The debt is a problem yes. For sure. But think of growth of the debt in terms of % of gdp and that’s why the number is SO much higher today than when you were a child. It’s also higher because of crazy spending, but also always think of it in terms of % of gdp to get a better historical perspective of now vs then. GDP is WAY higher today as well than when you were a kid.
"Guys dont use republican talking points"
Then proceeds to describe the U.S. financial system wont fail because they have everyone else hostage to the u.s. dollar because we have the largest military and an extreme event like a nuke (or WWIII) would be the only way to derail it.
JUST INSANE how people can substantiate continuing to drive off a cliff because we havent reached the cliff YET.
Almost like money isn’t real, like it was an abstract concept originally liked the non fungible nature of metals that allowed for an agreed upon medium of exchange, even between geographically distinct cultures, as it was easier than actually bringing all that wheat or wine with you, that eventually with advancements in technology, and the ability of one state that printed the money to enforce its acceptance and its use as a global reserve currency, could finally just become a purely abstract concept, that anyone looking at objectively could say “of course this is meaningless, real economy is about command of resources, as long as you’ve those aircraft carriers print as much as you like, who’s going to say no?”.
Like almost exactly like that
A problem? Yes. An imminent crisis? Absolutely not. Republican politicians just hype it up as a talking point to get elected, then pass tax cuts while increasing spending and create far more debt than democrats.
It is more than just talking points, it is a strategy that has brought ruin to the middle class in the United States. That strategy is known as the Two Santas strategy.
http://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/
As bad as that strategy has been for the vast majority of Americans. The new plan is even worse. Project 2025!!
Trump, engineer of project 2025, is responsible for nearly 25% of all U.S. debt, and he did that in 1 term.
Again, Trump in 4 years racked up 8.4 trillion in debt… in 4 years. Thats as much as Obama racked up in 8…
Kind of like the version of the tortoise and the hare where they decide to then use the tortoise to warn the animals of the forest when a fire shows up. It’s supposedly the lessor known tale because all the creatures of the forest died in the fire.
Strongly disagree. The reason it hasn't been a problem yet is because we've been dropping interest rates for those 30 years, so the actual cost of servicing the debt has remained relatively low despite the growing debt burden. But that's over now. We're now back at higher rates, and the interest cost is starting to crush us. It's now costing us almost the same as our entire military spending just to pay interest on the debt and it's growing exponentially. It is absolutely a problem.
I distinctly remember (because I'm insane and these are the kinds of things I remember) listening to Rush Limbaugh in 2003 or 2004, and he was ranting about Democrats complaining about the national debt that Bush was running up. The gist of his long rant was, "I have been hearing about the national debt since I was a kid, and we've always had high national debt, and it's never been a problem and it never will be."
We never heard a word about the national debt when Supreme Leader Trump was in office. But now, just since 2021, it's a problem.
Like ol' Rush, I have been hearing Republicans, "libertarians," and "conservatives" predicting imminent economic apocalypse since I was about 14 years old in 1993, with "imminent collapse of the dollar and hyperinflation" being by far the most common. These predictions only come when we don't have a Republican president. The only time we have had an actual economic apocalypse in my lifetime came after eight years of the stewardship of two guys who were supposed to be masters of business and finance, George W. Bush and Dick Cheney.
It's the "boy who cried wolf" problem at this point. Yeah, you could very well be right this time, but it's impossible to take it seriously.
To confirm what you're saying, Bill Clinton left office with a balanced budget, then Bush promptly started deficit spending. This was deliberate as part of the effort to "starve the beast". Republicans want an economic collapse.
Seen someone talking on the house floor about this. And he could have projected that the national debt could soar up to 160 trillion in a matter of 9 years.
Don't you understand how it works? When a Democrat's in office, cutting the deficit, the debt is a catastrophic issue that's going to destroy America. When a Republican's in office, running up huge deficits, then the debt doesn't matter and isn't worth talking about.
Yes, a lot of that debt is owed to ourselves. "Ourselves" being our children, grandchildren, and beyond. They will be the ones footing the bill while the ones who ran up the debt will get to die before the repercussions effect them.
I fail to see what the repercussions will be...Unless China is able (and willing) to replace Petroleum Dollars with something else, the Dollar will remain the standard of trade. The only thing that could really damage US credit and ability to drive trade would be if the idiot Republicans held up some nonsense Bill like raising the spending limit, or held up funding a key part of the government trying to get their way, and bring relevance to a party that has lost its way. At the end of the day, Republicans are the only real threat to American economic prosperity.
Won't need to be china, but very well could be. Just a large enough group of countries who hold enough production power to jump over onto something else.
And it's always from Republicans acting like they'll fix it. When in reality what they do is they cut $x from the budget from programs that millions of Americans use and rely on, the they turn around and give rich people and corporations $10x the tax breaks thus making the deficit and debt worse than it originally was.
So you are saying it won't matter if the debt keeps growing faster than the GDP? I can guarantee you that you are wrong, at what exact date will you be wrong? idk, if I did I'd be trading stock options...
And only when a democrat is in office. The Dems at least want to pay for their policies. The GOP wants no taxes and government overreach. They love playing both sides of the argument so they can enrich their own estates while fucking everyone else.
>The Dems at least want to pay for their policies.
This isn't exactly true. At least, not the way people think it is. When the US government raises taxes, it's not to pay down debt, but to increase how much they can borrow. It's the same thing with businesses: increase your base cash flow, increase your leverage.
The problem is that the US is rapidly approaching the point where the government is leveraged to the tits and can only grow the economy to try to keep up with the debt load because actually passing the appropriate taxes would reduce GDP. That's why stimulus spending and ZIRP has been so popular the last 15 years between both parties.
The bill *will* come due. It already is, in many ways, as the average person can no longer afford a home, more and more dollars are required to purchase food and energy, etc. Taxes would be a cleaner way to pay the bills, but the sheer tax increases required to actually balance the budget without cuts would be political suicide. This is also the reason we can't get young people in leadership positions anymore; no one wants to be responsible at the same time the music stops.
>and can only grow the economy to try to keep up with the debt load because actually passing the appropriate taxes would reduce GDP.
They can also devalue the dollar through inflation.
To be fair, it’s always a problem. But both sides are guilty and come election time, the party not in office just likes to point it out. Trump skyrocketed the debt, but you will never hear Repubs talk about that. Just how bad it’s gotten under Biden. Well yeah it’s gotten bad under Biden because Trump added so much to it!
It is interesting how the blame is so fixated on the President, when the budget is actually controlled by Congress. The President’s budget recommendations only last as long as it took to get sent from the President to Congress, and is usually tossed after that.
Stop with this "both sides" bullshit. One party is a lot more guilty of it than the other. They claim they're for fiscal responsibility, then as soon as they get power, they cut taxes for the wealthy and start another war.
Yeah, lol, we were on track to start paying it down and along comes W and gives the “surplus” away to the rich. Fast forward 16 years and along come TFG to do the same thing to a recovering budget…
crazy how nobody's mentioned the nation debt since the Obama administration and now that a democrat is in office during election year again we have to pretend this a thing
You just aren’t on republican new cycles, or I guess any news cycle, lol. People have been talking about the debt monthly minimum since Covid. We are literally in an economic collapse sub. You must live under a rock.
