| Trump Made Foster Children a Priority. Do these people think it’s good that interest with take a higher and higher portion of our budgetary spending? I wouldn’t bet on that being a wise solution either. Congress has the power to issue debt-free currency with or without making a “platinum coin”. Either way, that sort of trajectory should inspire immediate action. State governments could opt to jack THEIR taxes if they want to cover some of the stuff the Feds stop doing, but many states would choose to have less government and lower taxes overall. Neither side of the aisle seems to remotely care about this subject. I actually started five monthsago and practically Text. Then get The Morning Bell, an early morning edition of the day’s most important political news, conservative commentary and original reporting from a team committed to following the truth no matter where it leads. Seemingly every other commenter has a different idea about what the problem is (“it’s revenue”, “it’s spending”, “it’s federal interest expense”, and on and on). Luckily, common defense/repelling invasions/erection of forts, magazines, arsenals, dockyards, and other needful buildings… are all listed in the US Constitution. Poor delusional Ken, living in lala land. See the documentation at: The DEBT is not the DEFICIT. It’s exactly the same here. Treasury Department reports that national debt hits $22.012 trillion, which experts say is a sign of the country's "unsustainable" fiscal situation. On tuesday I got a gorgeous BMW after having earned $8699 this last month. Yes, I’ve worked with many people who got money even though they were unwilling to work. Sixteen years later nothing had changed, with GOP primary candidates offering insane tax cut bids – Trump’s ran to 10 trillion – accompanied by massive spending proposals. If only deficit spending, absent a crucial national emergency, were a Capital Offense of the Shoot On Sight variety. It’s not about ‘money printing’. It does not derive its value from “the willingness of the IRS to steal it from you.”. Mineral rights, on and offshore, covering 2.515 billion acres of land, more than the total surface land in Canada 45,190 underutilized buildings, the operating costs of which are $1.66 billion annually Oil and gas resources on and offshore worth $128 trillion, roughly eight times the national debt of the country. Privacy Policy | No one seems to care that a government already over $22 trillion in debt is on schedule to borrow another $990 million this year. Almost 10T under Obama. The Daily Signal depends on the support of readers like you. Maybe you don’t fully understand how quotes work? The U.S. dollar’s value derives from the fact that it is the official medium of exchange and unit of account within a large, productive and reasonably stable economy. Sure they get paid to hold down costs this year, but next year they want a larger pool of money to skim. 1.22.2021 3:00 PM. I love it when all the hit n run-publicans get all internet tuff gai. “”I am amazed at how both Democrats and Republicans can defend never doing anything about the debt and just plan on spending more!””. In short, it’s a lot of money. Nobody really understands how we got there, who our creditors are or what difference any of it makes. The fact is, to a greater or lesser extent it is all of these, and right now we’re all sitting at the foot of Mt Everest trying to figure out how we might attack the summit without any climbing gear. Not all areas of federal spending can be compared to an average household, but interest expense can. It’s always the fucking spending. That leads to the second thing we have to understand. $22 trillion in debt. The day of Obama’s first inauguration the CBO projected deficit was 1.3 trillion dollars – with the economy in total meltdown. You’re right. If we do neither, you will have a major financial crisis. The U.S. debt reached a new high of $27 trillion as of Oct. 1, 2020. The first thing the dems in congress did when Obama was elected is pass a single piece of legislation called the ARRA with an almost $1T cost. You may, however, read the Gold Clause Cases (all three of them) for free. All you have to do is maintain a BALANCED budget every year, and never deficit spend. VK. Paying off part of the maturing debt each year and rolling over the rest will eventually bring the national debt (and its taxpayer-financed interest payments) down to zero. Much of that is because that’s how Americans, on average, live their personal lives as well. And then there’s all the land, mineral rights, and other assets the feds own. Big debt is a symptom of big spending. People are borderline incompetent. To pay for shit. It will be a big, big wall, not small but bigly big. This was under GHW Bush and Bill Clinton & involved very basic steps : (1) Tax hikes – broad-base, not solely on the wealthy. Since that time, U.S. taxpayers have spent over $22 trillion on anti-poverty programs (in constant 2012 dollars). . The office said paper wealth lost by U.S. homeowners totalled $9.1 billion. But government surveys show that many of those officially designated as poor are surprisingly well-off. 1.22.2021 1:36 PM. Calculates inflation to see what a U.S. dollar was worth in the past and today. That excludes that there will ALSO be real economic growth in there, making the debt less of an actual issue. It’s exactly the same here. I’m merely pointing out the fact that is more spending than any republican has suggest. Now take another and tape it lengthwise to the first. Pinterest. Expecting most Americans to understand what you’re talking about is a really big ask. The second thing we can do to