Oh, they have a "fix" in mind, alright.... /shiny side out
Here comes The Great Reset and Population Reduction.
Posted on 07/27/2024 8:05:47 PM PDT by aimhigh
The US national debt – the total amount of Treasury securities – rose to $35.00 trillion, according to the Treasury Department on Friday (rounded to the nearest billion: $34.998 trillion). Since the beginning of the year, in less than seven months, the debt has jumped by $1.0 trillion. In the three-and-a-half years since January 2020, the debt has ballooned by 50%.
The economy has been growing rapidly since the trough in 2020. Yet trillions in new debt were whizzing by so fast they were hard to see, like, “Oh wow, there went another one I think.” We don’t even want to know what this situation will look like during the next recession.
(Excerpt) Read more at wolfstreet.com ...
There’s $30+ trillion in out nations retirement accounts. Guess what the left has in mind.
“I see you have some money there. Give it to me.”
> There’s $30+ trillion in out nations retirement accounts. Guess what the left has in mind. <
A couple of years ago there was some talk about the federal government seizing those accounts, and replacing the money with 30-year treasuries paying 1 or 2%.
And it wouldn’t be theft, dontcha know? And that’s because you’re not losing any money. You’re just involuntarily changing investments.
The idea came from some far-left politicians, and went nowhere. I’m not personally worried about it because I’m old, and this will probably not happen in my lifetime. So I see no need for me to take any countermeasures.
But you can be sure that down the road Congress will take another look at this scheme. And this time they’ll be deadly serious about it.
US national debt = Over $212 Trillion = in National Unfunded Liabilities.. including the states and cities.
I always take advice from dumbasses who think January 2020 was 3-1/2 years ago. Does anybody actually read what they wrote before mashing the ‘send’ button?
Apparently even debtclock can’t keep up with the spending.
https://www.usdebtclock.org/
4.44 T Total Revenue for 2023
$1.4465 T Social Security & Medicare Taxes (current annual benefit payouts are greater than taxes collected)
$2.9348 T General Fund Revenue
$1.73 T ( $34.6 T in debt right now at 5% Interest)
That leaves $1.205 T left to run the government.
That cannot happen. We can’t raise taxes AND cut spending enough to make is sustainable due to our huge National Debt.
ANOTHER WAY OF LOOKING AT THIS IS THAT our total General Fund Revenue of $2.9348 T divided by our $35 T debt is 8.4%. That means that if interest on the National Debt reaches 8.4%, it takes 100% of our General Fund Revenue just to pay interest with ZERO left to run the government.
Once TCMDO reaches 360% of GDP, we move into recession/depression territory.
GDP is 29T. TCMDO is 99T.
Just a little longer and we are there. Will happen during Trump’s second term in office.
“…Slowly, then all at once…”
I remember like 15 years ago, there was a debate on TV, with lefty economists loke Clintons treasury sec and chief or economic advisors , what is the proper ratio of debt to GDP.
They all agreed that over 50% is really bad!
Agree.
So, what's the fix? Or, better yet, is there a fix?
Inquiring minds want to know.
Fiat currencies and “stock markets” have always been “ponzi schemes” of one flavor or another.
They correct themselves by collapse, long lingering deaths, or hyper-inflation.
The modern Western economy is a con job programing worker bees into thinking their “surplus labor” is stored safely away for times of need ahead.
Its a lie.
We are all collecting the oft disparaged “economic rent” when retired or rich....the “resource” we control is “capital/savings”...but it is really not a resource at all, just a fairy tale rationing rule that can be suspended or changed at will.
I gamed the game and got rich by most standards, but I always knew it was a game and not real.
For real wealth I converted the dross to land, gold, guns and sons.
OBTW, I have close to 100 hours in grad level finance & economics...first in my class..and ran PE funds for 30 years, so my opinion is well informed....but still arguable.
And WTF do I know and I do not feel strongly about it. :->
Same here. The Federal Reserve is buying debt to cover it up for a bit longer.
Makes me wonder when our currency will collapse.
They are hiding how bad it is by including Social Security and Medicare tax revenue. However, current Social Security and Medicare benefit payouts exceed revenues thus the general fund must make up the deficit.
What amazes me is that 99% of the people in the USA have no idea how bad it is financially.
We could try bringing back all of those jobs and industries we offshored, and have those workers paying into our system instead of the Chicoms.
They’re obviously remarking on the disaster of Democrat Joe Biden but yes they made a typo on the year (it WAS the 2020 election but the disaster wasn’t sworn in until January, 2021) - they had “2020” stuck in their minds
The debt bomb is still as real as they portrayed it and that’s the REAL issue here
What is the current status of the FEDERAL RESERVE???
Last I saw here on FR, they were OVER $176 BILLION in the HOLE-—in under 21 months.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.