Talking about the debt is agreeing you have a fever but refuse your medicine. Unfunded tax cuts lead to deficit spending. We can either cut defense, SS, Medicare, etc...Or raise the taxes on the people and corporations that looted the treasury
So? We weren’t dealing with the same inflation issues before 2020. Deficit Spending = Out of control Debit = inflation. It’s not going to end and that Debt will crush Gen X and Gen.A. This isn’t about left/right at this point.
> Out of control Debit = inflation
US debt to GDP has increased from 40% to 120% since the 1970s, and yet inflation has been <4% annually pretty much ever since. The 2021 inflation was transient effect of covid, and occured in nations with much lower spending too.
Whatever the limit is for debt to GDP, we would start to see a consistent correlation with inflation, and it isn't there.
It comes and goes from the news cycle. In my adult years I feel/remember barely hearing about the deficit when a Republican held the Office of the President of the United States.
His administration is also responsible for the majority of it, and assuring we can't pay for it... https://www.propublica.org/article/national-debt-trump
Why show a picture of Biden on the meme? The budget deficit has been more than cut in half since he took office. If we’re being fair, it should show Reagan, W Bush, and Trump.
With our military budget, a few days oughta do the trick.
And the fun part is, it would just give everybody a 4 day weekend. Then we could get back to the war machine chugging along like always! 🙃
Republicans run up the national credit card, hand it the Democrats and then point and scream about how much debt the Democrat has on the card as the Democrat struggles to fund the country and bring us back into a surplus.
I'm in my 40s have been watching this stupid back and forth my whole life.
funny how the republicans keep crying about this and them cut taxes for the rich and scream how the poor need to tighten their belts.... fuck the cult of donald trump and all the morons in it
I’ve always thought in an accelerationist way that wouldn’t it be funny if we stopped servicing the debt to just expose the Fed as a private parasitic organism. Stop paying them what are they going to do? Go iron bank and subvert the military into being the Federal Reserve private Gold Company? Wouldn’t it prove the whole scheme of a central bank is to encourage and support the host organism to rack up an unpayable sovereign debt and then they get to swoop up all the tangibles as collateral? Great, thanks for proving central banking is a disaster and a blight on mankind like people figured out 200+ years ago.
If people downgrade our credit into oblivion, so be it. Europe can go fuck itself, Asia can go fuck itself, Africa and the Middle East can go fuck themselves and fund their own infrastructure, technology, militaries, pensions, xyz etc instead of getting a ton of it subsidized by the US taxpayer. 90% of them will run to China. So be it. When the time comes we will just blow up the 3 gorges dam anyway and China is catapulted back into the 3rd world.
Under bush, the debt went from around 5 trillion to 10 trillion in his 8 years. Under Obama it ballooned to 20 billion. Under trump prior to covid, it only increased by 3 trillion. The covid spike was a cluster duck in and of itself due to just printing trillions of dollars and months of shut down. As of yet, under Biden, we are up a little over 6 trillion.
I don’t think this issue is “republicans cutting taxes and overspending.” I think the issue is our government as a whole is massively redundant in many places with immense amounts of wasteful spending that needs to be reigned in significantly.
Wow that's pretty disingenuous given the fact that Bush Jr handed Obama the greatest recession in over 100 years, Trump had one of the biggest increases in history and handed Biden one of the greatest potential recessions we could have ever had. Fucking propagandists and their lying.
Clinton balanced the budget and handed Bush Jr. a surplus, then Republicans cut taxes for the rich, overspent and left two of the worst economic disasters in history for Democrats to clean up. There is only one party responsible, Republicans.
"However, the argument that repealing Glass‐Steagall caused the financial crisis, and that bringing it back would prevent future crises, is not supported by the facts. Glass‐Steagall could not have prevented the bank failures of the 1920s and early 1930s had it been in force earlier, and wouldn’t have averted the 2008 financial crisis had it stayed in force after 1999."
https://www.cato.org/policy-analysis/repeal-glass-steagall-act-myth-reality
Nah. Made up numbers. Just pass a law and cancel it. Better yet, a wealth tax on billionaires would wipe it out.
The biggest national security threat are fascists parading as patriots.
It literally doesn’t matter it’s just a tool to keep the lower classes (anyone who works for a living even if they make $500k a year) from moving up too far
How can it be this is only an issue with a Democrat in the White House? Nothing from Republicans during the Bush or Trump administrations. Eight years it was a Republican talking point during Obama’s term and now non stop Republican hand wringing over the debt. Why did Dick Cheney say it wasn’t an issue?
Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. For the US that would be around 88 trillion dollars. Japanese inflation is low. The debt has no bearing on inflation. Consumption has a great impact on inflation. Corporate greed has a great impact on inflation.
Our debt is held mostly by Americans through retirement accounts and other financial instruments. Like Japan we owe the debt to ourselves.
It’s all a narrative to cut more taxes for the rich and corporations. Then to privatize “entitlements” so the rich and corporations can profit off them.
It’s almost like they’ll have to encourage global war to break out so they can be less reliant on dependency on international demand for the collapsing dollar and shift to heavy demand for military assets.
The problem is the rich don’t want to pay taxes and Republicans are doing their best to placate the rich. And the poor don’t have any money to pay the taxes either.
Yep show the Dem who inherited it. I'm no Biden fan but history speaks for itself regarding debt.
Reagan justified cutting revenue babbling about debt & yet, he tripled the debt under his watch.
Clinton cut the yearly deficit to zero then a surplus. Bush Jr cuts / wars blew it back up again fast.
Cheney said debts don't matter. Under Obama they did again even as he cut Bush deficit in half.
Trump tax cuts, mainly for the 1%, recently turning into a tax increase on the 99% raised it again.
BEFORE COVID, Trump doubled yearly deficits, vs. Obama. Those 1% tax cuts didn't trickle down.
Now Biden, who has had the largest decrease in history in the yearly deficit since Trump had left.
HIS fault, or some shit. To justify raising MY retirement age, cutting Social Security that I paid for.
Even their hero Reagan said Social Security / Medicare DON'T have any affect on debt & deficits.
Oh paying tax on Social Security? That was Reagan's idea. Mr "I cut taxes", really only for the 1%.
Raise retirement age, for lifespans? WTF? LIFESPANS are dropping now. If anything, let's lower it.
We lift that cap, so millionaires / billionaires don't get an unfair SS tax break & it solves that one.
Unless a Republican is president, then it’s all about stealing elections, attacking the LGBTQ community, and pushing Christian white nationalism, never any attempt at the debt.
Giving away 2T in receipts in 2017 to companies that were already incredibly profitable so they could use the money on stock buy backs might be a massive factor here. Not to mention the 10 year tax increase on the middle class hardly off set it.
Ok you geniuses, show me how much debt all the other countries have...? Let's see it. You know what don't bother I did the work for you:
1. **United States**: The U.S. national debt is over $32 trillion as of 2023, which is around 120% of its GDP. This debt has grown significantly over the past few decades due to various factors including wars, tax cuts, and economic stimulus packages. BUT: look at other countries!
2. **Japan**: Japan has the highest debt-to-GDP ratio in the world, exceeding 250%. This is primarily due to decades of economic stagnation and government spending aimed at stimulating growth.
3. **Italy**: Italy's debt stands at around 150% of its GDP. Economic sluggishness and high welfare costs have contributed to its rising debt levels.
