Posted on 05/04/2020 12:13:10 PM PDT by NRx
The Treasury Department plans to borrow $2.99 trillion from April through June to cover the federal government’s massive response to the coronavirus pandemic, issuing a tremendous level of debt to try and limit the economic impact on U.S. businesses and workers.
Last year, Treasury borrowed $1.28 trillion over 12 months. The $3 trillion in borrowing Treasury plans to do now would be done over just three months.
Congress has approved nearly $3 trillion in new spending in the past two months to try and arrest the economic fallout of the crisis. Because revenue levels are falling, Treasury is planning to issue large amounts of debt to cover these costs.
(Excerpt) Read more at washingtonpost.com ...
With term limits you guarentee the bureaucracy aka the deep state to run government as they please..
Repealing the 17th amendment and 16th amendment is the cure...
Our Founding Fathers were not stupid
Nobel laureate Tasuku Honjo refutes 'false' quote attributed to him about the novel coronavirus
Thanks. It appears I was given a false tip.
I’m glad we have a place to “kick these things around” before we go off any deep end.
It’s back door Socialism. Socialism is great, until it isn’t. See UK. And Argentina.
Who is going to be coming up with the money? If it’s the chicoms, they will have won two battles: crashing the US economy, and then making themselves part owners of it.
The Federal Reserve is printing money to buy US Gov’t bonds.
I’m sorting thru the comments to see who we borrowed the money from...
“It’s pretty sad when I am more solvent than the United States Government.”
Are you kidding? I have an actual positive net worth, laughable but positive. I’m 75 and the US government has not been in the black in my lifetime as far as I know. The possibility of it ever paying off the debt ended long ago. I see us going the way of Venezuela and soon barring something beyond my capacity to imagine and if that happens my little bit of net worth will vanish.
Your statement makes no sense. The Federal Reserve does not print money.
The Federal Reserve controls the nation’s money supply. The term “printing” is the common (almost universally) accepted expression for the creation of fiat currency. So, yes they do print money, albeit they do so with a push of a button on a keyboard somewhere.
IIRC, SEVEN Presidents have tried to get rid of the FedRes system, and each have been assassinated or died under mysterious circumstances.
Although you are leaving out a lot of details, I’ll accept your notion of the FedRes ‘printing’ money.
Now, who or where is the FedRes ?
(1) Not possible.
(2) Even if possible, it would not be allowed.
(3)The FedRes system is designed to produce INTEREST payments. Without debt (the capital originally 'loaned') there are no interest payments.
The amount borrowed is just 1's and 0's in a computer, and some ink on paper.
The only 'debt' we have is the unpaid interest.
This is obviously not true. The Federal Reserve was created in 1913 and only three presidents have died in office since then. One was assassinated by a communist. Rumors of a conspiracy were spread by leftists in order to sow doubts that it was one of their own who killed Kennedy. But there is not a shred of credible evidence that anyone else was involved and the idea that a POTUS could be murdered as part of a vast conspiracy without anyone talking or leaving a letter in a safe deposit box to be opened on their death is risible. Vincent Bugliosi has done a great job of blowing up the conspiracy nonsense. The other two died of natural causes from long diagnosed health problems.
Thank you for your response.
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