Our National Debt, spending addiction and deficit spending is problem 1

[BackAgain]

There is a current claim, repeated by the media, that our national debt is $28.08 TRILLION.

At this point and noting the accelerating rate of deficit spending, the proportion of payment of just interest on the debt to “revenues” is unquestionably going to become much much larger. Like a person who can’t handle their own household budget, the government will “borrow” ever more just to pay interest. Of course, the government will probably in just “print” money but this makes each dollar increasingly less valuable. (And some will tell us that inflation isn’t a big deal.

Now consider, the $28 TRILLION DEBT figure is phony. It doesn’t include unfunded mandates like pensions. Anyone care to take a stab at THAT one?

You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion

The federal unfunded liabilities are catastrophic for future taxpayers and economic growth.

www.forbes.com

I know that most liberals and progressives and economic authorities like AOC will dismiss this as pure right wing hysteria, but for reasonable people, I suggest that our addiction to spending and debt and deficit spending is the most urgent problem we face as a nation.

 

[Votto]

Its only been a few days since the last spending bill and Nancy Pelosi and company are starting to get the jitters

They need another fix, and soon!

 

[Donald H]

There is a current claim, repeated by the media, that our national debt is $28.08 TRILLION.
View attachment 569687
At this point and noting the accelerating rate of deficit spending, the proportion of payment of just interest on the debt to “revenues” is unquestionably going to become much much larger. Like a person who can’t handle their own household budget, the government will “borrow” ever more just to pay interest. Of course, the government will probably in just “print” money but this makes each dollar increasingly less valuable. (And some will tell us that inflation isn’t a big deal.

Now consider, the $28 TRILLION DEBT figure is phony. It doesn’t include unfunded mandates like pensions. Anyone care to take a stab at THAT one?

You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion

The federal unfunded liabilities are catastrophic for future taxpayers and economic growth.

www.forbes.com

I know that most liberals and progressives and economic authorities like AOC will dismiss this as pure right wing hysteria, but for reasonable people, I suggest that our addiction to spending and debt and deficit spending is the most urgent problem we face as a nation.

Problem #1 is America's income inequality. The richest country in the world would be doing fine if there was any incentive in the minds of the ordinary people to do something about it.

No, it's not other people's money. That's just the line of baloney that's been invented to keep the working class willing to suffer not getting a piece of the American pie.

The answers are all there in plain sight in the world's leading democracies. If Americans every get their heads on straight, they can look and see!

 

[bendog]

There is a current claim, repeated by the media, that our national debt is $28.08 TRILLION.
View attachment 569687
At this point and noting the accelerating rate of deficit spending, the proportion of payment of just interest on the debt to “revenues” is unquestionably going to become much much larger. Like a person who can’t handle their own household budget, the government will “borrow” ever more just to pay interest. Of course, the government will probably in just “print” money but this makes each dollar increasingly less valuable. (And some will tell us that inflation isn’t a big deal.

Now consider, the $28 TRILLION DEBT figure is phony. It doesn’t include unfunded mandates like pensions. Anyone care to take a stab at THAT one?

You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion

The federal unfunded liabilities are catastrophic for future taxpayers and economic growth.

www.forbes.com

I know that most liberals and progressives and economic authorities like AOC will dismiss this as pure right wing hysteria, but for reasonable people, I suggest that our addiction to spending and debt and deficit spending is the most urgent problem we face as a nation.

you must of hated Dump and Moscow Mitch

 

[Jets]

Who was it who stated “Reagan proved deficits don’t matter”?

 

[BackAgain]

you must of hated Dump and Moscow Mitch

It may surprise you to learn that I am a fan of neither major political Party when it comes to this major issue. The Democrat Party is maybe ignorant or maybe actually in favor of such economic behavior. The GOP ought to be very much aware of it and ought to care deeply and act accordingly. But at best, on this topic, they are feckless. And reckless.

