Annual interest on our debt will pass $ 1 trillion this year.

[the other mike]

That's right kids.

The interest alone on our $32 trillion national debt is almost $700 billion a year and spiraling up.

And do you know who most of this goes to ?

 

[shockedcanadian]

Dont worry all the economic experts approved.

 

[the other mike]

Dont worry all the economic experts approved.

2024 will be my best year ever ironically.
Still worried though.

 

[BackAgain]

That's right kids.

The interest alone on our $32 trillion national debt is almost $700 billion a year and spiraling up.

And do you know who most of this goes to ?

When it comes to our economy, and our money supply: the government is singing.

“Burn, baby, burn.”

 

[Dont Taz Me Bro]

That's right kids.

The interest alone on our $32 trillion national debt is almost $700 billion a year and spiraling up.

You're part of Cult 45. What are you complaining about? You asked for this and you want more of it.

 

[the other mike]

You're part of Cult 45. What are you complaining about? You asked for this and you want more of it.

Actually I voted for Carter in 1980 and Jill Stein in 2016.

Care to try a new strategy?

 

[shockedcanadian]

Actually I voted for Carter in 1980 and Jill Stein in 2016.

Care to try a new strategy?

Oh snap.

 

[Dont Taz Me Bro]

Actually I voted for Carter in 1980 and Jill Stein in 2016.

Care to try a new strategy?

How about 2020?

 

[kyzr]

You're part of Cult 45. What are you complaining about? You asked for this and you want more of it.

Biden is twice as bad as Trump. You want $1T in student loans paid off too?

I opposed the Trump tax cuts when the deficit was $1T, now its fucking $2T and climbing. Biden is a disaster.
Neither party wants to fix SS/Medicare, or raise taxes to balance the Budget. Here is Trump's last Budget. Post Bidens 2023 Budget for comparison
2021 Federal Budget
Outlays $4.88T
Receipts $3.86T
Deficit $1.02T
Discretionary Spending
Defense $753b
Non-defense $733b
Total $1.49T

Mandatory Spending
Social Security $1,115b
Medicare 746b
Medicaid 452b
Other 660b
Interest on Debt 379b
Total $3.39T

 

[Flash]

Thank the Party of Big Government for it.

Both the bat shit crazy Democrat branch and the more moderate but still stupid Republican branch.

 

[Dont Taz Me Bro]

Biden is twice as bad as Trump. You want $1T in student loans paid off too?

I opposed the Trump tax cuts when the deficit was $1T, now its fucking $2T and climbing. Biden is a disaster.
Neither party wants to fix SS/Medicare, or raise taxes to balance the Budget. Here is Trump's last Budget. Post Bidens 2023 Budget for comparison
2021 Federal Budget
Outlays $4.88T
Receipts $3.86T
Deficit $1.02T
Discretionary Spending
Defense $753b
Non-defense $733b
Total $1.49T

Mandatory Spending
Social Security $1,115b
Medicare 746b
Medicaid 452b
Other 660b
Interest on Debt 379b
Total $3.39T

Of course, Biden sucks on the debt. Both parties do. That's my point. Nobody who voted for Trump, who ran up more debt in his tenure at a rate faster than any of his predecessors, has any place to complain about the amount today.

 

[kyzr]

Of course, Biden sucks on the debt. Both parties do. That's my point. Nobody who voted for Trump, who ran up more debt in his tenure at a rate faster than any of his predecessors, has any place to complain about the amount today.

Trump and Mnuchin tried the old "tried and true" GOP policy of cutting taxes to spur growth.
Fau-Chi's pandemic got in the way and shut down the economy, causing the massive Debt.

Yes we can complain that Biden throwing money around like candy is not helping the fiscal mess.
We need both parties to sit down and negotiate a fiscal strategy.
McCarthy already admitted that only 11% of the Budget can have any cuts, the 89% is mandatory spending.

So if we can't cut our way back to sanity we need to raise taxes, otherwise the US becomes Greece/Venezuela.

Here are my fiscal recommendations:
1. Hire a new Grace Commission to study all government spending and eliminate duplication & waste. Did this in 1982 but never passed any of the recommendations.
2. Implement a new 4% Federal sales tax, excluding food. Raises over $1T
3. Implement a new financial transaction tax of ~0.50%. Raises over $1T
4. Implement a new Remittance Tax on all money sent out of the US, Raises over $150b, enough to pay for the wall and DHS
5. Implement a new 1% annual reduction in all government spending for the next 10 years, including headcount.
6. Implement a new fix for SS, raise ages from 62/67 to 63/68 for those under 50, and to 64/69 for those under 30, since we live longer and collect longer, also raise the cap.
7. Implement a new fix for Medicare.

 

[MarathonMike]

That's right kids.

The interest alone on our $32 trillion national debt is almost $700 billion a year and spiraling up.

And do you know who most of this goes to ?

I'd say China owes us at least a trillion dollars from their virus and Fentanyl attacks, so let's just call it even.

 

[shockedcanadian]

I'd say China owes us at least a trillion dollars from their virus and Fentanyl attacks, so let's just call it even.

Covid cost WAY more than $1T

 

[g5000]

That's right kids.

The interest alone on our $32 trillion national debt is almost $700 billion a year and spiraling up.

And do you know who most of this goes to ?

A large part of our debt is owned by Americans.

Insurance companies, U.S. savings bonds, private pension funds, individuals, government-sponsored enterprises, brokers and dealers, banks, and so forth.

Social Security owns the largest chunk.

As for foreigners, Japan is the largest holder of US debt. Then China, then the UK.

These are followed, in order, by Belgium, Luxembourg, the Cayman Islands, Switzerland, Ireland, Canada, and Brazil.

 

[g5000]

Thank the Party of Big Government for it.

Both the bat shit crazy Democrat branch and the more moderate but still stupid Republican branch.

Isn't it just amazing how the Trumptards are DEAD SILENT as Trump runs up massive debt, and then moan and whine when a Democrat is in the White House?

I honestly don't understand how they can stand the STENCH of their own hypocrisy.

 

[g5000]

It would be very simple to not only balance the budget, but provide a surplus.

Very simple.

First, ban all tax expenditures, with the possible exception of the EITC.

Second, raise the Social Security and Medicare eligibility age to 70, and index to 9 percent of the population going forward. We are living longer, we should be working longer.

This would provide a massive surplus which would enable us to lower tax rates for everyone and pay off the debt. Once the debt was paid off, we could lower tax rates even more.

Our politicians, of both parties, are owned by special interests which pay them to put $1.4 trillion of annual tax expenditures in the tax code.

That is more than double all welfare programs put together.

 

[g5000]

Every modern politician has learned that our Gross Domestic Product can be artificially juiced by increasing government spending.

This comes at the expense of increasing our federal debt. This is the biggest threat to the future of our republic, but none of the people responsible will be around when it all falls apart.

Whoever is in office holding the hot potato will get all the blame. That's because the rube herd does not understand how our economy works and how every crisis is built over years and decades.

Our politicians depend on their voters' mass ignorance.

We get the politicians we deserve.

 

[jwoodie]

Of course, Biden sucks on the debt. Both parties do. That's my point. Nobody who voted for Trump, who ran up more debt in his tenure at a rate faster than any of his predecessors, has any place to complain about the amount today.

Citing "a faster rate" rather than actual amounts is statistical deception. Trump's 2017-2019 (pre-covid) budget deficits were all under $1 trillion. Biden's budget deficits are all over $2 trillion.

 

[the other mike]

How about 2020?

Trump 4 times ....
As Mike, Michael, Mikey and Miguel.