Yep! But I hid some of ill-gotten gains away in my mother's house.
https://finance.yahoo.com/news/moodys-says-us-fiscal-strength-140210736.html
“….Fitch cut the U.S. sovereign rating by one notch to AA+ from AAA in 2023, citing fiscal deterioration and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills. It was the second major rating agency to strip the United States of its top triple-A rating, after Standard & Poor's did so after the 2011 debt ceiling crisis.”
Well now we get to see what happens when a “democracy” runs out of money.
It’s as if most people are completely unaware this can happen.
We were warned by Ross Perot this day was coming a third of a century ago.
Be sure to view Armstrong’s video “ The Solution” imbedded in the article. It gives an excellent detailed explanation to where we were, where we are and what is dead ahead.
“It is far too late to cut wasteful government spending”
So Trump should just stop DOGE, right?
the federal deficit has hit a point of no return...
The article STATES that it is hopelessly too late more than several times.
Then why write it?
That's why a Republican can get the CBO to say a tax cutting plan will raise govt revenue, while a Democrat can get the same CBO to say that the same tax cutting plan will reduce govt revenue. The Dim always asks the CBO to expect a flat effect of tax cutting, while the Republican always asks the CBO to expect the Laffer Curve to increase revenue.
That's the way it is with anything else the CBO is asked to "calculate".
IBTG
Bull crap! When DOGE discovers $5 trillion issued checks with no documentation on who it was paid to or why, don't tell me we can't cut spending. The problem is the American public is ignorant of the danger this spending poses to their own survival. If they did, they'd be at Congressional doors demanding spending cuts. Trump has got to stop signing spending bills and we need to push for the line item veto.
We DO have a huge debt problem.
For decades.
I don’t pretend to know a lot about the financial markets, but I’m surprised the whole system hasn’t collapsed already.
Let me get this strait.
The CBO says nothing for 4 years with Biden’s spending spree and Congress not even passing a budget.
Then suddenly, just like that, when Trump is in office for less than 90 days, there is a deficit crisis. I can’t help but think that the following would be most appropriate:
1. Defund the CBO. It’s just partisan and stupid at this point. Anybody with a brain knew there was a problem the last 4 years and all we got was Crickets from the CBO when autopen was signing.
2. Get a real budget system in place of the CBO. A non-partisan one. One that gives options for controlling the debt, targeting wasteful spending, and making recommendations for Congressional failure to pass a budget.
Trump has done some very good and important things already to help the economy and manufacturing. He is trying to prevent us from being a ‘non-manufacturing’ Corrupt-ocracy (Grift-ocracy) to a productive nation, but it takes more than 90 days to fix what Obama/Biden did in 12 years+. (+ for the time they used the Russian Collusion hoax to continue to subvert the government)
‘The problem with socialism is that you eventually run out of other people’s money.’ - Margaret Thatcher
Yea right, and I am sure that had Kamala won, non of this would be happening too. EVERYTHING would hunky dory...
Does the CBO by chance properly turn its pointing figure on its sponsoring body?
“The CBO’s long-term forecast shows the federal deficit rising to 7.3% of GDP by 2055, but the figure is currently at 6.2% as of 2025”
“Raising taxes cannot solve this massive issue”
An 8% Value-Added Tax can.
Yep! But I hid some of ill-gotten gains away in my mother's house.