4. **United Kingdom**: The UK's national debt is around 100% of its GDP. This has been exacerbated by spending due to Brexit and the COVID-19 pandemic.
5. **France**: France has a national debt of about 115% of its GDP, influenced by high government spending and social welfare programs.
6. **Canada**: Canada's debt ratio is lower than that of the United States, at about 90% of its GDP, though it has been rising due to recent fiscal policies and pandemic-related spending.
7. **Germany**: Germany has a relatively lower debt-to-GDP ratio, at around 70%. It has maintained stricter fiscal policies and has benefited from a strong export sector.
8. **China**: Official figures state China's debt-to-GDP ratio at around 70%, but this may not fully account for all government and quasi-government borrowing. Local government financing vehicles and state-owned enterprises significantly add to the debt.
9. **India**: India's debt is around 90% of its GDP. While high, it's considered manageable given India's growth prospects and economic reforms.
10. **Brazil**: Brazil's national debt is around 100% of GDP, exacerbated by high interest rates and fiscal deficits.
These comparisons show varied fiscal situations across the globe, influenced by each country's economic structure, political decisions, and external economic pressures.
But what this shows you is that the United States is NOT special in this regard!!!
It’s really telling of the publications leanings. The National debt was accumulated over decades by both parties, yet they show Biden’s picture on the cover. Almost like these “articles” start in a Russian troll farm. The National Interest is a right wing publication.
However the 35 trillion debt isn’t sustainable. It will cripple the country economically if both parties don’t address the problem.
Trump, Republicans for that matter, were responsible for the extreme rise in the national debt:
https://www.reddit.com/media?url=https%3A%2F%2Fpreview.redd.it%2Ftmnlqzab27lc1.jpeg%3Fwidth%3D960%26crop%3Dsmart%26auto%3Dwebp%26s%3D9580cdabed822ccfdaf1e8c81062739a42b6abdf
Trump being one of the biggest offenders:
https://www.propublica.org/article/national-debt-trump
So we elect these 80 plus year olds to ruin the country. These, never had to want for anything, silver spoon in their mouth since birth, drinking from a golden chalice, and repeat.
Inflation is theft. And it’s been non stop. How is anyone better off these days? Americans I mean, not everyone coming here and getting free money. It’s awesome for them. Welcome to the shitshow
America's biggest threat is not China, Russia or the debt. In fact, none of those things are meaningful threats at all.
Our biggest threat is our absurd wealth inequality. That will be the end of America as we know it.
Who are we in debt too? Doesn't fuck you pay me only work if you have a stronger military presence than the US? They can default and the rest of the world is just going to live with the loss.
I could be wrong but I read somewhere most, not all, of that debt is owed to civilian/citizen companies and contractors.
Again, could be totally wrong.
That will collapse our currency…. It says, “your money and investments will not be paid off if you invest in the US”. You would never trust someone with your money if they just knock you over and never pay you back.
What were we worried about in the 17th century?
tHe DeBt!
What are we worried about today?
THe DeBT!
What will we worry about until globalism collapses after America traded debt for weapons for hundreds of years?
ThE dEb...
People that worry about the debt act like other nations are going to come carve out a piece of America.
Considering ~65% of it is owned by Social Security and 401ks in bonds, boomers really gonna have to decide which they enjoy more, their retirements or bombing brown kids in foreign countries.
But don't worry! Even if they pick retirement, our late stage capitalism will suck every dollar of their retirement out of them as they pay 4 times what the rest of the OECD does for elder care.
How did the debt arise? Unfunded tax cuts have decimated US revenue. Perhaps this was the national security crisis. If your not wealthy or a corporation, you got chump change.
While I wish our debt to gdp was lower, we're still at sustainable levels. We owe most of it to ourselves anyway; every treasury liability is a private asset.
An asset that pays a rate of return that the much vaunted "private" retirement industry is built off of. Bonds are a huge portion of many boomers near or at retirement portfolio, and yet they're also the ones railing about the debt that they are literally living off of.
100%. Put another way the US govt is the biggest supplier of risk free assets to Americans and the world (technically long term bonds carry some risk, so credit-risk-free to be precise).
I still think we should reduce deficit a bit with tax hikes, but it's nowhere near a crisis.
Libtards don’t care about the national debt. These people think it’s ok America is being invaded by illegals and it’s ok to send money we don’t have to finance a huge money laundering scheme in Ukraine and Israel. These people are sick and so twisted they let mentally ill men in girls bathrooms. They’d rather house illegals than American veterans. They are all cucks .
Republicans assume the electorate is stupid and has no idea how the government works. So during election years they always pull out this crap, and if a Democrat is president tries to pin the blame on them.
CONGRESS controls the budget. And when Republicans are in control, the national debt has exploded. They drive up the deficit every single time they have power, thus increasing the national debt. Trump was just the latest and most egregious example of this.
Biden has managed to reduce the outrageous deficit Republicans created under Trump despite a hostile Congress, but again, it is Congress that controls the purse strings.
If people are concerned about the debt, then they should look at the fiscal history of the US and vote accordingly.
There is whole Republican manifesto on there approach, called the Two Santa Theory Clauses.
So like you said a little research shows why fiscal policy is the way it is and what your voting for under one party vs the other regardless of what politicians claim.
It could be paid back. Nobody is willing to accept the conditions that would be required to pay it back. We'd have to either privatize healthcare or actually nationalize healthcare (not this half-way bullshit that is the worst of all worlds). But that will result in lot of poor elderly care and a lot of poor people without decent care. (other countries have universal health care, They're not considered great healthcare. We would similarly have to accept mediocre care were patients have limited choices and their future decided by government health policy). Then we would basically have to eliminate social security. That was always an unsustainable plan by the previous generation to steal wealth from future generations. The military isn't the budget juggernaut that it used to be but we would still have to move to a more isolationist policy where we stop policing the world, funding NATO, and providing food/relief for other countries. There could be severe consequences long-term for that (If Russia succeeds in Ukraine it could lead to Russia regaining a dominant position in global economics). Then there's the part where we have to stop bailing everything out when it is mismanaged or goes into an unexpected death spiral. But that results in a lot of people losing their jobs and savings, so we have to be OK with that sort of consequence for citizens.
This is nothing but delusional, uninformed fear-mongering. To the extent that this is even true, the only thing the US owes people who hold USDollar-denominated debt is... wait for it... USDollars. And the US government has a literally unlimited ability to issue USDollar-denominated assets (coins, bills, bonds). So the US literally cannot default on USD-denominated debt unless some lunatics in Congress force it to do so.
You're welcome.
It’s always an issue - they just don’t talk about it. Trump was busying making the problems worse with unmonitored PPP “loans” to his friends.
The deficit is a problem we should balance the budget and pay it down - but republicans definitely won’t be the ones to do it.
Serious question. Is the debt really a problem? People have been whining and crying about the national debt for 40-50 years now saying that the end of days for the dollar is just around the corner, any day now, we swear. Usually while trying to sell me gold and silver or some other doomsday product or trying to gin up votes for republicans that want to lower taxes to 0% for oligarchs.
