Looks like we'll easily hit $33 trillion this year if not this Summer.
Posted on 07/23/2023 10:05:00 PM PDT by cba123
The amount of total outstanding public debt on America’s balance sheet is soaring.
Newly updated numbers from the government’s FiscalData platform show the country’s debt has surged by $57.2 billion in just four days.
After surpassing the $32 trillion mark on June 16th, the total debt accumulated by the US has already jumped an additional $590 billion as of July 20th.
In a new interview on Bloomberg TV, billionaire investor David Rubenstein says the US can only manage its ever-increasing pile of debt with inflation, which will further expand America’s income inequality gap.
“When I left the White House under President Carter, the total indebtedness of the United States was under $1 trillion or roughly $800 billion. Now it’s roughly $32 trillion. There is no way out of that except essentially inflating your way out. We aren’t going to cut expenses in the government. We are going to increase tax that much. We aren’t going to go to a bailout. But the IMF, that’s not realistic. And we’re not going to default. The only alternative is to inflate your way out. So we’re going to inflate our way out, and that’s not a good problem for people at the lower income parts of our society as they deal increasingly less well with inflation than wealthier people do.
Rubenstein says America’s economic fundamentals are setting the stage for a mounting clash between those who have wealth and those who don’t.
(More at link)
(Excerpt) Read more at dailyhodl.com ...
It’s called Bidenomics.
This is what happens when government spending represents 42% of your GDP.
Or, like in South American countries, the wealthy are kidnapped for ransome by the not so wealthy. That’s coming here soon enough.
Hyper inflation will allow the big players to pay off debts, and wipe out the rest of us. Guess whose side the government is on?
We don’t really have to guess, do we?
Pocket change compared to the $32 trillion dollar debt and $200 trillion plus unfunded liabilities debt
we are all sitting by watching us go down the toilet as we allow these criminals on both sides get us there
And all the talking drones of the democrats will say, in unison, “Trump’s tax cuts for millionaires and billionaires.”
Well factually correct when you consider he made the millionaire and billionaire tax cuts permanent. But the working class stiffs tax cuts expire in 2025. What is wrong with their assessment?
I tried to help keep the tax paying base here by buying American and encouraging others to do the same, but few others cared.
I would just give up if I didn't have kids who will have to live in the country we leave behind.
I have so much to say (and do). Oh well....
Rampant inflation is a natural phenomenon in a society built on the delusion that everyone has a God-given right to a standard of living they can’t afford.
Looks like we'll easily hit $33 trillion this year if not this Summer.
“When I left the White House under President Carter,
This is news? When I was in High School, a new VW cost less than $2000. A house could be purchased for $20,000.
Governments have been spending more than they can afford and paying for it with inflation since the Romans.
The US still hasn't paid off the Civil War debt (the first one).
(That "income inequality gap" is a "knowledge inequality gap" and wasn't helped at all by shutting down the schools during Covid.)
“That is absurd and doesn’t work.”
You are right, it is absurd. You are also wrong. It will work because it will destroy the money (that we dont have) that would have paid for the future “unfunded liabilities”
Social Security, medicare, medicaid - effectively gone along with every other subsidy, grant, program.
The social upheaval will be epic.
It was always going to end this way.
Agreed.
I didn’t think of that, but yes, I can see that happening too. The people will find the elites.
I suppose they could house the homeless and illegals in all those empty office buildings.
(Still, I think that's an "opportunity" that I'll pass on.)
Denninger is a muster-read.
When (and if) we chop the hell out of the federal budget will solve this and most other serious problems as we give power back to American citizens. Say about 30% for starters that will in essence take away the feds ‘redistribution of wealth’ scheme that has all but ruined this country. Many departments just need to get dissolved and/or get turned back to the states. One could go on and on about this $40,000,000,000,000 in debt by the end of the decade but it is obvious this country will have to collapse before anything is done.
No wonder the current generation of younger ones is so messed up as they are the by-product of poor and corrupt government in just a few generations. (Most welfare, forgiving of loans etc., the list is in the thousands.)
And it gets worse, gas stoves, electric cars, planet burning up, and a myriad of other made up schemes and that is just one day, make that yesterday. To start? A Convention of States won’t happen until we hit rock bottom and that can be put off another a generation or so until it finally collapses, maybe for good. We hear a lot about a Civil War II happening (this time blue and red) but it is only wisecracks, sarcasm and the like as one doesn’t take this notion seriously at this time - yet it seems inevitable long before the end of the century.
Hey, who cares? Once the “rich” pay their “fair share” of taxes, it will all be solved. If not, we’ll just move to Communism.
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