PING!
It will be.
But on the state level.
The road ends for the can for certain states with massive deficits, exploding pension obligations, loss of populations and democrats in power...
Just abolish the fed and we’re debt free! :)
Reads left. Does it usually?
...after republicans took control....since Trump...
and I don’t remember any attempt at all at fiscal control in the mid 2010s
Actually we were in an economic depression until Obama left office, the economic gains were negligible compared to the damage the country suffered and continued to suffer. Things only really turned around once Trump came in and started nullifying all of Obama’s illegal actions that were choking the economy. (E.g., many of America’s corporations had fled abroad to escape Obama’s punitive corporate taxation—highest in the world next to Greece—which made American businesses non-competitive with foreign corporations.) Unfortunately, Obama had already run the debt up to $20 trillion at that point and it is going to keep on accelerating since despite rosy surface performance the U.S. is basically bankrupt.
One would certainly think so. Of course the ‘80s were supposed to be the end too, and the ‘90s, etc. Predicting has been notably off when it comes to financial doomsdays.
Another red flag is his static approach to the debt. There’s a clear indication that higher taxes would reduce the debt whereas no extra revenue would be generated by economic growth.
So, if one believes such a future what is one to do?
Horde gold and commodities, that will not be liquid?
Invest in stocks that will crash?
Invest in bonds whose price will collapse as interest rates sore?
The feds will continue to do what they’ve been doing for over 50 years by borrowing from Peter to pay Paul. The federal government is the servant of the states. There are two ways of looking at this. Either the states come up with the revenue to handle their progressive pandering, or the feds just shut the government down and make the states fend for themselves.
The federal government is a business under the control of the states based upon initial creation. The problem is not the way it was created but the acceptance of what the populous has allowed. Therefore, if the federal government cannot pay their bill, and they cannot find budget money not earmarked for a program, then they don’t pay the bill. This is why people don’t take vacations to the moon that they can’t afford. State within their means, and this doesn’t happen. Otherwise, some of the pandering has to go.
rwood
That’s what the reasoning of the natural mind says.
But faith which trumps natural reasoning (but is not unreasonable) says the 2020’s will be the best decade yet - freedom, growth, and wealth.
Snore and double snore
Bottom line: money is not real
The deficit is a major threat to American prosperity in the long term. Democrats and their Socialist handlers are an immediate danger to the survival of the United States as a free country. As much as I want the budget cut and balanced, that has to be deferred until our safety from these minions of pure evil is secured.
The problem is Congress. I seem to recall the swamp that is the GOP refused right from the start to hand Trump a credible budget. In fact to get his signature corporate tax cuts he had to compromise with the swill they gave him. They might have his back now, but they are still the swamp, who didn’t even have an Obama care repeal ready. They couldn’t even manage to defund Planned Parenthood when they had the chance. Theses guys are slaves to the status quo and in some senses marginally better than Democrats. Trump has had to drag their sorry asses across the finish line time and time again.
The entire government resigns. All debts cancelled. New governments form. It’s the only way now.