Maybe Biden will forgive more debt. That should help.
Kudos to left-wing MW for posting this. Of course, because it’s truth they have to call it “opinion”.
This is the national death-cross. If we can’t pull out of this nose dive, we’ll be WORSE than the Weimar Republic or post-white Zimbabwe.
Ain’t life grand. The younger generations have to find ways
to survive. Us old grunts have about used up our time.
At some point the US government will restructure the debt, default on part of it, or simply print money to retire it.
None of the options are really meaningful since the federal government will still run massive deficits.
I’d be planning a massive sale, to American interets, of tons of “Federal” lands, with 100% of the proceeds NOT to be spent but to go directly to paying down some of the debt.
Take yer pick (more than one answer may be correct).
A. The United States will default on its debt.
B. Congress will raise taxes to pay the debt.
C. The Fed will hyperinflate its way out of the problem. Pay the debt with worthless paper.
Notice there is no “cut spending” option. Even Trump didn’t care about the deficit. So the wild spending will continue no matter who wins in November.
My fearless prediction: B, then C.
I’ll admit to not being an expert on the money supply, etc., but I actually thought the whole system would’ve collapsed by now.
Paying interest to the well connected friends of the administration for money that is given away or spent foolishly is just another way of stealing from taxpayers.
How much of the borrowed money and the interst paid manages to trickle back down to end up in the pockets and bank accounts of the crooked, irresponsible politicians
who toss millions and billions of taxpayer dollars around like confetti?
(From the article):”Interest payments on the ballooning national debt have now for the first time exceeded every other individual item in the budget except Social Security.
Debt interest through the first seven months of this fiscal year has just topped $500 billion, reports the U.S. Treasury
— about $4,000 for every household in the country. “
“Repeat: This is just the interest. (Emphasis mine)
Think of the national debt as an interest-only mortgage.
Or, better still, as a negative amortization loan, where the bill just keeps getting bigger year after year.”
”That interest bill was bigger than the entire Medicare budget
— a “mere” $465 billion
— through the same seven months.
It was even bigger than everything we spent on national defense.”
Do not get me started on our Government’s mis management of this country. Most of them should be hanged.
yep.