Life After Default

[Kevin_Kennedy]

Here's the simple fact: The United States has already defaulted on this debt. There is no possibility of ever paying off the debt, and the only thing that remains to be seen is what the fallout will be. Economic collapse or an everlasting stagnant economy? The U.S. is not going to declare bankruptcy, but economic reality can't be put off forever.

 

[my2¢]

How could not spending any more than we take in at $5.6 trillion a year have any negative consequences?

I don't see living within one means as negative at all. Just the opposite. What I am opposed to is

• defaulting on our obligations, something Trump sees as answer to the economic mess created by excessive spending
• the liberals seeing such financial discipline as simply a game

Biden released his Fiscal 2024 budget way back in March. Republicans looked at it as dead-on arrival, properly so. Meanwhile this new congress has had 9 months to figure it out and have yet to get their shit together.

 

[CuleokaBob]

The fuck it is...but you'd ENSURE it happens

Damn right I would.

 

[WinterBorn]

Damn right I would.

Joe Biden and administration have devalued the USD by 40%
YES, As Biden's government spent, borrowed, and printed trillions of dollars,
inflation returned to levels not seen in 40 years with the currency becoming devalued 40%
This leaves no choice. Powell raise the rates to fix Joes mistakes.

Hey CuckholdBob, you might want to check your facts about who added to the debt.

 

[CuleokaBob]

this economy is about to take a shit and you have no one to blame but yourself if you voted for Biden.

Joe Biden and administration have devalued the USD by 40%
YES, As Biden's government spent, borrowed, and printed trillions of dollars,
inflation returned to levels not seen in 40 years with the currency becoming devalued 40%
This leaves no choice. Powell raise the rates to fix Joes mistakes.

 

[Lesh]

Damn right I would.

You would crash the economy.

Good example of why Republicans can't be trusted with the economy. They don't understand it and think crashing it is no big deal

 

[fncceo]

Nope.

I'm not ready for a global depression and watching BILLIONS starve to death. I doubt anybody is "ready for" something like that.

Canned food, bottled water, paper-based porn, heirloom seeds, and PLENTY of ammo.

I'm about as ready as it gets.

 

[WinterBorn]

Cannes food, bottled water, paper-based porn, heirloom seeds, and PLENTY of ammo.

I'm about as ready as it gets.

I have made preparations for SHTF situations. But I'd rather not hasten the end of civilization just yet.

 

[CuleokaBob]

You would crash the economy.

Good example of why Republicans can't be trusted with the economy. They don't understand it and think crashing it is no big deal

Moran,
As Biden's government spent, borrowed, and printed trillions of dollars,
inflation returned to levels not seen in 40 years with the currency becoming devalued 40%

 

[Lesh]

Here's the simple fact: The United States has already defaulted on this debt.

That is NOT a fact. Not even close

There is no possibility of ever paying off the debt,

Nor do we need to. We still carry the entire debt from WWII. That's right. We never paid it off. Know how much that is? 100 million dollars

. Economic collapse or an everlasting stagnant economy?

Our economy is NOT stagnant but people like you WOULD collapse it

 

[Kevin_Kennedy]

That is NOT a fact. Not even close

Nor do we need to. We still carry the entire debt from WWII. That's right. We never paid it off. Know how much that is? 100 million dollars

Our economy is NOT stagnant but people like you WOULD collapse it

Caps-lock isn't truth serum, but thank you for your contribution.

 

[WinterBorn]

Moran,
As Biden's government spent, borrowed, and printed trillions of dollars,
inflation returned to levels not seen in 40 years with the currency becoming devalued 40%

So you willingly ignore the 25% of our national debt that happened during Trump's term?

 

[Oddball]

And defaulting would add even MORE...at higher rates after our credit rating gets downgraded again

You people are insane

Oh noooooo! ......Da gubmint wouldn't get to borrow more fake "money" from banksters who create it out of thin air!

Buzz off, ignoramus.

 

[Oddball]

So you willingly ignore the 25% of our national debt that happened during Trump's term?

Let's be egalitarian about it, and ignore all of it!

 

[WinterBorn]

Let's be egalitarian about it, and ignore all of it!

You are always such a fair-minded person, Oddball.

 

[Oddball]

 

[ThisIsMe]

Hey stupid,default would ADD to the debt

Both options add to the debt. If you pass the debt ceiling, you alllow for more spending (debt) as well.

Yeah, don’t default, but these budgets need to come with deep and meaningful spending cuts. REAL spending cuts, not just “we proposed a 120B increase over the 80B we spent last year, but we settled on 100B, so we decreased the spending”. No, you INCREASED spending by 20B.

Can we just keep increasing the debt forever? Remember, the debt is paid by taxpayers…eventually the debt will get so large, that the US citizen simply won’t have enough money to pay it.

Default is irresponsible, but blindly just increasing spending is also irresponsible.

 

[Thunk]

Canned food, bottled water, paper-based porn, heirloom seeds, and PLENTY of ammo.

I'm about as ready as it gets.

I have all that and more & I don't consider myself ready at all.

 

[Lesh]

Both options add to the debt. If you pass the debt ceiling, you alllow for more spending (debt) as well.

Bullshit.

Raising the debt ceiling pays existing debt.

The two are unrelated.

More spending will occur or not based on the next spending bills NOT on the debt ceiling

 

[ThisIsMe]

Bullshit.

Raising the debt ceiling pays existing debt.

The two are unrelated.

More spending will occur or not based on the next spending bills NOT on the debt ceiling

No, they are entirely related. Here’s why

You are increasing debt to pay for prior years obligations. Think about that. This means there is literally no cap on spending. You pay for previous debt, then create new obligations that will then have to be covered by next years debt ceiling increase. To me, that’s just some funny money nonsense that only works in government.

What they need to do is pass a budget that covers. FUTURE spending. That’s what a budget is supposed to be.

Our government entirely operates on debt. That’s what the whole system is. When you are raising money to cover prior expenditures..that’s a debt economy.