Skip to comments.White House: We’re ‘on a Sustainable Fiscal Path’
Posted on 09/30/2023 9:09:16 AM PDT by ChicagoConservative27
On Friday’s broadcast of CNBC’s “Squawk on the Street,” White House National Economic Council Director Lael Brainard asserted that we’re “on a sustainable fiscal path” due to the deal brokered between Congress and the White House on spending a few months ago and defended the spending on legislation passed by the Biden administration.
Co-host Sara Eisen asked, “I’m sure politically there’s blame on both sides, but the toll that you talk about, the way I’m hearing it from investors is, it comes after this big standoff over the debt ceiling, the dysfunction and the inability for both sides to be able to work together to tackle our fiscal picture, which is not looking great, is now costing us AAA credit ratings, warnings of potential more downgrades from the rating agencies. Is there a concern, are you concerned that the bond vigilantes could come after U.S. debt, and we could be looking at persistently higher rates as a result of what’s happening or not happening in Washington?”
(Excerpt) Read more at breitbart.com ...
The debt is sustainable, because it is forever.
It will always live.
Someone’s on drugs , lots of drugs
Americans are finding their household appliances and transportation vehicles are unaffordable. Third world living conditions, here we come.
That “White House” is one lyin’ SOB.
$1.3 Billion per day in debt service courtesy of the ObamaTrumpBiden tri-presidency.
Well, the Bindens on on a sustainable path.
Before the demented one and his RATS took over, America was on a fiscal superhighway.
Sustainable financial Path??!!???
ROFLOL 1 trillion plus per year of debt—? Sustainable?
They are in a Sustained Path to bankrupt Social Security, that’s the only sustained path of allowing in 15k a day of dependents into the country, who will never pay taxes and live off the system. Yes, they play with the figures to say that 62% of immigrants are in the workforce…….
But that doesn’t include illegals
And it doesn’t include those under 25, but over 18.
The economy is a disaster, everyone living quality has diminished except for the very rich. Biden declared war on the working poor and middle class, that’s Bribemomics.
“except for the very rich”
And all the grifters in the federal government.
Whatever Biden’s Republic of Fifty Bananas says, the opposite is true.
Yep, they think we’re stupid.
The Federal Government now spends more money on Social Security, Medicare, interest on the National Debt, and defense than it collects in taxes. So without cuts to those categories, even if the government totally eliminated all other spending, the budget still wouldn’t balance.
Sustainable path is them being in charge for good and nothing more. scumbags all of them
Transitory, sustainable. Words without specific meaning.
If you want to see how bad things are, pull the Social Security and Medicare tax receipts and payments from the budget figures. It looks real bad.
If Social Security recipients realized that their trust funds have all been invested in US debt and spent, they would be screaming. There ARE NO SOCIAL SECURITY TRUST FUNDS.
When you remove the Social Security and Medicare funds, the size of the real debt can be viewed. Notice that interest is stated as “net interest. “ Interest owed on the Trust Funds borrowed is reduced when the budget is shown.
Bottom line is that $33 trillion debt at 5% is $1.65 trillion per year.
Current year total revenue from all sources is projected to be $4.33 trillion.
Social Security and Medicare tax revenue is 39% of that total or $1.69 trillion.
Thus total revenue excluding Social Security and Medicare taxes is $2.64 trillion.
$1.65 trillion interest divided by $2.64 trillion revenue is 62.5%
Or to look at it another way, $2.64 trillion revenue less $1.65 trillion interest leaves $0.99 trillion TO PAY ALL OTHER BILLS.
Hate to say it, but we are already beyond bankrupt. I don’t see any possible solution no matter who wins the next presidential election.
And the 5% interest rate is low.
Historically, the 90 day T-Bill rate was inflation rate plus 3%.
If we divide the total revenue by the total debt, $2.64 trillion divided by $33 trillion debt, the percentage is 8%. That means if the intetest rate on our national debt reaches 8%, it takes 100% of our revenue just to pay interest WITH NOTHING LEFT TO SPEND ON RUNNING THE GOVERNMENT!!!
There’s no problem. We have not reached the limit on our credit card because we say what the limit is. Just pass a new spending bill to raise the maximum credit on the card.
And there is “an infinite amount of cash at the Federal Reserve”.
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