 

[bendog]

It may surprise you to learn that I am a fan of neither major political Party when it comes to this major issue. The Democrat Party is maybe ignorant or maybe actually in favor of such economic behavior. The GOP ought to be very much aware of it and ought to care deeply and act accordingly. But at best, on this topic, they are feckless. And reckless.

I just didn't you recall your posting back then. Or even today opposing the Trump/McConnell tax cuts that did not produce the promised revenue.

 

[Otis Mayfield]

When Republicans are in office, nobody mentions the deficit.

When they're out of office, the deficit is suddenly a huge issue.

Go figure.

 

[bendog]

When Republicans are in office, nobody mentions the deficit.

When they're out of office, the deficit is suddenly a huge issue.

Go figure.

And now they are proposing a longterm debt ceiling fix for cutting spending. And unfortunately the progs have put us in this position with spending increases that are not popular in a majority of states.

We should be debating whether the gop wants to solve soc security deficits with taxes on capital or cuts on pensioners.

 

[BackAgain]

Problem #1 is America's income inequality. The richest country in the world would be doing fine if there was any incentive in the minds of the ordinary people to do something about it.

No, it's not other people's money. That's just the line of baloney that's been invented to keep the working class willing to suffer not getting a piece of the American pie.

The answers are all there in plain sight in the world's leading democracies. If Americans every get their heads on straight, they can look and see!

“Income inequality” is a pretty meaningless buzz phrase. It is used mostly by liberals and progressives as a thin cover for their true desire: some Marxist type “economy.”

In order to even discuss the notion of “income inequality,” a meaningful definition would be required. Most of the leftists who bandy that term around however are reluctant to get pinned down as to a coherent definition.

I’m not sure why. Maybe it’s because — like most things in lib-speak — words have no fixed meaning (and this isn’t by accident or even by ignorance). But if it’s not a deliberate effort to avoid precision, the implication is that they fear the consequences of a debate about what they actually mean.

 

[WTH_Progs?]

29T

ILMAO, TDS is STRONG am I right? "But what about Trump". Even out of context and often without truth the left tweets

But what about Trump
But what about Trump
But what about Trump
But what about Trump
But what about Trump
But what about Trump
But what about Trump
But what about Trump
But what about Trump
But what about Trump

 

[BackAgain]

When Republicans are in office, nobody mentions the deficit.

When they're out of office, the deficit is suddenly a huge issue.

Go figure.

That’s not true. But even if it were true, that doesn’t address the problem. It is your typical kind of “you too-ism” that merely avoids addressing the issue. The issue is the inherent dangerousness of our National addiction to spending.

 

[Winston]

There is a current claim, repeated by the media, that our national debt is $28.08 TRILLION.
View attachment 569687
At this point and noting the accelerating rate of deficit spending, the proportion of payment of just interest on the debt to “revenues” is unquestionably going to become much much larger. Like a person who can’t handle their own household budget, the government will “borrow” ever more just to pay interest. Of course, the government will probably in just “print” money but this makes each dollar increasingly less valuable. (And some will tell us that inflation isn’t a big deal.

Now consider, the $28 TRILLION DEBT figure is phony. It doesn’t include unfunded mandates like pensions. Anyone care to take a stab at THAT one?

You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion

The federal unfunded liabilities are catastrophic for future taxpayers and economic growth.

www.forbes.com

I know that most liberals and progressives and economic authorities like AOC will dismiss this as pure right wing hysteria, but for reasonable people, I suggest that our addiction to spending and debt and deficit spending is the most urgent problem we face as a nation.

Currently, interest on the public debt accounts for about five percent of the federal budget, certainly not unmanageable. And the real interest rate is essentially negative. This is certainly not the time to suddenly start reeling in the deficit. If anything, this is the time to borrow on the cheap to make investments in the future that will expand the economy and thereby increase the tax base.

