The debt limit!

[Penelope]

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’​

The United States is the only major industrial nation with a debt ceiling. America’s debt ceiling, moreover, applies only to budgetary appropriations that have already been made; it has no impact on future spending or borrowing. Indeed, as one legal scholar has argued, since legislation passed by Congress and signed by the president implicitly authorizes the U.S. Treasury to spend the money necessary to implement it, a separate requirement to increase the accrued debt creates the possibility of default, and may therefore be unconstitutional.

In any event, although debates about the national debt have become increasingly partisan, Congress and the president have agreed to increase the debt ceiling over 100 times since World War II. The debt limit has also been “suspended” — a distinction, made for political reasons, without a substantive difference — seven times. The debt ceiling was raised three times while Donald Trump was President. In 2019, when Congress suspended the debt ceiling until July 2021, Trump exulted that the agreement was “phenomenal.” The ceiling has been raised twice with Joe Biden in the White House.

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’

Moody’s has estimated default could result in a 4 percent drop in GDP, 9 percent unemployment and a $15 trillion loss in household wealth.

thehill.com

We can't worry about the debt, Biden has one more time to raise the debt. If if's good for tramp why not make it good for Biden.

 

[sparky]

~S~

 

[Natural Citizen]

The fundamental nature of the monetary policy/system requires 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, while avoiding it happening on their own watches.

And it will. It's a finite system. That's the cliff notes anyway...

 

[Papageorgio]

It will keep going up, no Congress or President will ever drop the debt. It is just politics as usual.

 

[JGalt]

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’​

The United States is the only major industrial nation with a debt ceiling. America’s debt ceiling, moreover, applies only to budgetary appropriations that have already been made; it has no impact on future spending or borrowing. Indeed, as one legal scholar has argued, since legislation passed by Congress and signed by the president implicitly authorizes the U.S. Treasury to spend the money necessary to implement it, a separate requirement to increase the accrued debt creates the possibility of default, and may therefore be unconstitutional.

In any event, although debates about the national debt have become increasingly partisan, Congress and the president have agreed to increase the debt ceiling over 100 times since World War II. The debt limit has also been “suspended” — a distinction, made for political reasons, without a substantive difference — seven times. The debt ceiling was raised three times while Donald Trump was President. In 2019, when Congress suspended the debt ceiling until July 2021, Trump exulted that the agreement was “phenomenal.” The ceiling has been raised twice with Joe Biden in the White House.

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’

Moody’s has estimated default could result in a 4 percent drop in GDP, 9 percent unemployment and a $15 trillion loss in household wealth.

thehill.com

We can't worry about the debt, Biden has one more time to raise the debt.

Continually raising the debt limit, the FED printing more money, and idiotic wasteful spending is what caused the 9.1% inflation rate under the first year of Biden, as opposed to to the 1.5% inflation rate we had in February of 2019.

How many times does an idiot stick a fork in a wall socket before they realized they're getting the fuck shocked out of them?

 

[iamwhatiseem]

We are working towards the fiscal madness of Japan... whose debt/GDP is more than double ours.
Japan almost exclusively depends on China for investment profits, otherwise no one in Japan would have any money.

 

[Penelope]

Continually raising the debt limit, the FED printing more money, and idiotic wasteful spending is what caused the 9.1% inflation rate under the first year of Biden, as opposed to to the 1.5% inflation rate we had in February of 2019.

How many times does an idiot stick a fork in a wall socket before they realized they're getting the fuck shocked out of them?

Tramp raised it 7 trillion bucks.

https://www.cnn.com/2021/09/24/politics/mccarthy-democrats-debt-ceiling-fact-check/index.html

 

[1srelluc]

OP's head's on fire and her ass a-catchin'.

 

[Natural Citizen]

Tramp

Oh. So you're not really interested in the actual topic?

Also, I saw that you disagreed with my thought on the matter.

What did you disagree with? What do you feel that I was wrong about? Explain, please. Thanks!

 

[Penelope]

We are working towards the fiscal madness of Japan... whose debt/GDP is more than double ours.
Japan almost exclusively depends on China for investment profits, otherwise no one in Japan would have any money.

Japan Adopts View That Huge Government Debt Doesn’t Matter

A group within Japan’s ruling party says the nation has room to spend a lot more, while people on the other side of the argument say the country is like the Titanic, heading for a massive iceberg of debt.

www.wsj.com

 

[sparky]

31 trillion is a lotta can kickin'.....~S~

 

[Penelope]

It's just politics of the way Republican have their way.

 

[Papageorgio]

Continually raising the debt limit, the FED printing more money, and idiotic wasteful spending is what caused the 9.1% inflation rate under the first year of Biden, as opposed to to the 1.5% inflation rate we had in February of 2019.

How many times does an idiot stick a fork in a wall socket before they realized they're getting the fuck shocked out of them?

