U.S. hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic
U.S. hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic
And not a peep out of the party of "fiscal responsibility".
Really says something about the Cons, doesn't it.
Yeah they've been pushing that false narrative while being the reason we keep increasing our spending while also cutting revenue for DECADES.
And you all got stimulus cheques this time too, right?! Right..?
I'm still living off the last one. I couldn't even imagine doubling such wealth.
$400 check, and $400k in PPP loans that I will totally repay (if I have to)
We cut all those programs and jobs and the deficit still went up?
I wonder what happened to all that money they were saving by doing that?
Let them eat cake
Oh no, this train is not slowing down. It can't. In fact, it has to speed up. At least, the currency debasement has to speed up.
When this baby hits 88 you're gonna see some serious shit
He was president during the pandemic
BuT rEpuBliCaNs R BetR Fur ThE ecONomY!
You'd have to go back to the 1800s for that to even have a chance at being slightly true.
Eisenhower was a Republican and he used social programs to build the US interstate highway system and the infrastructure necessary for the predecessor to our modern airport infrastructure and space program.
The highest top marginal tax rate during Dwight D. Eisenhower's presidency (1953-1961) was 91%, which applied to the highest income bracket. (Note: In 1952 and 1953, the top rate was 92%, dropping to 91% for 1954–1963.)
I think that time period is about the one they're shooting for to take us back to.
Good At Bizness
Damn, those Republicans are great at managing the government's finances.*
*This a scarstic comment
I'm sure you wanted to write sarcastic but I can imagine the happenings recently may have left some scars.
bIDeNs eCoNoMiE
Then if Dems get in power suddenly Republicans will care about spending again. Everyone knows how this song and dance goes.
If dem tears down east wing during a shutdown and you'll hear bad decorum or some bs and massive smear campaign about federal workers not being paid.
Trump has done so much to get rid of decorum and the general respectability politics. This could be the greatest thing ever for a Dem who is willing to fight and be unapologetic for the people. They should tear it down day one and frame it as job creation too to rub it in.
Wow, interest alone on the debt is now hitting $1trillion a year and expected to hit $14 trillion in 10 years!?
And this is despite Americans being taxed $350bn through trumps tarrifs.
Elon Musk is very quiet about this - wasn't this why he went all in on DOGE?
He went for Doge to remove or incapacitate agencies inconveniencing his businesses, particularly SpaceX. The Doge Dumbasses wrecked everything else by vibe.
He really needs to put something around his neck to cover up his neckitalia. It’s really disgusting
That's where the Russian dick is Putin
Trumpflation returns. Its the biggest, most beautiful type of inflation where rich people get richer and everyone else pays more.
Unstoppable debt spiral. Basically this, the more people come to realize it's never being paid back, the faster it will grow, and the faster it grows, the more people realize it's never being paid back. It doesn't really mean anything at this point.
Even if that were true, you can’t escape the consequences
Is the U.S. at Risk of Hyperinflation?
There would need to be a significant and highly unlikely drop in production and a massive increase in circulating currency for hyperinflation to occur in the U.S.
You my think that paragraph on the us is encouraging, but consider today’s reality
Hyperinflation would be so cool. I would pay off my student loans for the price of a dozen eggs
We can't completely escape the consequences, but they can be mitigated. I don't have a lot to lose. I don't benefit from a 401k or social security. There's a reason why investors are flocking to gold.
Something that needs to change is how real estate is seen as an investment. It has broken the quality of life increase in the US by gatekeeping real estate, drastically increasing cost of living, while building nothing new to preserve investment. When you make housing an investment, it becomes in your best interest to stop building more to reduce supply and preserve value.
Anyway where are the Epstein files?
Ask your politicians not us
When does Great Depression 2.0 start?
Been to the grocery store? I’d say it’s ramping up right on schedule.
last february?
Oh don't worry, this administration will make sure we beat the previous record with a new pandemic.
Trump loves debt
Especially when someone else has to pay for it
A Republican, the party of fiscal responsibility, ballooning the national debt to record numbers? Who could have seen that coming??
I was promised less government spending with a chainsaw on stage! But then again, I was promised many things by idiots on the stage! None of which materialized, oddly enough.
National debt shouldn't be called debt. All it does is confuse idiots who think it's the same thing as their personal budget.
What should it be called then?
Just woke up and cannot think so I am asking honestly
Maybe something like sovereign accrued liability. Make it a snorefest, so it's harder for news publications to make clickbait out of it.
Inflation indicator.
Susan Collins is very concerned.
Is it great again yet?
And you better believe of the Democrats gain power the Republicans will scream about the deficit until they are blue in the face and then do nothing. Worthless fucking Democrats.
Oh shut the fuck up.
The nazis are literally terrorising people in their homes, gearing for war, and cooking the planet alive.
But no, gotta removed about the Dems more.
Do us a fucking favour and remove yourself You literally bring nothing but a worthless drain on bandwidth at this point.
Who actually owns this debt? Who is getting the interest payments? It seems like every country runs on some kind of deficit - where is all this money coming from?
bond holders
It's basically spread between various governments (notably Japan, China, Norway), financial institutions and private holders. You can invest into US treasury bonds and that way you'll hold a piece of the debt. It's actually been considered the safest investment on the planet for the last century or so.
The biggest single chunk of it is owned by the Federal Reserve - about $4 trillion if I remember correctly. Which kind of... doesn't make any sense?
Thanks! You're right, it doesn't make sense. But Norway played it smart with their oil wealth, didn't they? Tiny country, and there they are lending money to the US.
Capitalism itself, pretty much
And bonds keep going up
They’ll steal your “entitlements” to help pay for it.
Biden added 8 trillion…
And so did Trump's first term. Except $8 trillion in 2012-2016 was a lot more than $8 trillion in 2016-2020. Right now we can safely expect over $10 trillion of increase by Trump's second term's end. If it ends, that is.
Over the course of President Trump’s four years in office, the gross national debt grew from $19.95 trillion to $27.75 trillion – a $7.8 trillion increase (debt held by the public – the more economically-meaningful measure of debt – grew by $7.2 trillion over this period). However, much of this borrowing was due to policies put in place before President Trump took office or due to unexpected changes in circumstance. Debt was already projected to grow by about $3 trillion for the four years of his term when President Trump took office, and some of the additional debt accrued was also the direct result of the COVID-19 pandemic and recession. It’s also important to note that the government was holding an unusually large $1.6 trillion in cash when President Trump left office, which inflated the growth in debt relative to the deficit run during his time in office.
It's almost like biden had to spend a fuck ton to try and fix the shit trump 1.0 broke
nobody ever comming to forcefull collect that debt if you have atomic weapons
And I wouldn’t put it past certain politicians to think this way. But currencies are valued based on economies, trading, their use in international exchange. It’s quite normal for an overleveraged country to have its currency devalued relative to everyone else. Sometimes by a lot.
Again, certain politicians have very little intelligent thought so they may even like this idea because your goods are cheaper, easier to export. Certain businessmen could really enrich themselves ….. if you don’t think or care about everyone else suffering under huge inflation, your economy flat lining without imports, even as tooling or ingredients.
That debt is through Treasury bonds. They pay out that interest as it comes due. If they didn't, no one would but those bonds and they'd immediately be unable to borrow any more money to continue this spending scheme