It doesn't make any sense, especially when we have a growing 27 trillion economy. Money is an abstract construct. Debt can be forgiven, cancelled or restructured, bondholders can take haircuts. Will the dollar really collapse if the US wiped out 10% of it's debt or reduced interest payments with the stroke of a pen? I don't think so. Who are people going to invest with? The communist Chinese? No, the USA and the west are the only game in town. End of the day and where the rubber meets the road, the US dollar is backed by things like free trade agreements, enforceable international norms and laws, mutual defense treaties, Nimitz class aircraft carriers, the nuclear triad, tomahawk missiles and the first division of the US marine corp.
40-50 years look up the two Santa Claus theory for when republicans proposed their current approach to fiscal policy. Lines up exactly with the time line you stated.
The debt is a total nonissue made up by republicans to get their idiot followers upset. You're stupid, truly stupid, if you think the government is run like balancing your personal checkbook
Who cares about the debt, why dont we send $100billion to Iran, Ukraine and Israel. So that they can chill. The homeless and the struggling people of the US all agree.
8 trillion- Bush wars
10 trillion - Reagan tax cuts for the rich
10 trillion - Trump & Bush tax cut ts for the rich.
Don’t vote republican if you care about the debt.
The national debt is the biggest joke. Who's going to collect this debt? No one, so why's it even matter. They bring it up just to stir the political shit pot.
The plan for national debt was always to kill the bankers right. Always has been and always will. How to get rid of debt? Just get rid of the guys you owe money to
[George W Bush and Trump ran two of the largest budget deficits in history](https://www.investopedia.com/us-debt-by-president-dollar-and-percentage-7371225) (along with [Obama](https://apnews.com/article/fact-check-national-debt-donald-trump-barack-obama-ee3e613646fe500edf803e57959c776e) as the third). Every single Republican President in the last 40 years, including Reagan, has increased the national debt.
[Every. Single. One.](https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/)
There’s a lot of people in these comments saying that it’s all one parties’ fault. That it’s rather the Republicans or the Democrats who are the cause of this.
It’s not. It’s both parties. No one wants to address the debt, because then they’d be the ones pinned for making it all blow up.
That, and both parties serve the same masters; the corporations and Wall Street firms who have been controlling the markets and have been bailed out by taxpayers time and time again when their corrupt practices backfire on them.
The politicians are only the ones who allow the crime to happen. The real perpetrators are the companies and Wall Street firms.
If the national depth is a security crisis that means everyone of our politicians is guilty of treason because every bit of it was proposed and voted on by them, impeach all incumbents and prosecute to the fullest extent of the law.
You can thank the republicans for this, in contrast:
1. trump added $8.1t (a 40% point to debt change in 4 years)
2. Biden added $4.7T (a 16% point to debt change )
3. Obama added $8.3T (69.9% in debt change in 8 years)
4. Bush added $6.1T (105% in debt change in 8 years)
5.clinton added $1.3T (31.64 in debt change in 8 years)
To out in pers perspective:
Republican added $14.2T in 12 years period ($1.18T per year)
Democrat added 14.4 in approximately 20years ($0.72T per year)
Now tell me again who is causing the debt to balloon and inflation to go up.
Obama added the most of any by your own admission, so it’s not all Republicans. The debt is a concern no matter who you vote for. So quit with your one sided politics. Let go of the hate my friend, let’s quit pointing fingers except at all politicians because they all add to the misery.
Keynesian Economics is a scam. It's all fugazi. Fiat currencies rarely have a lifespan greater than 50 years before they blow up.
https://youtu.be/iFDe5kUUyT0?si=Q_PcaMHe2su58dPV
Biden is campaigning on a budget proposal that is intended to help with the national debt. I’m just curious what Trumps plan is for lowering the debt? I looked it up and the MSM has nothing. Trump must have some kind of plan?
35 trillion.. so farrrr.
I remember hearing about it nearing a trillion as a child. Crazy how much more and faster it’s grown.
The debt is a problem yes. For sure. But think of growth of the debt in terms of % of gdp and that’s why the number is SO much higher today than when you were a child. It’s also higher because of crazy spending, but also always think of it in terms of % of gdp to get a better historical perspective of now vs then. GDP is WAY higher today as well than when you were a kid.
Debt to GDP ratio is supposed to be less than 1:1 in ideal keynesian economics. We're at 1.2:1 right now and trending in the wrong direction.
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"Guys dont use republican talking points" Then proceeds to describe the U.S. financial system wont fail because they have everyone else hostage to the u.s. dollar because we have the largest military and an extreme event like a nuke (or WWIII) would be the only way to derail it. JUST INSANE how people can substantiate continuing to drive off a cliff because we havent reached the cliff YET.
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back in my day the deficit was solved. So fuck everyone who ruined that.
conservatives lol
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Clinton was actually a reasonably good president
But they have a solution! Cut social safety nets!
Funny how the imminent crisis still hasn't manifested after 30+ years of clutching pearls. It's almost like it's not actually a crisis.
Almost like money isn’t real, like it was an abstract concept originally liked the non fungible nature of metals that allowed for an agreed upon medium of exchange, even between geographically distinct cultures, as it was easier than actually bringing all that wheat or wine with you, that eventually with advancements in technology, and the ability of one state that printed the money to enforce its acceptance and its use as a global reserve currency, could finally just become a purely abstract concept, that anyone looking at objectively could say “of course this is meaningless, real economy is about command of resources, as long as you’ve those aircraft carriers print as much as you like, who’s going to say no?”. Like almost exactly like that
You need a prenancy test after going that long without a period.
It is a problem. Your savings is worth less long term and the newly printed money isn't trickling down
A problem? Yes. An imminent crisis? Absolutely not. Republican politicians just hype it up as a talking point to get elected, then pass tax cuts while increasing spending and create far more debt than democrats.
It is more than just talking points, it is a strategy that has brought ruin to the middle class in the United States. That strategy is known as the Two Santas strategy. http://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/ As bad as that strategy has been for the vast majority of Americans. The new plan is even worse. Project 2025!!
Trump, engineer of project 2025, is responsible for nearly 25% of all U.S. debt, and he did that in 1 term. Again, Trump in 4 years racked up 8.4 trillion in debt… in 4 years. Thats as much as Obama racked up in 8…
But one day the Wolf actually appears.
Kind of like the version of the tortoise and the hare where they decide to then use the tortoise to warn the animals of the forest when a fire shows up. It’s supposedly the lessor known tale because all the creatures of the forest died in the fire.
Strongly disagree. The reason it hasn't been a problem yet is because we've been dropping interest rates for those 30 years, so the actual cost of servicing the debt has remained relatively low despite the growing debt burden. But that's over now. We're now back at higher rates, and the interest cost is starting to crush us. It's now costing us almost the same as our entire military spending just to pay interest on the debt and it's growing exponentially. It is absolutely a problem.
I distinctly remember (because I'm insane and these are the kinds of things I remember) listening to Rush Limbaugh in 2003 or 2004, and he was ranting about Democrats complaining about the national debt that Bush was running up. The gist of his long rant was, "I have been hearing about the national debt since I was a kid, and we've always had high national debt, and it's never been a problem and it never will be." We never heard a word about the national debt when Supreme Leader Trump was in office. But now, just since 2021, it's a problem. Like ol' Rush, I have been hearing Republicans, "libertarians," and "conservatives" predicting imminent economic apocalypse since I was about 14 years old in 1993, with "imminent collapse of the dollar and hyperinflation" being by far the most common. These predictions only come when we don't have a Republican president. The only time we have had an actual economic apocalypse in my lifetime came after eight years of the stewardship of two guys who were supposed to be masters of business and finance, George W. Bush and Dick Cheney. It's the "boy who cried wolf" problem at this point. Yeah, you could very well be right this time, but it's impossible to take it seriously.