The $4 plus trillion was pushed into the economy by both sides, not just Biden, add to that millions of renters not having to pay rent, unemployment for all, factories closing to kill the supply, it all contributed to inflation.

 

[sparky]

even Nostradamus sezs it'll end badly......

MSN

www.msn.com

~S~

 

[Penelope]

even Nostradamus sezs it'll end badly......

MSN

www.msn.com

~S~

will get that way if we don't tow in Climate Change.

 

[rightwinger]

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’​

The United States is the only major industrial nation with a debt ceiling. America’s debt ceiling, moreover, applies only to budgetary appropriations that have already been made; it has no impact on future spending or borrowing. Indeed, as one legal scholar has argued, since legislation passed by Congress and signed by the president implicitly authorizes the U.S. Treasury to spend the money necessary to implement it, a separate requirement to increase the accrued debt creates the possibility of default, and may therefore be unconstitutional.

In any event, although debates about the national debt have become increasingly partisan, Congress and the president have agreed to increase the debt ceiling over 100 times since World War II. The debt limit has also been “suspended” — a distinction, made for political reasons, without a substantive difference — seven times. The debt ceiling was raised three times while Donald Trump was President. In 2019, when Congress suspended the debt ceiling until July 2021, Trump exulted that the agreement was “phenomenal.” The ceiling has been raised twice with Joe Biden in the White House.

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’

Moody’s has estimated default could result in a 4 percent drop in GDP, 9 percent unemployment and a $15 trillion loss in household wealth.

thehill.com

We can't worry about the debt, Biden has one more time to raise the debt. If if's good for tramp why not make it good for Biden.

Why are Republicans only concerned with the debt limit when Democrats are President?

 

[JGalt]

Tramp raised it 7 trillion bucks.

https://www.cnn.com/2021/09/24/politics/mccarthy-democrats-debt-ceiling-fact-check/index.html

Unavoidable spending. There was a global pandemic, in case you have forgotten.

"At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase, largely due to the effects of the coronavirus pandemic and 2020 recession.

In his FY 2021 budget, Trump's budget included a $966 billion deficit.16 However, the national debt actually grew by $1.5 trillion between October 1, 2020, and October 1, 2021."

US Debt by President: Dollar and Percentage

 

[rightwinger]

Unavoidable spending. There was a global pandemic, in case you have forgotten.

"At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase, largely due to the effects of the coronavirus pandemic and 2020 recession.

In his FY 2021 budget, Trump's budget included a $966 billion deficit.16 However, the national debt actually grew by $1.5 trillion between October 1, 2020, and October 1, 2021."

US Debt by President: Dollar and Percentage

Why was raising the debt limit BEFORE Covid necessary?
Why was Trump running trillion dollar deficits BEFORE COVID?

 

[Godboy]

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’​

The United States is the only major industrial nation with a debt ceiling. America’s debt ceiling, moreover, applies only to budgetary appropriations that have already been made; it has no impact on future spending or borrowing. Indeed, as one legal scholar has argued, since legislation passed by Congress and signed by the president implicitly authorizes the U.S. Treasury to spend the money necessary to implement it, a separate requirement to increase the accrued debt creates the possibility of default, and may therefore be unconstitutional.

In any event, although debates about the national debt have become increasingly partisan, Congress and the president have agreed to increase the debt ceiling over 100 times since World War II. The debt limit has also been “suspended” — a distinction, made for political reasons, without a substantive difference — seven times. The debt ceiling was raised three times while Donald Trump was President. In 2019, when Congress suspended the debt ceiling until July 2021, Trump exulted that the agreement was “phenomenal.” The ceiling has been raised twice with Joe Biden in the White House.

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’

Moody’s has estimated default could result in a 4 percent drop in GDP, 9 percent unemployment and a $15 trillion loss in household wealth.

thehill.com

We can't worry about the debt, Biden has one more time to raise the debt. If if's good for tramp why not make it good for Biden.

Why in the FUCK are you trying to get us to blow more money? Jesus Christ man

 

[Natural Citizen]

31 trillion is a lotta can kickin'.....~S~

And they're gonna keep on kickin it, too.

There is interest due on every dollar in existence. The nature of the monetary policy itself dictates that there will always be more debt in the system than there is currency in existence ot pay the debt.

Even if the government stopped borrowing to do deficit spending, there is still pricipal plus interest due every month.

If they stop borrowing, then no new currency is created to replace the currency that they used to make those payments.

Whether you're making a payment on a loan or paying a tax to make a payment on a Treasury bond, the portion of the payment that goes to pay off the principal extinguishes that portion of the debt. But the debt also extinguishes the currency.

When currency and debt meet, they destroy each other.

If they just pay off the principal only, all of the loans and Treasury bonds that exist, the entire currency supply vanishes.

So, if they don't send the country deeper into debt every year, the whole thing goes into a deflationary collapse under the weight of those payments.