National debt could hit $40 TRILLION by end of pandemic, Congressman warns

Just The News ^ | 8th May 2020 | By Nicholas Ballasy

[Leaning Right]

Interesting analysis there. Thanks for posting it.

As I see it, the federal government will eventually have to pick some combination of these four choices:

1. Drastically raise taxes (as you discussed).
2. Simply print money - inflate their way out of debt.
3. Seize IRA’s and 401k’s. Replace them with garbage federal bonds paying maybe 1%.
4. Default on the federal debt.

I’m guessing it will be a blend of 1 and 2. But when some Elizabeth Warren type eventually becomes president, anything is possible.

[PeterPrinciple]

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?

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A loaf of bread in Berlin that cost around 160 Marks at the end of 1922 cost 200,000,000,000 Marks by late 1923.[16]

https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic

It is always the same but different. I think there real question is do we have enough electrons.

[glennaro]

Damage inflicted by Congress but caused — not by the Chinese virus — but by the governors and, of course, “The Experts” who are doing everything they can to blame the lockdown, nationwide economic damage and severe harm to our social fabric on the Chinese virus instead of where is clearly lies, on the governors’ themselves by their deliberate soul-crushing actions ... actions which continue in many states to the present.

[PeterPrinciple]

clearly lies, on the governors’ themselves by their deliberate soul-crushing actions ... actions which continue in many states to the present.

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Power is not taken, it is given. Freedom has been sold in exchange for “safety”.

[PeterPrinciple]

1. Drastically raise taxes (as you discussed).
2. Simply print money - inflate their way out of debt.
3. Seize IRA’s and 401k’s. Replace them with garbage federal bonds paying maybe 1%.
4. Default on the federal debt.

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Isn’t the bet on what order they will ALL happen?

[Theoria]

Regardless of who is elected they spend more than ‘we’ take in. Trump has signed off on this largesse. He brags via tweets at the amount of money we ‘spend’, ie paid leave for federal workers. The r’s only cry about spending when they aren’t in charge.

[stillfree?]

Would someone ask Brian Williams if 10 Trillion would make us all millionaires?

[MSF BU]

Massie has a great bill to loosen up the monopoly that ‘big meat’ has on supplying local needs. There is no reason mom and pop shops should not be able to sell locally to insitutions any more than milk vendors or local produce growers.

[MSF BU]

Best bet is inflation. I don’t see three or four happening at all especially when printing money will pay the debt off, albeit with less valuable currency. #3 is a fantasy. Hold what amount to savings bonds in place of Exxon, JNJ or Coca Cola? No thanks. Hold common stock.