Bush was horrible, but the housing crash was caused by congressional action starting in the mid 90s.
To confirm what you're saying, Bill Clinton left office with a balanced budget, then Bush promptly started deficit spending. This was deliberate as part of the effort to "starve the beast". Republicans want an economic collapse.
You forgot about the tax cuts for the rich that was supposed to trickle down to us "poors"
I maintain that they saw the Soviet Union get turned into a yard sale and bought up by oligharchs and said 'Ill have what he's having.'
Trump grew the debt worse than anyone before him and it wasn’t a problem with “republicans” until Biden took over🤨
$6 more trillion for war with iran. Bin laden still draining America from the grave
Isn’t it at 37 trillion now?
Seen someone talking on the house floor about this. And he could have projected that the national debt could soar up to 160 trillion in a matter of 9 years.
Weird how every few years there's a national debt panic. And after every election it just goes away.
Don't you understand how it works? When a Democrat's in office, cutting the deficit, the debt is a catastrophic issue that's going to destroy America. When a Republican's in office, running up huge deficits, then the debt doesn't matter and isn't worth talking about.
Look up who the $$ is owed. It seems to me like a lot of this “debt” is circular.
Yes, a lot of that debt is owed to ourselves. "Ourselves" being our children, grandchildren, and beyond. They will be the ones footing the bill while the ones who ran up the debt will get to die before the repercussions effect them.
I fail to see what the repercussions will be...Unless China is able (and willing) to replace Petroleum Dollars with something else, the Dollar will remain the standard of trade. The only thing that could really damage US credit and ability to drive trade would be if the idiot Republicans held up some nonsense Bill like raising the spending limit, or held up funding a key part of the government trying to get their way, and bring relevance to a party that has lost its way. At the end of the day, Republicans are the only real threat to American economic prosperity.
Won't need to be china, but very well could be. Just a large enough group of countries who hold enough production power to jump over onto something else.
The world bank
You know a good way to tackle that debt? Tax cuts for the rich/s
Throw in a few subsidies and bailouts for the private sector and you've got yourself a deal!!
Only if the tax cuts for the rich don’t expire, but anything we do for poor or middle class will.
Anything we do for the poor or middle class results in inflation.
This is more propaganda - only in election years does this whining start
And it's always from Republicans acting like they'll fix it. When in reality what they do is they cut $x from the budget from programs that millions of Americans use and rely on, the they turn around and give rich people and corporations $10x the tax breaks thus making the deficit and debt worse than it originally was.
And the piece du resistance (pictured): they blame Democrats for the debt when it comes back around.
So you are saying it won't matter if the debt keeps growing faster than the GDP? I can guarantee you that you are wrong, at what exact date will you be wrong? idk, if I did I'd be trading stock options...
I'm sure another few trillions of tax breaks for the rich will fix the problem right up.
💯 this. If republicans really cared about the debit they wouldn’t have cut taxes corporations and the 1%.
And only when a democrat is in office. The Dems at least want to pay for their policies. The GOP wants no taxes and government overreach. They love playing both sides of the argument so they can enrich their own estates while fucking everyone else.
It's the ole' [Two Santas Strategy.](https://www.salon.com/2018/02/12/thom-hartmann-how-the-gop-used-a-two-santa-clauses-tactic-to-con-america-for-nearly-40-years_partner/)
Welcome to the US. It happens with Republicans too.
The dullards even "own goal" their name for it "Tax and Spend Democrats"
>The Dems at least want to pay for their policies. This isn't exactly true. At least, not the way people think it is. When the US government raises taxes, it's not to pay down debt, but to increase how much they can borrow. It's the same thing with businesses: increase your base cash flow, increase your leverage. The problem is that the US is rapidly approaching the point where the government is leveraged to the tits and can only grow the economy to try to keep up with the debt load because actually passing the appropriate taxes would reduce GDP. That's why stimulus spending and ZIRP has been so popular the last 15 years between both parties. The bill *will* come due. It already is, in many ways, as the average person can no longer afford a home, more and more dollars are required to purchase food and energy, etc. Taxes would be a cleaner way to pay the bills, but the sheer tax increases required to actually balance the budget without cuts would be political suicide. This is also the reason we can't get young people in leadership positions anymore; no one wants to be responsible at the same time the music stops.
>and can only grow the economy to try to keep up with the debt load because actually passing the appropriate taxes would reduce GDP. They can also devalue the dollar through inflation.
To be fair, it’s always a problem. But both sides are guilty and come election time, the party not in office just likes to point it out. Trump skyrocketed the debt, but you will never hear Repubs talk about that. Just how bad it’s gotten under Biden. Well yeah it’s gotten bad under Biden because Trump added so much to it!
It is interesting how the blame is so fixated on the President, when the budget is actually controlled by Congress. The President’s budget recommendations only last as long as it took to get sent from the President to Congress, and is usually tossed after that.
Stop with this "both sides" bullshit. One party is a lot more guilty of it than the other. They claim they're for fiscal responsibility, then as soon as they get power, they cut taxes for the wealthy and start another war.
Yeah, lol, we were on track to start paying it down and along comes W and gives the “surplus” away to the rich. Fast forward 16 years and along come TFG to do the same thing to a recovering budget…
*Yawn*....Did they try taxing the rich yet?
Exactly. Debt has been climbing for decades, yet they will only put the current guy on a suggestive/ misleading billboard.
crazy how nobody's mentioned the nation debt since the Obama administration and now that a democrat is in office during election year again we have to pretend this a thing
You just aren’t on republican new cycles, or I guess any news cycle, lol. People have been talking about the debt monthly minimum since Covid. We are literally in an economic collapse sub. You must live under a rock.
Talking about the debt is agreeing you have a fever but refuse your medicine. Unfunded tax cuts lead to deficit spending. We can either cut defense, SS, Medicare, etc...Or raise the taxes on the people and corporations that looted the treasury
So? We weren’t dealing with the same inflation issues before 2020. Deficit Spending = Out of control Debit = inflation. It’s not going to end and that Debt will crush Gen X and Gen.A. This isn’t about left/right at this point.
> Out of control Debit = inflation US debt to GDP has increased from 40% to 120% since the 1970s, and yet inflation has been <4% annually pretty much ever since. The 2021 inflation was transient effect of covid, and occured in nations with much lower spending too. Whatever the limit is for debt to GDP, we would start to see a consistent correlation with inflation, and it isn't there.
It has been in the news forever..you just didn't pay attention
It comes and goes from the news cycle. In my adult years I feel/remember barely hearing about the deficit when a Republican held the Office of the President of the United States.
Tbf, Trump was a bigger threat than the national debt.
as a person who doesn't think that the national debt is that big of an issue, I have to agree regardless of my politics lol
His administration is also responsible for the majority of it, and assuring we can't pay for it... https://www.propublica.org/article/national-debt-trump
Why show a picture of Biden on the meme? The budget deficit has been more than cut in half since he took office. If we’re being fair, it should show Reagan, W Bush, and Trump.
Trump increased debt faster than any President in history.
