For later.
L
I stopped worrying about the debt when I realized it wasn’t going to be our country much longer.
Just WIPE the debt.
Problem solved.
This is all true. However, all Western industrialized countries are in the same boat — which is what is saving our bacon. Japan is worse than we are. Germany is probably in the best shape.
If the U.S. goes bankrupt, won’t China go bankrupt?
The communist takeover of America is trivial?
What, there is a downside to spending two trillion dollars a year in imaginary money?
“The debt” and the “dafficit”. I’ve been hearing the doom and gloom predictions for DECADES!
What economic disaster has befallen us? NONE!
Inflation (near zero). Interest rates (near zero or negative)
Stocks, 401Ks soaring during a pandemic.
“THE SKY IS FALLING, THE SKY IS FALLING!”
Still waiting, Chicken Little.
comparing debt to gdp is nonsensical.
tax revenue v debt: debt is 7x tax revenue
Time to Start Talking About America’s Coming Bankruptcy
The writing was on the wall in Spring of 2008 when they started QE. We’ve been living on borrowed time ever since.
And this ain’t just the US. It’s the entire world’s economy that is on the brink. It just needs that one event to reach critical mass. We won’t know it ‘till we see it.
Frankly, the lockdown may have been it. This hints at the reason for my tag line.
This can be fixed with energy independence to generate some income, coupled with massive govt. downsizing, a means-tested SS, and a capitalistic free market approach to health care....for starters.
Of course, no one will believe its necessary until a gigantic recession and crash.
Lots of debt but also lots of assets including huge tracts of mineral rich real estate. I wonder what a real world balance sheet would look like?
“At some point, as we continue to borrow money, “
We are no longer borrowing money. It is simply created out of digits on a computer.
We are carrying so much debt that at some point, an up-tick of interest rates will cause an almost immediate economic collapse.
As long as we are producing food and other essentials life will go on.
The only reason I care is because I have been very stupid with my financial decisions and the path I chose in life.
I have had a job since I was 14. I had a full time job and paid cash for my college. I never took a loan for a car and have always driven old beaters. I saved I scrapped I have lived the beans and rice lifestyle longer than I care to remember. I have zero debt. I started a business, built it up to be very successful, and lost most of it with government shut downs. I have saved for retirement just to watch the savings lose value with each passing year. These choices were STUPID.
If I knew what I know now back as a kid I would have just applied for welfare and lived off chumps like me. I should have lived in the public safety hammock and actually enjoyed a life of leisure with not a care in the world. What is my reward for decades of hard work? I am called a racist nazi white supremacists and am hated by my own government.
As long as the cost of energy keeps falling —the debt can keep piling up.
The new covid bill will push us over 30 trillion.
Unfunded liabilities are at 159 quadrillion.
Yeah, I think we have a problem.
Gonna need a Great Reset /s
It is the INTENTIONAL destruction of Capitalism and America.