Posted on 10/19/2024 7:55:18 AM PDT by george76
The Biden administration rang up a budget topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record.
Interest expense for the year totaled $1.16 trillion, the first time that figure has topped the trillion-dollar level.
The Biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year
...
the shortfall totaled $1.833 trillion, $138 billion higher than a year ago.
...
The deficit came despite record receipts of $4.9 trillion, which fell well short of outlays of $6.75 trillion.
Government debt has swelled to $35.7 trillion, an increase of $2.3 trillion from the end of fiscal 2023.
One aggravating factor for the debt and deficit picture has been high interest rates from the Federal Reserve’s series of hikes
...
The average interest rate on all the government debt was 3.32% for 2024, up from 2.97% the previous year
...
The CBO expects deficits to continue to rise, hitting $2.8 trillion by 2034. On the debt side, the office expects it to rise from the current level near 100% of GDP to 122% in 2034.
(Excerpt) Read more at cnbc.com ...
Being ostensibly "at peace" in these last twenty five years, our nation's idiot leadership has put far too many projects -- at home and abroad -- on the national credit card, now become a Ponzi scheme.
This situation will not continue, as the now-famous adage of Herb Stein is recalled. That which cannot continue will stop.
My solution is the abrogation of the national debt and abolishing of the Federal Reserve in one fell swoop. Oddly this is a solution proposed, biblical for being that Jubilee year idea.
I’m certainly no financial wizard, but this can’t be good.
I honestly thought the whole system would collapse before we even reached THIS point, much less beyond.
Just wait until the TRILLIONS OF DEBT being carried at LOW INTEREST RATES ROLL OVER. You ain’t seen anything yet, brothers and sisters.
Just don’t pay it. Zero it out and start over.
Can the federal government go bankrupt? Is it legally possible to do that?
Wait till the hyperinflation hits and we have yearly interest payments due of $5-10 TRILLION. We’ll have to speed up the money printing to keep ahead of it.
And of course, there’s the unfunded Medicare liabilities of $100-200 TRILLION. I have no idea how the nation gets out of this.
Note what happened in the 4th Century Rome.
America is done. Picked cleans by the NeoCons & the bankers.
The government was so corrupt the people didn’t care if they were taken over by another country. That’s how bad it was.
“I have no idea how the nation gets out of this.”
How did Germany get out of its hyperinflation?
and they will spend their moneyu how...and how will their money have any value?
Who do we owe the debt on interest to? Are they legally allowed to charge it?
There is no transparency...
We can pay whatever foreign debts but cancel our government domestic debts per the Jubilee idea. All private debts must be cancelled as well as both types impinge on the other.
Historically foreign debts were always included in the abrogation. For my own view, they'd be the first on the chopping block. Then build down the welfare state, which de facto would decrease the size and expense of government itself.
What did we think would happen when we offshored our tax base?
Certainly. Greece did and if you recall, it was a real mess, also of their own making
The Founders were extremely suspicious of a huge federal government. Their worst nightmare has come true in our time.
George Washington warned of a large government debt, foreign entanglements, and extreme political partisanship. We should have payed heed to his wisdom.
There will always be poor people...Jesus told us that. We have to learn to be wise as serpents as to who the poor are if we are to have any supports at all for the poor and needy.
Those who can work should be made to work...even if it is to build publicly needed works or perform useful services for their daily bread.
We will always need some type of welfare system...just not what we have now. We should not be emasculating the worker and producer classes when we put the systems back together with crippling taxes, rules and fees!
We should only abrogate foreign debts if those foreign debts are shady or shaky in origin. China holds a trillion or so of our debts but they continue to deny the nearly 80 year 1,5 trillion they owe us from WW2(including interest) and other aid since. We could simply cancel it tit for tat.
I say there are many so-called domestic debts that are also shady and hard to justify. If we were to kick over the logs thaty these debts are hidden under...what sort of corrupt messes shall we find? Eh?
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.