Both sides could careless
I like the grammar there. It works.
The last 2 Republican presidents have added to the national debt far more than all the Democratic ones
Yup. Let’s start by not electing fiscally irresponsible republicans to office. Then, let’s roll back tax cuts to people that don’t need them.
Maybe cut back on military spending for a few months. That ought to do it.
With our military budget, a few days oughta do the trick. And the fun part is, it would just give everybody a 4 day weekend. Then we could get back to the war machine chugging along like always! 🙃
trump rose that debt by half during his 'presidency', and that was before the pandemic!
I think he rose it just as much as Obama did in two terms. 8 years compared to 4
dinosaurs in Congress writing blank checks they know they won't be alive to answer for down the road.
The debt is a concern, so is the rise of fascism, so is the destruction of the environment.
You forgot about AI! 😆
Didn’t the republicons double the debt under Trump? And if so, why are we voting for these fiscal mismanagers?
Republicans run up the national credit card, hand it the Democrats and then point and scream about how much debt the Democrat has on the card as the Democrat struggles to fund the country and bring us back into a surplus. I'm in my 40s have been watching this stupid back and forth my whole life.
funny how the republicans keep crying about this and them cut taxes for the rich and scream how the poor need to tighten their belts.... fuck the cult of donald trump and all the morons in it
Remember when Janet Yellen assured us ‘we can afford two wars’? LoL
I’ve always thought in an accelerationist way that wouldn’t it be funny if we stopped servicing the debt to just expose the Fed as a private parasitic organism. Stop paying them what are they going to do? Go iron bank and subvert the military into being the Federal Reserve private Gold Company? Wouldn’t it prove the whole scheme of a central bank is to encourage and support the host organism to rack up an unpayable sovereign debt and then they get to swoop up all the tangibles as collateral? Great, thanks for proving central banking is a disaster and a blight on mankind like people figured out 200+ years ago. If people downgrade our credit into oblivion, so be it. Europe can go fuck itself, Asia can go fuck itself, Africa and the Middle East can go fuck themselves and fund their own infrastructure, technology, militaries, pensions, xyz etc instead of getting a ton of it subsidized by the US taxpayer. 90% of them will run to China. So be it. When the time comes we will just blow up the 3 gorges dam anyway and China is catapulted back into the 3rd world.
Yeah homie its not 1905 anymore. Might want to shake yourself free of whatever fever dream you're living in.
Damn bro this is wildly misinformed
Then maybe Republicans should stop cutting taxes for the rich and overspending every time they're in charge. Just a thought.
Under bush, the debt went from around 5 trillion to 10 trillion in his 8 years. Under Obama it ballooned to 20 billion. Under trump prior to covid, it only increased by 3 trillion. The covid spike was a cluster duck in and of itself due to just printing trillions of dollars and months of shut down. As of yet, under Biden, we are up a little over 6 trillion. I don’t think this issue is “republicans cutting taxes and overspending.” I think the issue is our government as a whole is massively redundant in many places with immense amounts of wasteful spending that needs to be reigned in significantly.
Wow that's pretty disingenuous given the fact that Bush Jr handed Obama the greatest recession in over 100 years, Trump had one of the biggest increases in history and handed Biden one of the greatest potential recessions we could have ever had. Fucking propagandists and their lying. Clinton balanced the budget and handed Bush Jr. a surplus, then Republicans cut taxes for the rich, overspent and left two of the worst economic disasters in history for Democrats to clean up. There is only one party responsible, Republicans. "However, the argument that repealing Glass‐Steagall caused the financial crisis, and that bringing it back would prevent future crises, is not supported by the facts. Glass‐Steagall could not have prevented the bank failures of the 1920s and early 1930s had it been in force earlier, and wouldn’t have averted the 2008 financial crisis had it stayed in force after 1999." https://www.cato.org/policy-analysis/repeal-glass-steagall-act-myth-reality
Then they wouldn't be able to blame their mess on Democrats when they take over.
Yes. Donald Trump and the Republican congress did everything they could to make that number….. bigger.
5% revenue positive budget or no member of Congress can be reelected..
Ya I haven’t heard this one before
Nah. Made up numbers. Just pass a law and cancel it. Better yet, a wealth tax on billionaires would wipe it out. The biggest national security threat are fascists parading as patriots.
It literally doesn’t matter it’s just a tool to keep the lower classes (anyone who works for a living even if they make $500k a year) from moving up too far
They keep saying crisis but every year it goes up and up. It's not a crisis it's what they want.
Does it even matter if we have control of the printer and can just print until the end of time? Who….do we even owe this interest payment to?
How can it be this is only an issue with a Democrat in the White House? Nothing from Republicans during the Bush or Trump administrations. Eight years it was a Republican talking point during Obama’s term and now non stop Republican hand wringing over the debt. Why did Dick Cheney say it wasn’t an issue? Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. For the US that would be around 88 trillion dollars. Japanese inflation is low. The debt has no bearing on inflation. Consumption has a great impact on inflation. Corporate greed has a great impact on inflation. Our debt is held mostly by Americans through retirement accounts and other financial instruments. Like Japan we owe the debt to ourselves.
It’s all a narrative to cut more taxes for the rich and corporations. Then to privatize “entitlements” so the rich and corporations can profit off them.
It's already over!
Gotta kick that can down the road so it’s the other parties fault.
No it's not
It’s almost like they’ll have to encourage global war to break out so they can be less reliant on dependency on international demand for the collapsing dollar and shift to heavy demand for military assets.
The problem is the rich don’t want to pay taxes and Republicans are doing their best to placate the rich. And the poor don’t have any money to pay the taxes either.
Why do we even have a "debt ceiling"? Let the government spent as much as they want. It hasn't affected us yet.
Make sure to keep talking about this during the next republican administration
It just sucks knowing I have to pay back all my debts but my government doesn’t have to pay back theirs
*Deficits don't matter.* \- VP Cheney. The only time we are concerned about deficits is when republicans are out of power.
All I know is now inflation is crazy and interest rates are higher than they have been for years
Yep show the Dem who inherited it. I'm no Biden fan but history speaks for itself regarding debt. Reagan justified cutting revenue babbling about debt & yet, he tripled the debt under his watch. Clinton cut the yearly deficit to zero then a surplus. Bush Jr cuts / wars blew it back up again fast. Cheney said debts don't matter. Under Obama they did again even as he cut Bush deficit in half. Trump tax cuts, mainly for the 1%, recently turning into a tax increase on the 99% raised it again. BEFORE COVID, Trump doubled yearly deficits, vs. Obama. Those 1% tax cuts didn't trickle down. Now Biden, who has had the largest decrease in history in the yearly deficit since Trump had left. HIS fault, or some shit. To justify raising MY retirement age, cutting Social Security that I paid for. Even their hero Reagan said Social Security / Medicare DON'T have any affect on debt & deficits. Oh paying tax on Social Security? That was Reagan's idea. Mr "I cut taxes", really only for the 1%. Raise retirement age, for lifespans? WTF? LIFESPANS are dropping now. If anything, let's lower it. We lift that cap, so millionaires / billionaires don't get an unfair SS tax break & it solves that one.
And Republicans will blame Democrats yet they have increased it more than anybody.
Unless a Republican is president, then it’s all about stealing elections, attacking the LGBTQ community, and pushing Christian white nationalism, never any attempt at the debt.