lower our national debt is embrace the Green New Deal, which will create millions of new jobs, soften your hands while you do the dishes, and lower the amount of money we spend on energy, making our economy more competitive and creating more jobs while at the same times creating more jobs. The game of defining the debt as ‘owed to the public’ is to exclude the debt that is in the SS ‘lockbox’ that is owed to the govt before it is owed to the public’. Yet President Obama plans to spend $13 trillion over the next decade on welfare programs that discourage work and marriage. The world must go back to the gold reserve. And guess what – they tax the hell out of you yet it’s never enough. (3) Structural restraints on federal spending such as pay-go, requiring offsetting cuts or revenue for any new spending or tax cuts. You didn’t answer whether it pays for itself, only that you think it’s allowed in the Constitution. Blame “moderate” sounding demoncraps, who immediately sided with Nasty and a media that ignored the reality and told the nation that “Bush and the Republicans are spending like drunken sailors” that switched the House to the big spenders in 2006.. A trillion here a trillion there pretty soon you’re talking real money… until you reach gazillions, then you’ve reached mythical numbers and everyone knows you don’t have to repay mythical amounts. To us! The typical house or apartment of the poor is in good repair and uncrowded. It’s not that hard, spend less than you take in. However, there is not enough gold or silver in the surface of the earth to pay off $20 trillion. I’ve been around on and off for a few years now. It might… just… work! In an attempt to understand how much a trillion dollars is, we can picture it visually. That comes out to between $40,000 and $70,000 for every man, woman and child in the U.S. from roughly 1990 to 2005.” The solution to our debt problem is simple: STOP ISSUING DEBT-BASED MONEY! Consider what it might take, and it’s easy to see why they ignore it. Look back over the last four decades – when has that not been the case? More than 100 million — about one third of the U.S. population — receives aid from at least one welfare program. “Those tax cuts were defensible in many ways?the reduction in the corporate tax rates makes America competitive with the rest of the world?but it is undeniable that they added to the debt.”. To understand how much that is, if you laid a trillion $1 bills end to end, they would reach the sun. If we do neither, you will have a major financial crisis. 2 trillion more in debt for a tax break for the wealthy who don’t need it in a good economy. So should we consider War on Poverty to be a success? America’s high and rising debt matters because it threatens our economic future. I can’t figure out how people come to the conclusion that a right equals getting something for free instead of meaning the government cannot interfere with you getting it on your own. I’ve seen the visuals of stacks of bills filling a warehouse and all that, but like it or not, to most it’s just funny money. One billion dollars would reach 333 feet high. I think the issue should be framed in terms of the federal interest expense outlay instead. Comments do not represent the views of Reason.com or Reason Foundation. All of our circulating coinage is also debt-free money, issued by the Treasury Department rather than the Federal Reserve. $22 trillion in debt Our national debt is over $22 trillion dollars! (so gobsmacked by the utter cluelessness I did a double-click-double-post. They will demand higher interest rates, and every one percentage point increase in interest rates will add $13 trillion in interest costs over 30 years. The president could form a sizable splinter party if he's serious, but GOP defectors would have major ballot-access issues. After that, the rate declined slightly, then leveled out. You may think that maximizing profit means private companies do what they can to keep costs down and, thereby, maximize the difference between revenue and cost, but I happen to know that Medicare for all would be a big money saver because . | No politician has any incentive to do a blessed thing about it…. So we would have to pay almost half of what our current spending amount is for about 20 years just to get out of debt. US National Debt Clock : Real Time U.S. National Debt Clock Cutting illegal immigration pays for itself. That’s pure foolishness at best but these “libertarians” here will hand wave it away somehow. As interest rates go up, we will have to borrow even more to make the interest payments, which causes the debt to go even higher. What needs to happen is spending needs to be massively reduced, to a point where we are budget-neutral with revenue where it’s at now. But if you want to see a total Democrat agenda – look at NY and CA budget/deficits. On tuesday I got a gorgeous BMW after having earned $8699 this last month. Both parties suck at this. At $22 trillion, the national debt is so large, it’s hard for most people to fathom. Of course if they do, I’d bet dollars to donuts that the government wouldn’t use the money to actually pay down the debt but instead spend it on any and all boondoggles they’re dreaming of, whether that be Green New Deal horseshit, “free” college and healthcare, or more defense spending, whatever. So, one trillion dollar bills weigh one trillion grams. It’s time to turn this around. (2) Spending Cuts – federal spending fell from 20.7% GDP in 1993 to 17.6% GDP in 2000. Despite the record low unemployment rate and an overall hot economy, the U.S budget deficit continues to grow. How much has the cost of living increased? The