Posted on 04/27/2024 9:34:33 AM PDT by Kaiser8408a
The US debt and Federal spending is out of control. As is entitlement spending.
In 2007, the U.S. national debt was below $10 trillion, and the budget deficit was about $160 billion. Federal spending was about $3 trillion, and interest payments were approximately $400 billion.
Then the numbers spiraled out of control. Yet Biden/Congress keep shoveling money to Ukraine and leave our borders unsecured.
Washington’s fiscal situation has drastically changed since then; total debt has surpassed $34 trillion, the annual budget shortfall exceeds $1 trillion, and interest costs have topped $1 trillion.
David Walker, the former comptroller general of the United States and a Main Street Economics advisory board member, is unsurprised.
During this time, the former head of the Government Accountability Office (GAO) appeared on a widely viewed episode of “60 Minutes,” toured the country to spotlight worrisome trends in the U.S. government’s budget (he did this again in 2012), and attempted to convince lawmakers of the unsustainable fiscal path.
Given the treasure trove of budgetary numbers coming out of the nation’s capital almost daily, such as nearly half of income tax revenues being dedicated to interest payments, Mr. Walker’s warnings have not been heeded nearly two decades later.
According to the Congressional Budget Office’s long-term outlooks, the national debt will eye $50 trillion by 2034, fueled by around $17 trillion in cumulative deficits. As a percentage of GDP, debt held by the public and the deficit will reach 166 percent and 8.5 percent by 2054, respectively, the CBO forecasts.
“That’s irresponsible. It’s unethical, and it’s immoral, and it needs to stop.”
Ever worse, politicians have promised $215 TRILLION in unfunded entitlements to the bottom 99%. When this all explodes, who will be left standing to make good on these promises??
(Excerpt) Read more at confoundedinterest.net ...
The National Debt was up about $8 Trillion under Trump and between he and Biden we will be looking at a rise of around $12 to 16 trillion in just 8 years.
The federal budget is now eaten up by almost $5 Trillion on 3 items, Health Care Spending $2.5 Trillion, Defense Spending $1.2 Trillionand Interest rate expense $1.2 Trillion and Biden proposed a $7 trillion budget we can’t afford and no amount of tax increase can cover the deficit. Medicare Taxes alone would have to go up 6X to even try to close the gap, that means about on average $7 to 8 Thousand Dollars a year per person.
We will be at $50 Trillion in Debt long before 2034 at the pace we are going.
Captain Obvious finds another exclamation point.
Thank God we have a Central Bank with the authority to print as much fiat currency as necessary and a banking system based on fractional reserve lending, otherwise we would be in real trouble.
FINALLY: An intellectual headline (rather than strictly assigning the zero cabal's actions to xiden himself...who is not capable of formulating the organization behind what's now being implemented).
"In recent months, many Treasury auctions have led to lackluster demand among domestic and foreign investors. Market watchers have warned that global financial markets might share Fitch and Moody’s concerns about America’s fiscal deterioration."
Would be a better graphic if his head was photoshopped onto a Roomba.
The problem with threads like this is the failure to reach a conclusion that is the MOST LIKELY conclusion — that being:
There is no fix. It has nothing to do with ideology. Nothing will be done because nothing can be done, and this is not a matter of politics.
It is a matter of failure.
Buy farmland, before money loses all meaning. Know the difference between meaning and value.
The Treasury auctions have turned in to a real shit show and is a pretty good indicator of where things are going, buckle up, rough weather is in the forecast. The bad part is, it is all being done INTENTIONALLY.
for those unfamiliar with the tactics being used by the dems for decades...
it’s called the Cloward and Piven strategy.
https://en.wikipedia.org/wiki/Cloward%E2%80%93Piven_strategy
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