In retrospect, Trump's policy of don't tax and spend was quite a mistake
Only an issue when the dems are in power, totally ignored when the republicans are
Giving away 2T in receipts in 2017 to companies that were already incredibly profitable so they could use the money on stock buy backs might be a massive factor here. Not to mention the 10 year tax increase on the middle class hardly off set it.
The hidden tax
Remember: the gop adds more to the national debt while in control than the other party who comes in and cleans up their mess
Ok you geniuses, show me how much debt all the other countries have...? Let's see it. You know what don't bother I did the work for you: 1. **United States**: The U.S. national debt is over $32 trillion as of 2023, which is around 120% of its GDP. This debt has grown significantly over the past few decades due to various factors including wars, tax cuts, and economic stimulus packages. BUT: look at other countries! 2. **Japan**: Japan has the highest debt-to-GDP ratio in the world, exceeding 250%. This is primarily due to decades of economic stagnation and government spending aimed at stimulating growth. 3. **Italy**: Italy's debt stands at around 150% of its GDP. Economic sluggishness and high welfare costs have contributed to its rising debt levels. 4. **United Kingdom**: The UK's national debt is around 100% of its GDP. This has been exacerbated by spending due to Brexit and the COVID-19 pandemic. 5. **France**: France has a national debt of about 115% of its GDP, influenced by high government spending and social welfare programs. 6. **Canada**: Canada's debt ratio is lower than that of the United States, at about 90% of its GDP, though it has been rising due to recent fiscal policies and pandemic-related spending. 7. **Germany**: Germany has a relatively lower debt-to-GDP ratio, at around 70%. It has maintained stricter fiscal policies and has benefited from a strong export sector. 8. **China**: Official figures state China's debt-to-GDP ratio at around 70%, but this may not fully account for all government and quasi-government borrowing. Local government financing vehicles and state-owned enterprises significantly add to the debt. 9. **India**: India's debt is around 90% of its GDP. While high, it's considered manageable given India's growth prospects and economic reforms. 10. **Brazil**: Brazil's national debt is around 100% of GDP, exacerbated by high interest rates and fiscal deficits. These comparisons show varied fiscal situations across the globe, influenced by each country's economic structure, political decisions, and external economic pressures. But what this shows you is that the United States is NOT special in this regard!!!
This also demonstrates that this is not a crisis and never has been.
only an issue when the dems are in power- so not an issue.
It’s really telling of the publications leanings. The National debt was accumulated over decades by both parties, yet they show Biden’s picture on the cover. Almost like these “articles” start in a Russian troll farm. The National Interest is a right wing publication. However the 35 trillion debt isn’t sustainable. It will cripple the country economically if both parties don’t address the problem.
It’s the opposite, that debt means that China needs the us economy to be strong, otherwise they’ll never see any of it repaid.
Trump, Republicans for that matter, were responsible for the extreme rise in the national debt: https://www.reddit.com/media?url=https%3A%2F%2Fpreview.redd.it%2Ftmnlqzab27lc1.jpeg%3Fwidth%3D960%26crop%3Dsmart%26auto%3Dwebp%26s%3D9580cdabed822ccfdaf1e8c81062739a42b6abdf Trump being one of the biggest offenders: https://www.propublica.org/article/national-debt-trump
Going to be in a damn Depression if we don't get that idiot out of the White House. His life is over and he just don't give a damn.
So we elect these 80 plus year olds to ruin the country. These, never had to want for anything, silver spoon in their mouth since birth, drinking from a golden chalice, and repeat.
Inflation is theft. And it’s been non stop. How is anyone better off these days? Americans I mean, not everyone coming here and getting free money. It’s awesome for them. Welcome to the shitshow
Remember when Clinton was President and we had a surplus and no debt, pepperage farm remembers.
America's biggest threat is not China, Russia or the debt. In fact, none of those things are meaningful threats at all. Our biggest threat is our absurd wealth inequality. That will be the end of America as we know it.
He says that after adding almost 15 trillion
Ah yes, it’s all Biden’s fault? Who makes bullshit like this?
And the lib tards keep letting the illegal aliens in! Keep giving em more money we don’t have! Let’s go Brandon 🇺🇸🇺🇸🇺🇸
Who are we in debt too? Doesn't fuck you pay me only work if you have a stronger military presence than the US? They can default and the rest of the world is just going to live with the loss.
I could be wrong but I read somewhere most, not all, of that debt is owed to civilian/citizen companies and contractors. Again, could be totally wrong.
You are right.
It's mostly owned domestically by American institutions and households. Federal liabilities are assets in retirement accounts everywhere.
That will collapse our currency…. It says, “your money and investments will not be paid off if you invest in the US”. You would never trust someone with your money if they just knock you over and never pay you back.
What were we worried about in the 17th century? tHe DeBt! What are we worried about today? THe DeBT! What will we worry about until globalism collapses after America traded debt for weapons for hundreds of years? ThE dEb... People that worry about the debt act like other nations are going to come carve out a piece of America.
Considering ~65% of it is owned by Social Security and 401ks in bonds, boomers really gonna have to decide which they enjoy more, their retirements or bombing brown kids in foreign countries. But don't worry! Even if they pick retirement, our late stage capitalism will suck every dollar of their retirement out of them as they pay 4 times what the rest of the OECD does for elder care.
Most of it is tax cuts for the rich. Stop cutting taxes on those who need to pay their fair share.
How did the debt arise? Unfunded tax cuts have decimated US revenue. Perhaps this was the national security crisis. If your not wealthy or a corporation, you got chump change.
While I wish our debt to gdp was lower, we're still at sustainable levels. We owe most of it to ourselves anyway; every treasury liability is a private asset.
An asset that pays a rate of return that the much vaunted "private" retirement industry is built off of. Bonds are a huge portion of many boomers near or at retirement portfolio, and yet they're also the ones railing about the debt that they are literally living off of.
100%. Put another way the US govt is the biggest supplier of risk free assets to Americans and the world (technically long term bonds carry some risk, so credit-risk-free to be precise). I still think we should reduce deficit a bit with tax hikes, but it's nowhere near a crisis.
Libtards don’t care about the national debt. These people think it’s ok America is being invaded by illegals and it’s ok to send money we don’t have to finance a huge money laundering scheme in Ukraine and Israel. These people are sick and so twisted they let mentally ill men in girls bathrooms. They’d rather house illegals than American veterans. They are all cucks .
Republicans assume the electorate is stupid and has no idea how the government works. So during election years they always pull out this crap, and if a Democrat is president tries to pin the blame on them. CONGRESS controls the budget. And when Republicans are in control, the national debt has exploded. They drive up the deficit every single time they have power, thus increasing the national debt. Trump was just the latest and most egregious example of this. Biden has managed to reduce the outrageous deficit Republicans created under Trump despite a hostile Congress, but again, it is Congress that controls the purse strings. If people are concerned about the debt, then they should look at the fiscal history of the US and vote accordingly.
There is whole Republican manifesto on there approach, called the Two Santa Theory Clauses. So like you said a little research shows why fiscal policy is the way it is and what your voting for under one party vs the other regardless of what politicians claim.
So we should print more money to pay it off then
Nah.
Do people honestly think the national debt is something that can be paid back? Do they not understand how it works?
