[expat_panama]

imho the most important point got left out, the fact that right now the debt is not a problem because interest rates are low. For now. They will go back up and when they do $trillions will have to be spent on interest payments and that will have to come out of spending. Yeah, they'll try higher taxes but in real life, there isn't any more money there.

[Alberta's Child]

The prime rate published in the Wall Street Journal has been below 6% since March of 2008. It was at 3.25% for seven years from December 2008 through December 2015.

I predict that it will be decades before it gets back up to the 6% range again.

[kearnyirish2]

IT doesn’t matter to millennials because unlike prior generations, they don’t fear burdening children and grandchildren they’ll never have. Much of their shortsighted voting reflects the fact that when they keel over their story on this Earth (as well as their DNA) is gone forever.

[expat_panama]

It's Friday!   Stock price trends have posted yet another 'distribution day' bringing the count up to 6/Nasdaq and 8/S&P500.  True, we're only talking about a fraction of a % this time but yesterday's levels had a bit of a dip for a while and today's stock index futures are -0.40%.  Meanwhile gold & silver slog along sideways while their futures are also dim.

Everyone made a fuss about the Fed's minutes this week, but in reality those guys are only taking orders from these:

8:30 AM PPI
8:30 AM Core PPI
8:30 AM Retail Sales
8:30 AM Retail Sales ex-auto
10:00 AM Business Inventories
10:00 AM Mich Sentiment
2:00 PM Treasury Budget

---and fresh from the Nobody Knows Nothin' News Service:

The November Election Won't Be Market Friendly - Doug Kass,RealMoney
'Halloween Indicator' Signals a Bullish Turn - Mark Hulbert, USA Today
A Sloppy, Ugly Market Could Get Worse - Mark DeCambre, MarketWatch
Bob Dylan: Economist, Financial Adviser - Robert Schroeder, MarketWatch
Slower Innovation Has Sapped Modern Productivity - Edmund Phelps,BV
London or New York? Brexit Shakes Up the Rivalry - Wallace & Wright,DT
Global Economy Caught In Middle of Central Bankers - Jeff Snider, RCM
Time to Seek Reform of the Federal Reserve - Allan Meltzer, Defining Ideas

[rollo tomasi]

The debt/deficit hawks favorite phrase is “innovative productivity”. Fundamentals/reason can go to hell for all they care.

[rollo tomasi]

Whoops, ANTI-deficit hawks, my bad.

[Robert DeLong]

Most millennials have no clue what deficits are, let alone what they really mean to them. To them it is just government money. They haven’t realized that the bulk of that government money being spent, that does not exist, is coming from them, payable in their future and their future children’s future.

[RFEngineer]

“Democrat congresses gave us the trillion-dollar deficits”

BS. The GOP and Democrats both allowed for the trend of greater government to continue without interruption for 30 years fueled by debt.

The reason we have continued low-interest rates is that it allows for the growth of government to continue until we can no longer borrow any more money.

It is this transition that both the GOP and the Democrats are afraid of. What will happen when they have to tell people “no”. It will sweep out the present crop of thieves in government who enrich their cronies and pet corporations, and sweep in a new crop who will be fighting to steal any remaining revenue.

Governments cannot be trusted with debt. If we have learned anything at all out of the grand experiment that is the US, it is that one lesson.

I suspect that we won’t need to have a “balanced budget amendment” or anything like that. In the end, everyone will realize that a “government promise” or a “government bond” will be as worthless as the politicians who issue them.

Money is too important to be left to government.

Our present situation will make that all too obvious.

We live in interesting times. When government can’t enrich voting blocs or special interests, we will find out whether America can survive.

[grey_whiskers]

Remember Lloyd Bentsen during his campaign?

"I could create the illusion of prosperity if you'd let me write $200 billion in hot checks every year."

Now, $200 billion isn't much more than a rounding error, and we are still in poverty.

Tar and feathers? Or pitchforks & tumbrils?

[Vermont Lt]

Running a deficit is not always a sin. Taking a mortgage out for a home is deficit spending. But, the key is what percentage of your gross income is spent paying back the debt.

When the debt service is greater than your income, you will find yourself in trouble pretty quickly.

We do not have to ERASE the debt, just cut it by 25-30%.

But-—Millennials seem to be shocked by the amount of their school loans. I am not sure they can really conceive of the debt load for the country.

[i_robot73]

IMO, the most important will never be discussed: the illegality and unconstitutional of said Acts, counter to our Rights.

The Right has no idea how to successfully counter the narrative, arguing from the premise of the Socialists, never the root

[sparklite2]

Yeah, those darned progressives.

You know, Paul, Reagan proved that deficits don’t matter. We won the mid-term elections, this is our due.
(January 9, 2004)

-—Dick Cheney

[Buckeye McFrog]

I am over 50. Have been hearing since I was first aware of politics in the 70’s how deficit spending posed an imminent threat.

Forty years and 16 trillion dollars later no one can see the threat. For sure these Millenial kids don’t. Until something YUUUUGE breaks globally the presses can keep printing dollars for as far into the future as the eye can see.

[Diana in Wisconsin]

“...but in real life, there isn’t any more money there.”

That, I don’t believe. I am thoroughly CONVINCED that the ONLY reason we haven’t gone Full Frontal Socialist as a Nation yet is BECAUSE Government hasn’t run out of Taxpayer Dollars. (AKA, ‘Other People’s Money,’ per Margaret Thatcher)

I understand your thinking, though. Individually, all of us Turnips feel that we ARE tapped out!