Posted on 02/24/2023 5:11:32 AM PST by Kaiser8408a
The US Federal government reminds me of the Peggy Lee song “Is That All There Is?” Since the outbreak of Covid in 2020 and the absurb spending spree by Pelosi and Schumer, the Federal government has increased their debt by 36% to help pay for the Federal spending spree. That amounts to $54.8 TRILLION in additional Federal debt since January 2020.
What did the US economy get for all that Federal spending? In Q4 2022, Real GDP rose by … 0.91% YoY. Seriously? Is that all there is from $54.8 TRILLION in additional Federal debt?
What do you expect when low-life lobbyists shuffle in and out of Congressional offices and the White House. Lobbyists don’t represent middle class America, but represent the elites.
Another bit of lousy news. Look at the trend in S&P 500 Earnings Surprise (5 year).
On the housing front, the US housing market was hit with the biggest six-month wipeout since 2008.
At least US Transportation Secretary “Pothole Pete” Buttigieg FINALLY showed up (three weeks after that East Palestine Ohio train disaster). Here is Buttigieg practising for press conference.
(Excerpt) Read more at confoundedinterest.net ...
I love Trump and will continue to vote MAGA when possible. Trump is as responsible as anyone for the spending. I understand being scammed initially on Covid but he has no excuse after April ‘20. He was scammed again when the Uniparty hacks advising him went all in on “politicized” covid spending. The entire vaxx catastrophe was a “do something” campaign decision. Trump should have been calling out the scammers as many of us here on FR we’re doing spring of 2020.
The voters are responsible. They all want to cut spending UNTIL it comes time to cut their favorite program.
And most voters only care about one thing when it comes to voting for Congress critters, how much pork they bring home.
They are just doing what the voters want!
Let me add, calling out the scammers and then firing them.
Hard for GDP to go up when the $54 trillion is given to people for not producing anything but illegitimate babies and CO2, to pipe-dream green energy companies that are useless, and to foreign governments that hate us.
I think they could have lit a pile of 54 trillion in $100 bills on fire and generated more economic activity by monetizing YouTube videos of the event.
Money was borrowed from the future and destroyed - the act of a government which does not care, because they are on the verge of collapsing and replacing the dollar with a digital currency and in the process defaulting on debts new and old.
If your financial future depends on money "owed" to you by Western governments, you had better think twice. You might get the nominal value you are expecting - only to find real items priced in dollar equivalents cost a hundred times what they do today.
With usdebtclock now at $31.576 T, plus the current deficit of $1.4 T, that's not the source...
If $54.8 T is a 36% increase, that means $40 T was the previous debt.
No matter, the US fiat system is *designed* to never pay back a dime of principle. Since 1789, the total of US deficits has been $21 T. Never paid a dime in principle since then, and never will.
It probably was $5.48 trillion increase.
“Seriously, this is all we get from Biden/Pelosi/Schumer and McConnell’s massive spendathon?”
Have you forgotten the $600/week for doing nothing?
Have you forgotten the $2000 handouts that switched the control of the Senate after Trump complained about McConnell’s $600 2021 timeframe handouts?
Have you forgotten the empty Walmart shelves?
Have you forgotten the food price and other price increases?
I agree 100%!
I hate to be a "doom-gloom," but we are headed toward disaster. And, it seems there is no way to stop this runaway train except by a BIG TRAIN WRECK.
It happens about every 80 or so years (1930, 1861, 1776 and more) and this is no different.
https://www.longtermtrends.net/us-debt-to-gdp/
Fiscal recklessness began under Reagan.
Clinton made headway in getting it under control.
Since Bush Jr. took over and until Biden took control, the problem has been getting worse.
The massive Biden inflation has reduced the debt/GDP ratio by cheating debt holders who may be getting 3-4% interest in the face of about 10% inflation.
The Weimar German inflation wiped out many German debts (and the life savings of millions).
Clinton had nothing to do with trying to get federal deficit under control, not unless you count seriously over reaching and then losing the House in the 1994 election as a result. The one and only reason that the deficit came under some degree of control in the mid 90s was because power in the federal government was split, and Newt Gingrich was fully vested in stopping whatever Clinton wanted to do. That paralysis stopped a lot of government programs from getting started, and slowed down the rate of increase in other ones. That is why the deficit was under control. Bill Clinton deserves no credit for that whatsoever.
“Since the pandemic started, more than 50,000 people in Canada have died from COVID-19.
“Four hundred deaths following COVID-19 vaccination also have been reported in Canada. Of those, four were classified as ‘consistent with causal association to immunization’ after being reviewed by scientific and medical professionals, according to the email from Public Health Agency of Canada.”
Someone needs to check their facts. It is simply not possible for the federal debt to have increased by nearly $55 trillion in the last three years, not when the total federal debt is roughly $30 trillion. There’s an extra zero in that figure.
That being said, the situation with deficits, and the ever-increasing federal debt, is going to destroy this country before long.
“Clinton had nothing to do with trying to get federal deficit under control, not unless you count seriously over reaching and then losing the House in the 1994 election as a result. The one and only reason that the deficit came under some degree of control in the mid 90s was because power in the federal government was split, and Newt Gingrich was fully vested in stopping whatever Clinton wanted to do. That paralysis stopped a lot of government programs from getting started, and slowed down the rate of increase in other ones. That is why the deficit was under control.”
You are correct. Congress has the power of the purse.
My apologies to one and all for my error.
“That being said, the situation with deficits, and the ever-increasing federal debt, is going to destroy this country before long.”
It took about 20 years from the Weimar inflation to the destruction of urban Germany under Adolf Hitler.
If Hitler had not come to power, Germany would have limped along and then recovered.
The people in Washington and on Wall Street know that most of the substantial American savers will dead in about 20 years and their impoverishment by Biden inflation forgotten.
Grandchildren will use $1 Trillion Obama Federal Reserve Notes to fill their plastic wheelbarrows.
Fiscal recklessness began with Central Bankstering fiat currency instead of money. Way, WAY, before Reagan.
Fiat currency is pre-planned debt slavery. Say someone takes out a $1M mortgage. $1M of new fiat is created and enters M2. Depending on the interest rate PLUS inflation over 15-30 years, more fiat must be paid back to the bank over the term. The US is in even a better position - the US does not pay principle. Evah.
The Fed’s strategy at this point seems to be just keep printing until something breaks and when the Ponzi collapses, Klaus Schwab and the WEF will then institute policies of totalitarian control as the only option left to save the world from total economic collapse and chaos.
No apologies needed - c’mon, man! :>)
I just don’t like to see Slick Willie get credit for anything except what he did - abusing women and stuffing his pockets with taxpayer money.
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