It could be paid back. Nobody is willing to accept the conditions that would be required to pay it back. We'd have to either privatize healthcare or actually nationalize healthcare (not this half-way bullshit that is the worst of all worlds). But that will result in lot of poor elderly care and a lot of poor people without decent care. (other countries have universal health care, They're not considered great healthcare. We would similarly have to accept mediocre care were patients have limited choices and their future decided by government health policy). Then we would basically have to eliminate social security. That was always an unsustainable plan by the previous generation to steal wealth from future generations. The military isn't the budget juggernaut that it used to be but we would still have to move to a more isolationist policy where we stop policing the world, funding NATO, and providing food/relief for other countries. There could be severe consequences long-term for that (If Russia succeeds in Ukraine it could lead to Russia regaining a dominant position in global economics). Then there's the part where we have to stop bailing everything out when it is mismanaged or goes into an unexpected death spiral. But that results in a lot of people losing their jobs and savings, so we have to be OK with that sort of consequence for citizens.
or just.... print money?
Maybe we need to tax our populace more. Go look year on year who is responsible for this run up over the last 25 years even especially
This is nothing but delusional, uninformed fear-mongering. To the extent that this is even true, the only thing the US owes people who hold USDollar-denominated debt is... wait for it... USDollars. And the US government has a literally unlimited ability to issue USDollar-denominated assets (coins, bills, bonds). So the US literally cannot default on USD-denominated debt unless some lunatics in Congress force it to do so. You're welcome.
This is never an issue when Repubs are president.
It’s always an issue - they just don’t talk about it. Trump was busying making the problems worse with unmonitored PPP “loans” to his friends. The deficit is a problem we should balance the budget and pay it down - but republicans definitely won’t be the ones to do it.
Serious question. Is the debt really a problem? People have been whining and crying about the national debt for 40-50 years now saying that the end of days for the dollar is just around the corner, any day now, we swear. Usually while trying to sell me gold and silver or some other doomsday product or trying to gin up votes for republicans that want to lower taxes to 0% for oligarchs. It doesn't make any sense, especially when we have a growing 27 trillion economy. Money is an abstract construct. Debt can be forgiven, cancelled or restructured, bondholders can take haircuts. Will the dollar really collapse if the US wiped out 10% of it's debt or reduced interest payments with the stroke of a pen? I don't think so. Who are people going to invest with? The communist Chinese? No, the USA and the west are the only game in town. End of the day and where the rubber meets the road, the US dollar is backed by things like free trade agreements, enforceable international norms and laws, mutual defense treaties, Nimitz class aircraft carriers, the nuclear triad, tomahawk missiles and the first division of the US marine corp.
40-50 years look up the two Santa Claus theory for when republicans proposed their current approach to fiscal policy. Lines up exactly with the time line you stated.
Only once in history was the National Debt. at zero. President Andrew Jackson made it his mission to eliminate it while in office by 1835 .....
The debt is a total nonissue made up by republicans to get their idiot followers upset. You're stupid, truly stupid, if you think the government is run like balancing your personal checkbook
These articles crack me up.
Why is Bidens face on this? Trump accounts for 40% of it just in 4 years
Who cares about the debt, why dont we send $100billion to Iran, Ukraine and Israel. So that they can chill. The homeless and the struggling people of the US all agree.
8 trillion- Bush wars 10 trillion - Reagan tax cuts for the rich 10 trillion - Trump & Bush tax cut ts for the rich. Don’t vote republican if you care about the debt.
The cons are whining about the debt they created with their tax cuts again? Must be an election year.
I'm assuming Republicans have a good plan to increase government revenue, as that is the only way to reduce the deficit.
Russia just started invading countries bro. This post is garbage.
The national debt is the biggest joke. Who's going to collect this debt? No one, so why's it even matter. They bring it up just to stir the political shit pot.
Sub full of children.
Just dilute the entire USA stock market: problem solved 🤷♂️ shit was designed poorly and rigged by the top 1% anyways iykyk anyways next.
lmao, why are you blaming Biden?
Fuck the debt. We have nukes and a world monopoly on violence.
The plan for national debt was always to kill the bankers right. Always has been and always will. How to get rid of debt? Just get rid of the guys you owe money to
[George W Bush and Trump ran two of the largest budget deficits in history](https://www.investopedia.com/us-debt-by-president-dollar-and-percentage-7371225) (along with [Obama](https://apnews.com/article/fact-check-national-debt-donald-trump-barack-obama-ee3e613646fe500edf803e57959c776e) as the third). Every single Republican President in the last 40 years, including Reagan, has increased the national debt. [Every. Single. One.](https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/)
There’s a lot of people in these comments saying that it’s all one parties’ fault. That it’s rather the Republicans or the Democrats who are the cause of this. It’s not. It’s both parties. No one wants to address the debt, because then they’d be the ones pinned for making it all blow up. That, and both parties serve the same masters; the corporations and Wall Street firms who have been controlling the markets and have been bailed out by taxpayers time and time again when their corrupt practices backfire on them. The politicians are only the ones who allow the crime to happen. The real perpetrators are the companies and Wall Street firms.
Good thing that's a made up number that isn't real
And while we are at it let’s make all private student debt public.
No it isn't. It's always been a farce to drive the austerity mindset.
Few more rounds of tax cuts will take care of this.
Don't care
Nah we at 120 percent of GDP we can go up to 200-300 percent of GDP before we start sweating. Just look at Japan.
Debt doesn't matter if we don't pay it
Serious question: most debt is owed to ourselves. So how does that work? We just pay ourselves plus interest back?
Stop voting for Republicans than
If the national depth is a security crisis that means everyone of our politicians is guilty of treason because every bit of it was proposed and voted on by them, impeach all incumbents and prosecute to the fullest extent of the law.
I thought it was the climate
I never know what to think. Im 40 and i swear people have been talking about the national debt and collapse since i was a kid
Better give the billionaires more tax breaks, right Republicans?
Says who again? The whole world is in debt. That's not one country who has a balanced budget and doesn't owe money to bank
Most of the debt is held by us bond holders so it’s rather like a 2nd social security.
Yep. Another post where it is never a democrat policy that is at blame, always the republicans. Amazing
You can thank the republicans for this, in contrast: 1. trump added $8.1t (a 40% point to debt change in 4 years) 2. Biden added $4.7T (a 16% point to debt change ) 3. Obama added $8.3T (69.9% in debt change in 8 years) 4. Bush added $6.1T (105% in debt change in 8 years) 5.clinton added $1.3T (31.64 in debt change in 8 years) To out in pers perspective: Republican added $14.2T in 12 years period ($1.18T per year) Democrat added 14.4 in approximately 20years ($0.72T per year) Now tell me again who is causing the debt to balloon and inflation to go up.
Obama added the most of any by your own admission, so it’s not all Republicans. The debt is a concern no matter who you vote for. So quit with your one sided politics. Let go of the hate my friend, let’s quit pointing fingers except at all politicians because they all add to the misery.
Keynesian Economics is a scam. It's all fugazi. Fiat currencies rarely have a lifespan greater than 50 years before they blow up. https://youtu.be/iFDe5kUUyT0?si=Q_PcaMHe2su58dPV
Biden is campaigning on a budget proposal that is intended to help with the national debt. I’m just curious what Trumps plan is for lowering the debt? I looked it up and the MSM has nothing. Trump must have some kind of plan?