Interest on the National Debt and How It Affects You

The interest on the national debt is how much the federal government pays on the outstanding public debt. Learn how it's calculated and what it means for you.

www.thebalance.com

 

[Orangecat]

Who was it who stated “Reagan proved deficits don’t matter”?

Probably someone who thinks the Jets are a contender.

 

[Orangecat]

I just didn't you recall your posting back then. Or even today opposing the Trump/McConnell tax cuts that did not produce the promised revenue.

Tax cuts do not increase debt, spending above revenue levels does.

 

[BackAgain]

Currently, interest on the public debt accounts for about five percent of the federal budget, certainly not unmanageable. And the real interest rate is essentially negative. This is certainly not the time to suddenly start reeling in the deficit. If anything, this is the time to borrow on the cheap to make investments in the future that will expand the economy and thereby increase the tax base.

Interest on the National Debt and How It Affects You

The interest on the national debt is how much the federal government pays on the outstanding public debt. Learn how it's calculated and what it means for you.

www.thebalance.com

The CBO doesn’t agree with that economic analysis. That might be because low interest rates don’t always stay low no matter how hard the Federal Reserve attempts to manipulate the markets and the economy. Massive debts come due as due even low interest payments.

We can stockpile oil to some degree. We can stockpile weapons. But stockpiling debt is delusional behavior.

 

[task0778]

Currently, interest on the public debt accounts for about five percent of the federal budget, certainly not unmanageable. And the real interest rate is essentially negative. This is certainly not the time to suddenly start reeling in the deficit. If anything, this is the time to borrow on the cheap to make investments in the future that will expand the economy and thereby increase the tax base.

Interest on the National Debt and How It Affects You

The interest on the national debt is how much the federal government pays on the outstanding public debt. Learn how it's calculated and what it means for you.

www.thebalance.com

If inflation turns out to be not as transitory as the democrats tell us, then the Fed may have to raise interest rates 4 or 5 times next year to tamp down inflation, and with every increase the interest on the debt grows larger. As does the democrat spending, when you increase the debt principal and the interest rate at the same time then those interest payments will rise significantly. The Left bitches incessantly about the tax cuts, but it wasn't that much relative to all the spending that has been done and will be done, especially if the democrats can pass their big spending human infrastructure bill that is said to be around $2 trillion but actually is north of $4 trillion over 10 years.

And let's not forget one other thing, every spending bill that passed in Congress had to have some democrat support and they ALWAYS wanted to spend more than the GOP did, a heckuva lot more. So, much of the debt under Trump would have been higher if the repubs hadn't fought hard for less spending.

 

[BackAgain]

I just didn't you recall your posting back then. Or even today opposing the Trump/McConnell tax cuts that did not produce the promised revenue.

I wasn’t posting here at all during any of President Trump’s days in office.

I am a fan of tax cuts. Your side seems to think that this is tantamount to cutting “revenue.” I don’t see taxation as true revenue, first of all. But more fundamentally, even if we label taxation as revenue, we still have a spending addiction that far outstrips it.

Our addiction to spending has significant consequences too. I posted a chart at the outset showing the us budget in round numbers. That’s the stuff we acknowledge. We spend almost twice as much as we have the money to actually pay for. Thus, more deficit spending.

it’s tough on the budget planner for a home or a business too. “We need to spend less!” But many people do seem to manage to avoid buying more than they can afford in order to insure that they pay their bills.

Not all borrowing and debt is bad. Only a silly person would make that claim. But there are limits. There ought to be limits.

 

[BackAgain]

An updated maxim:

“A trillion here. A trillion there. Pretty soon we’re talking ‘real money.’ “

I believe it was Senator Proxmire who first said something along those lines — albeit in those days he was talking about Billions.

 

[Stryder50]

Actually, USA National Debt is almost $29 trillion and growing. This website will provide plenty of numbers and data (courtesy of OBM). In upper right it has a "time machine" function going back to 1980.

https://www.usdebtclock.org/