Posted on 04/12/2023 7:49:47 AM PDT by Twotone
The U.S. Congressional Budget Office said Monday the federal government has accumulated more than a trillion dollars in debt only six months into the fiscal year.
The Committee for a Responsible Federal Budget released a report pointing out that those figures amount to an average of $6 billion per day so far in fiscal year 2023.
“Our fiscal challenges will only become more difficult the longer we wait to do anything,” said Maya MacGuineas, president of the CRFB. “In just five years, the national debt will surpass its record as a share of the economy – set just after World War II, when we had no choice but to borrow to win the war. However, we’re in no such emergency now. It’s long past time that policymakers figure out a way to sustainably finance their priorities, not just add the costs to the national credit card.”
The data figures come as Republicans and Democrats approach a deadline to raise the debt ceiling or face defaulting on the national debt, an unprecedented event that would have huge ramifications for the U.S. and global economy.
Republicans have pointed to those figures as proof of the need for spending cuts.
President Joe Biden, though, has shown no interest in negotiating. Democrats argue the fiscal deadline is too risky to play with in negotiations.
The CRFB said if nothing changes, the annual deficit will hit $3 trillion by the end of this decade.
“That amount of borrowing outside of a national emergency is plainly unacceptable,” MacGuineas said. “Budgeting requires tradeoffs – often painful ones that politicians don’t want to grapple with. However, that is what they were elected to do, and they should consider the needs of both current and future Americans in upcoming fiscal negotiations. We simply cannot afford to ignore our unsustainable borrowing any longer.”
No increase to the debt limit. Cut government spending. Period.
We must fight endless wars abroad, to maintain the US dollar as the global reserve currency, so we can run massive deficits at home to support 1000 woke/democrat schemes and social engineering projects.
I’m actually amazed that the Deep State hasn’t yet defunded and eliminated the Congressional Budget Office.
The CBO is usually honest. And that trait just isn’t wanted in DC.
Um... who is buying it?
Who is buying it? The Federal Reserve? Probably...
There will be no spending cuts. Stop imagining that is Conservatism. It’s not.
There will be no tax cuts. That’s not Conservatism either.
All this crap is dwelling on a substance created from nothingness, whimsically, by the Federal Reserve. It makes no sense to imagine some sort of ideology based on a substance that comes from nothingness.
Here is the rage sentence. Capitalism died in 2009. It is never coming back. We run deficits and the dollar amount (not the %, they only report % growth and that’s not the correct measure, count the dollars) of increase in GDP does not equal the deficits. Capitalism, in effect, eats some of the “stimulus” created from a deficit.
Because it died in 2009. It doesn’t work anymore, and never will again.
So just put this stuff to bed. Buy farmland.
As I often said before, the Republican House should pass many bills, each with modest increases in the debt ceiling for modest spending cuts (or other reforms). The increases might be of the amount saved in the forthcoming five years.
Make Biden look totally unreasonable and the House realistically reasonable.
Don’t put all the deal eggs in a basket that Joe Biden has vowed to smash after citing all the spending cuts in it.
A big bill has many reasons Biden can cite to refuse to go along.
A big bill will have many opponents, on the right and on the left.
And don’t wait for the last minute when the risks of a default are great and Joe Biden has the bargaining power.
“Buy farmland.”
Nothing is safe from Communists.
Ukrainian kulaks learned this about 100 years ago.
https://en.wikipedia.org/wiki/Kulak
Borrowing $6 billion a day from WHOM??????
In the summer of 1918, Moscow sent armed detachments to the villages and ordered them to seize grain. Peasants who resisted the seizures were labeled kulaks. According to Richard Pipes, “the Communists declared war on the rural population for two purposes: to forcibly extract food for growing industry (so-called First five-year plan) in cities and the Red Army and insinuate their authority into the countryside, which remained largely unaffected by the Bolshevik coup.” A large-scale revolt ensued, and it was during this period in August 1918 that Vladimir Lenin sent a directive known as Lenin’s Hanging Order: “Hang (hang without fail, so the people see) no fewer than one hundred known kulaks, rich men, bloodsuckers. ... Do it in such a way that for hundreds of versts [kilometers] around the people will see, tremble, know, shout: they are strangling and will strangle to death the bloodsucker kulaks.”
food tax, paid in kind(1921 to 1923):
https://en.wikipedia.org/wiki/Prodnalog
The Communists went to a tax paid in money in 1924.
Those were actually Russian kulaks in 1918.
The Ukrainians were independent in 1918. Their turn to suffer and die came later:
https://en.wikipedia.org/wiki/Holodomor
“A joint statement to the United Nations signed by 25 countries in 2003 declared that 7–10 million died. However, current scholarship estimates a range significantly lower, with 3.5 to 5 million victims.”
“By spring 1933, urban residents also faced starvation. At the same time, workers were shown agitprop movies depicting peasants as counterrevolutionaries who hid grain and potatoes at a time when workers, who were constructing the ‘bright future’ of socialism, were starving.”
What do they care? It’s not their money anyway.
BOHICA
Borrowing $6 billion a day from WHOM??????
The Fed (Federal Reserve Bank)....”monetizing the debt” something they said they wouldn’t do:
https://fred.stlouisfed.org/series/TREAST
Japan, China, etc.:
https://www.statista.com/statistics/246420/major-foreign-holders-of-us-treasury-debt/
Mutual funds, pension funds, etc.:
https://www.pgpf.org/blog/2022/09/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt
They will just tax small farms out of existence.
Does the US buy debt from other countries?? Or are we the only major country that doesn’t?? (can’t)
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