeeming anything I wanted.
Parents did I’m sure.
Could you tell me the main import of this as though speaking to a gradeschooler?
main point of the article was a snapshot of the financial hole we’ve dug ourselves into.
“This is Bidenomics. Spend trillions, borrow trillions, promise entitlements. Rinse, repeat.”
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