Posted on 08/07/2020 7:02:02 AM PDT by RandFan
Rep. Ken Buck told Just the News that the national debt is $30 trillion when the actions that the Federal Reserve has taken during the pandemic are factored into the total.
"This troubles me greatly but all I see is more spending. So how high do we get? We are going to continue to spend until the markets say enough is enough and nobody buys the bonds and then we have the cliff that we go off of," Buck said during an exclusive interview.
"So I hope long before then we act responsibly and dial this back. But the reality is that we are at 30 trillion because we've authorized the Fed to engage in, you know, debt, accumulating more debt. And so I think that the spending is one of the largest issues to come out of this COVID. And unfortunately, there's no conversation in Washington D.C., about how to pay this money back," he also said.
The government spent $864 billion more than it took in during June, bringing the deficit to a record $2.7 trillion so far this year.
According to Treasury Department data, the debt held by the public is $20.6 trillion, and the total outstanding national debt is more than $26.5 trillion.
Buck, author of the new book, “Capitol of Freedom: Restoring American Greatness," said he wrote the book, in part, because progressive politicians want to take the country in the wrong direction.
"I don't think that our founding fathers would recognize our political system now," Buck said.
(Excerpt) Read more at justthenews.com ...
Yikes.. Glad I’m old.
Ask who is buying government obligations. Could it be ..... the chicoms? Could it be they want to own this country in a few years without firing a shot?
They own most of Africa too..
Hey, it’s only money. Right?
Our so called best and brightest up in D.C. for decades have drove us to this point. Whether it be a pandemic or yet another 2-4 Trillion dollar war...we are between a rock and a hard place.
So...what are we to do? The Chinese communist virus put millions of people out of work...are we to say..tough luck y’all.
The economy would be in worse shape now if we had not began stimulus to help Americans. Damned if we do and damned if we don’t. Some day, all these trillions are gonna catch up to us.
The virus didn’t put anyone out of work any more than the flu everdid.
POLITICS put people out of work.
The Federal Reserve must be buying most long-term debt.
Banks might be buying the short-term debt using CD money.
The Chinese government couldn’t be stupid enough to buy the long-term debt of the most fiscally irresponsible major government on earth.
https://www.gov.uk/guidance/get-a-discount-with-the-eat-out-to-help-out-scheme
It’s far more targeted and cost-effective than any US scheme.
The UK 50% subsidy is too high.
I suggest 20 to 30%.
The French newspaper I read says the French are rushing into gold.
The dollar is still incredibly high against other currencies and inflation low. All the doom and gloom of the 80s with debt and trade deficit never happened.
$30 Trillion, $40 Trillion . . . doesn’t matter.
After the coming war there will be a new currency.
Maybe “$$”, Rand fans?
This is only the tangible, official national debt being discussed here, isn’t it?
I’ve heard that “unfunded liabilities”, primarily Social Security future obligations, are close to $100 trillion by some estimates.
Where the heck all this money would come from is unclear.
Who cares! It’s all just “funny money” anyway. (NO sarc tag)
We spend funny money, we can print more to pay off the debt. We’ve been doing that for YEARS!
I’ve heard the Conservatives wail about this for YEARS!
DOOMSDAY is coming! Yet, it NEVER arrives.
Social Security is going BROKE!
Regan fixed it! (temporarily), we can do it again. We WILL do it again.
So, the national debt is just an accounting error. We can fix it anytime we want with MATH.
(Don’t flame me. I NEVER read replies and I don’t really care what you think)
me too and my greatest regret and greatest blessing is never having children
or where the ink is to print it with
Wow.. Same here.
But, I do worry for my nephews and their families.
Arguing semantics...if there were no Covid-19...
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