Posted on 07/02/2024 8:32:37 PM PDT by Republicans 2016 2020
Governments owe an unprecedented $91 trillion, an amount almost equal to the size of the global economy and one that will ultimately exact a heavy toll on their populations.
Debt burdens have grown so large — in part because of the cost of the pandemic — that they now pose a growing threat to living standards even in rich economies, including the United States.
Yet, in a year of elections around the world, politicians are largely ignoring the problem, unwilling to level with voters about the tax increases and spending cuts needed to tackle the deluge of borrowing. In some cases, they’re even making profligate promises that could at the very least jack up inflation again and could even trigger a new financial crisis.
(Excerpt) Read more at cnn.com ...
Now they notice.
Pull the plug on all the debt and let God sort it out.
To whom do they owe it?
Hey, JimRob, nice to hear from you. I have heard our current debt is more than $100,000 for every man, woman, and child in this country.
I just don’t know how that gets paid back. I just don’t know. You may be right, but I do wonder about the ramifications of that, because as Milton Friedman famously said, “All debts get paid”.
I think that is what will happen. I don’t expect them to choose it, but like a force of nature... they cannot stop it.
This financial hurricane is headed straight into town.
I think the only mitigation they can do it to try to have the crash hit when a Repub is in office.
You and I owe well over a third of the entire amount.
Most governments (including ours) simply will not stop deficit spending. They have gotten away with it for too long to stop now.
So the only question is how they will handle the inevitable unrest. Will it be with more bread and circuses? Or will it be with a bloody crackdown - protest in the streets, catch a whiff of the grapeshot.
By the way, neither of those two options have historically worked. No matter. Our rulers will try it anyway. Kick that can down the road just a little bit more.
It was so totally unnecessary.
I calculated, based on how indebted my country was in 2005, could have with one budget line could have set the country on a permanent path of debt repayment with very little lost in transfer payments from the government to the people.
I suspect the US, at the time, was in a similar situation.
Maybe we should take back all the money stolen from us by the fraudulent central bank system.
Well I feel like a financial genius in comparison now.
That must have been one hell of a party that we blew it on, but I have no memory of it. Not even a t-shirt.
More like 200k per person if you include only people who have filed a tax return of any kind.
And that doesn’t include unfunded liabilities. And it goes up by 6000 bucks every hundred days now.
Wired to blow. On purpose.
Stop any and all Tuition/college expense loans.
95% of "crucial public services" can and should be cut.
Seen Powell’s latest interview at the EU economic forum? Times a changing- he stated our debt is unsustainable, timing strange….it appears “ denial” for so many years on end has suddenly turned to warnings ( and by one of Joe’s boys) and sudden acknowledgment- by our own Federal Reserve.
Get ready, it’s coming. Thanks Joe! Prepare accordingly, it’s going to be historic.
That’s what I’ve said too.
Pull the plug and let er buck.
Yuge Inflation is the only mathematical/political cure.
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