Posted on 10/17/2021 10:47:33 AM PDT by DUMBGRUNT
And even all that spending isn’t enough: Social Security’s “unfunded liabilities” — how much money the government would need today to make up the difference between the money that will be paid into Social Security in the future and the benefits that have been promised — is about $40 trillion.
How much is $40 trillion? It is all the money in the world — literally: All the cash in circulation, plus all the deposits in checking accounts and savings accounts, adds up to about $40 trillion. That is a big hole to climb out of.
Just as inflation can cause more inflation, one of the biggest drivers of today’s budget deficits are yesterday’s budget deficits. The federal government is currently spending more than half a trillion dollars a year on interest payments for money borrowed in the past — money that already has been spent.
Our budget game is one part musical chairs, one part Russian roulette, and somebody is going to have to lose when the music stops.
(Excerpt) Read more at nypost.com ...
—” remember reading about the imminent financial collapse predictions for EVERY president that did spending sprees....”
And sooner or later the USA will run out of gas and down the swirl we go...
He’s probably already here and is just waiting in the wings..
(I would not be surprised if it’s Obama).
Lots of strange stuff since he showed up.
Something weird is going on in the world. 🌍🌍🌏🌎🌍🌏🌎
/Captain Obvious
Deterrence would be winning. And everything that comes with it.
That’s their game plan - collapse.
He’s as evil as anyone who has ever lived, IMO.
I just can’t believe anyone falls for his act.
I agree. But so many have no ability to discern or think critically.
Some day..yes...
But the “immenient” predictions would make chicken little blush...
Umm...
Reagan, Bush I, Bush II, Trump, all ran up the debt.
The blame is on both parties.
Reagan, Bush I, Bush II, Trump, all ran up the debt.
Son of a bitch.....I thought the House controlled the purse strings.
Never knew Presidents had carte blanc power for that.
“Wasn’t Kevin D. Williamson one of the strongest Never Trumpers over at National Review? “
He was and probably still is.
The percentage of Gross Domestic Product that goes towards paying the interest on the national debt is lower today than at any time during the 20 years from 1981 to 2001.
https://fred.stlouisfed.org/series/FYOIGDA188S
It’s currently at the same % of GDP that it was in 1949.
Macroeconomic predictions are a lot more complicated than what the buffoonish Kevin Williamson is doing.
He ought to stick to his old social Darwinian routine of telling Rustbelt Americans that they deserve the lives of unemployment and drug abuse that globalism handed them.
Thank you for identifying yourself.
Dos Vidanya.
Facts are stubborn things
Repubs have controlled the house and or senate at times during these adminstrations, no?
So the buck never stops here when it is a Republican signing off on the wild spending?
Thank you for identifying yourself.
Nothing I enjoy more than seeing someone prove themselves over and over.
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