Should Congressmen have a “Top Loss” position on the debt?

[CrusaderFrank]

All of the finance experts here need to chime in.

Trump was responsible for the debts he incurred in the busted Atlantic City Casinos. When there was a deficit, he gave equity to his lenders in exchange for recasting the debt terms

Accordingly, shouldn’t our Congressman be the first ones that US Treasury holder go to if there’s any problem with repayment?

 

[CrusaderFrank]

If Congressmen were responsible for repaying the debt, would they be spending this much?

 

[saveliberty]

You can't make a congressperson responsible for pulling a fire alarm. The odds of responsibility are 1: the debt. Both parties are to blame.

 

[Dadoalex]

All of the finance experts here need to chime in.

Trump was responsible for the debts he incurred in the busted Atlantic City Casinos. When there was a deficit, he gave equity to his lenders in exchange for recasting the debt terms

Accordingly, shouldn’t our Congressman be the first ones that US Treasury holder go to if there’s any problem with repayment?

The debt is the debt, nothing can be done about it now.
What Congress should focus on is setting spending/tax levels at levels that reduce or eliminate the deficit.

I suggest a law requiring spending to be no more than 5% above revenues. To achieve the goal both sides would need to bend significantly.

 

[Not That Guy]

The debt is the debt, nothing can be done about it now.
What Congress should focus on is setting spending/tax levels at levels that reduce or eliminate the deficit.

I suggest a law requiring spending to be no more than 5% above revenues. To achieve the goal both sides would need to bend significantly.

I fear the point of being able to ever repay the national debt has long past. This is the death of the dollar as we know it. It doesnt matter what happens, from this point forward, the dollar will founder.

 

[Dadoalex]

I fear the point of being able to ever repay the national debt has long past. This is the death of the dollar as we know it. It doesnt matter what happens, from this point forward, the dollar will founder.

Not as long as there is a stable US
What currency is more stable?

The dollar is not a problem unless someone is stupid enough to try to print money to pay it.

In 2023 expenditures were about 33% over revenues
If we can shrink the rate of growth to 5% over revenues then economic growth will, over time, render the impact of the debt meaningless.

 

[CrusaderFrank]

Although Biden's budget has no chance to pass the Republican-controlled House, it sets priorities for his 2024 election campaign against Donald Trump.

$7.3 TRILLION!!!

Congress and the President need to be held personally liable.

They are THE WORST EXAMPLE of private gains and public losses

 

[Dont Taz Me Bro]

$7.3 TRILLION!!!

Congress and the President need to be held personally liable.

Why? The American people voted them into office. They didn't get there by themselves. The American people are the ones who need to be held liable and we will be when the house of cards come crashing down. We're already paying the price of inflation for our poor decisions.

 

[Natural Citizen]

What Congress should focus on is setting spending/tax levels at levels that reduce or eliminate the deficit.

The system is designed to require ever-increasing levels of debt just to continue.

And that's why politicians will always kick the can down the road and raise the so-called debt ceiling over and over again until the whole system finally collapses under its own weight.

 

[Natural Citizen]

What currency is more stable?

When currency and debt meet, they extinguish one another.

Your solution will cause the currency supply to vanish.

Refer to my previous thought on it...

 

[Natural Citizen]

The economic collapse of America is inevitable...

 

[para bellum]

$1 Million bonus to every congresscritter every year they pass a balanced budget. They would figure it out. Suddenly all that non-essential spending would vanish.

A little over a half-billion a year to balance the budget...