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National debt could hit $40 TRILLION by end of pandemic, Congressman warns
Just The News ^ | 8th May 2020 | By Nicholas Ballasy

Posted on 05/08/2020 5:44:03 AM PDT by RandFan

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1 posted on 05/08/2020 5:44:04 AM PDT by RandFan
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To: RandFan

Don’t cry for me Argentina...


2 posted on 05/08/2020 5:46:47 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: RandFan

Why does Congress “warn” us _after_ they inflict their damage?


3 posted on 05/08/2020 5:48:33 AM PDT by BradyLS (DO NOT FEED THE BEARS!)
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To: RandFan

Well, if the “rich” would just pay their “fair share”, we could pay for everything with no debt!!!!!


4 posted on 05/08/2020 5:50:37 AM PDT by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
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To: RandFan

I remember the good old days when a $1T debt was shocking. But back then, the debt/GDP ratio was only about 33%. Now it’s, what, nearly 200%?


5 posted on 05/08/2020 5:51:34 AM PDT by rightwingcrazy (;-,)
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To: RandFan

One of the tools in the marxist muslim alliance’s toolbox is bankruptcy.

That was one of Obama’s goals.
Now we face another attack in a different form.


6 posted on 05/08/2020 5:51:52 AM PDT by himno hero (had'nff)
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To: RandFan

Where’s the $7 trillion figure coming from?


7 posted on 05/08/2020 5:52:51 AM PDT by DoodleDawg
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To: RandFan

We have the copy machines. They are top of the line and can certainly handle the job. The question, however, is:

Do we have enough trees?


8 posted on 05/08/2020 5:53:11 AM PDT by Pilgrim's Progress (http://www.baptistbiblebelievers.com/BYTOPICS/tabid/335/Default.aspx D)
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To: DoodleDawg

CARES ACT, the one before that and the loans from the Federal Reserve ($4 trillion).

That’s how he gets the figure


9 posted on 05/08/2020 5:55:39 AM PDT by RandFan
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To: RandFan

If the Democrats win in November, it will exceed $40 trillion as they bail out the Democratic cities and states. Serious inflation is on the horizon as the economy begins to open. The price of gold will parallel reliable polls. If Biden really appears to be winning , gold prices will continue to rise. If unimaginable disaster occurs and the creepy, demented corrupt Biden is actually elected, the price of gold will exceed $2,000/ounce by the inauguration.


10 posted on 05/08/2020 5:56:13 AM PDT by allendale (.)
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To: RandFan

> we’ll probably be paying at least as much interest as — $600 billion a year — as we spend on the military <

That’s the key point right there. The Europeans addressed that problem by simply downsizing their militaries. But we cannot afford to do the same.

Side comment #1: Thank goodness Trump is president now.
Side comment #2: Red China can go to hell.


11 posted on 05/08/2020 5:57:45 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: RandFan

Maybe we should get back to an economy based more on production and less on the parasitic “service industry.”


12 posted on 05/08/2020 5:57:55 AM PDT by familyop (Hell hath no fury like a scorned parrot.)
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To: allendale

I have a feeling that voters will keep a divided government either Biden wins and the House flips or Trump wins and the House stays Dem.

I don’t know which one will happen but it means the states might not get their bailout.


13 posted on 05/08/2020 6:00:25 AM PDT by RandFan
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To: allendale
> If the Democrats win in November, it will exceed $40 trillion as they bail out the Democratic cities and states. <

You betcha. Anybody and everybody will get bailed out. Mismanaged states and cities, newspapers, symphony orchestras, pension funds, etc., etc.

Brother, can you spare a dime trillion dollars?

14 posted on 05/08/2020 6:03:14 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: Leaning Right

Scary suff IMO

There is a limit to this madness and it seems the Dems are happy to push it.


15 posted on 05/08/2020 6:04:51 AM PDT by RandFan
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To: BradyLS
Massie votes against most of this spending, along with (one of) his fellow Kentuckians in the Senate. 🇺🇸
16 posted on 05/08/2020 6:10:13 AM PDT by Laslo Fripp (The Sybil of Free Republic)
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To: RandFan

Communism is coming. The current economy produces $21 trillion per year. A third of that is now outlawed, and we reasonably can expect half of the total economy to vanish in the depression as other sectors contract. For example, construction workers legally may build a theater, but with operation of a theater outlawed, no one can afford to construct one. So they too lose their jobs. And so too do the manufacturers who otherwise made equipment with which to construct such theater. We’ll presume that our president does an optimal job of managing the economy under the circumstances, and place future gross domestic product at $10 trillion.

After current bailouts, federal spending jumped from $4.4 trillion last year to more than $7 trillion. Congress never reduces spending, so expect this to continue or even to increase. Total gross domestic product includes government spending. State and local spending constitute roughly $4 trillion of the economy today. We can expect some reduction in this spending if only because state constitutions require balanced budgets, but many entities will raise taxes, perhaps doubling the current rates. Lawmakers especially will raise property taxes because they do not depend on the capacity of the property owners to pay. As a result, vast hordes of homeless persons will lack property entirely, for whatsoever they acquire, the government will tax away. The property taxes can drive the effective total tax rate above 100% of income, thus depriving the multitudes of any assets. In Illinois particularly, government spending on pensions cannot be reduced as a matter of constitutional law, so taxes must increase, swallowing the entire private economy and private invested wealth.

No one will lend to the feds at some juncture, especially with a collapsing birthrate and economy and with no apparently payback prospects from a collapsed or outlawed private economy. So, Congress must raise taxes to sustain spending. Expect federal tax rates above 80% with progressively fewer exemptions, mostly trained ever more narrowly at a few oligarchic sponsors in exchange for gigantic bribes.

Nevertheless, that calculation leaves little room for any private economy, and most of that economy will operate underground under increasingly severe repression. Expect government to expropriate private assets to meet its expenses.

Welcome to communism, where the private sector is effectively outlawed or taxed unto oblivion.


17 posted on 05/08/2020 6:13:27 AM PDT by dufekin
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To: RandFan

Cloward-Piven baby!


18 posted on 05/08/2020 6:13:27 AM PDT by JZelle
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To: RandFan

-Fiat currency
-Debt held by Fed Reserve, a private bank
-Fed recently placed under Dept of Treasury (where it belongs)
-Chairman of Fed is now Donald Trump
-Expect debt forgiveness when we are place under gold backed currency 2021


19 posted on 05/08/2020 6:18:06 AM PDT by Chauncey Gardiner
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To: dufekin

A few thoughts:

1) When the USSR went broke, did anyone want to put the big centralized power back together? study that recent history as well as the demise of other great powers.

2) Becoming? Our economy IS the government. read the Vampire Economy and tell me that isn’t what we have today.

https://mises.org/library/vampire-economy

3) The 2nd amendment may still be our saving grace. When the guns are gone, I will be less hopeful.

4) There is no doubt there are tough times coming. How the story ends is not determined at this point.


20 posted on 05/08/2020 6:29:50 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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