national debt of over 22 Trillion dollars would reach over 1,408 miles high. Why Do Hillary Clinton, Jimmy Carter, Harry Reid Get a Pass? In the so-called "alternative fiscal scenario," which assumes current policies (such those tax cuts) are kept in place, the debt would hit 225 percent of GDP by 2050 and more than 600 percent of GDP by 2093. Might they take over a smaller party instead? I am really appreciative to God and my director. The Debt to the Penny and Who Holds It ( Debt Held by the Public vs. Intragovernmental Holdings) See information on the Debt Subject to the Limit.. Daily History Search Application. | STOP DEMONIZING TAX CUTS. The unfunded pensions and everything. First you have to acknowledge you must pay a lot more than just the interest so you can pay down the principle. “Bulls & Bears” panel on how the U.S. national debt surpassed $22 trillion and whether the drop in tax revenues will be blamed on President Trump. So how can the poverty rate be practically the same? Deficits.””. No shit. “P.S. How can the ~35% of people who live within their means, as far as credit cards go, influence public policy for the remaining 65%? Today, it’s 41 percent. Slash spending by 1/3 across the board and the debt will be manageable in 10 years. This wall will logically pay for itself because that’s what walls do. Private debt – mortgages, credit card balances, etc. But the more likely reason is just that lc1789 has nothing to stand on. $22 trillion? I’ve seen graphs of national debt over time, and memory says it was continuously decreasing until Ronnie Raygun decided to triple it from $1T to $3T to scare the Soviets into bankruptcy. They imagine people without enough food or clothing, or without a decent roof over their heads. We should build a wall, a big, big wall from sea to shining sea along our southern border. I agree. With “normal” inflation the TRUE value of the debt is reduced by about 1/4-1/3 every decade. Entitlement programs—Social Security, Medicare, and Medicaid—are the main drivers of the long-term deficit, but endlessly expensive (and just plain endless) foreign wars, the 2017 tax cuts, and a bipartisan consensus that spending should keep growing faster than revenues have played important roles too. The Green New Deal will create more jobs.”, Yeah, but unless it will wash my car for me I’m not interested. years ago. Think of it like getting out of credit card debt. We do. The tough political moves were taken, the public accepted action was needed, the benefits began to accrue. Needs more hashtags, Ken, in order to be effective. Eric Boehm That's more than 15% of the $7 trillion in Treasury bills, notes, and bonds held by foreign countries. Great! Bigly!!! Cut much of the federal government. Below are some facts that help put into perspective just how large is the sum of $22.5 trillion: In order to pay down our national debt you would have to combine the GDP of China, Japan, and India. That Shouldn’t Change Under Biden. Most of all, nobody at any level has any real idea of what if anything can be done about it or whether they would support any real solution even if someone could propose one (eg, cutting spending; it’s fine so long as it doesn’t affect something of any importance to them). Those aren’t the only options. It can continue forever as long as the economy gradually stops even trying to grow. News; $ 9 Trillion Story: 22% of the Circulating USD Printed in 2020. Pretty funny that.”‘. I think the issue should be framed in terms of the federal interest expense outlay instead. Today's £ to $ USD exchange rate is 1.27. | A family of four would have to pay over a quarter of a million dollars. I can recall when I could go to Bank of America, put one of those IOUs on the counter, and get a brand new silver dollar. One trillion dollars would reach 64 MILES high. You must not have any kids. Just a little. I clearly called this a bipartisan issue. President Clinton along with a Republican congress balanced the budget and the 90s were a prosperous time. LINE. At their debt level, every time their economy grows in ways that would normally require an interest rate increase to reallocate capital, the increase in interest rate strangles the change. When my erstwhile colleagues explained to me emphatically how Obama would have saved America “billions of dollars” at “state and federal” levels because they lapped up enjoyed his delivery of a Favreau-penned speech and the subsequent commentary on NYT/MSNBC/Guardian etc, they made it heck of awkward to live in a world where water is still wet and the Sun goes down every night. So £830,580 = $1,054,836 USD. Less messy. It is at the appropriate level for everyone. Read his research. But remember democrats had both houses in Congress under Obama for a while. Yeah, yeah, yeah, you can talk about outliers when he took office but that ignores the fact the dems held both houses of Congress at the end of Bush’s term. Try the Morning Bell and get the day’s most important news and commentary from a team committed to the truth in formats that respect your time…and your intelligence. Japan also never had much household debt (70% of GDP in 1990 – 58% now) – and much of the increase in public debt is the govt taking on private financial sector debt (was 350% of GDP in 1990 and 230% now). I’m not saying our system won’t feel some pain from the federal debt one day, but Japan’s currency system is similar to ours. . Even as the district struggles to vaccinate seniors, it will soon allow half the city to get in line. You $2 donation is falling fast. Yes, today, we are talking in trillions. Poor alphabet troll. More Americans need to watch it. My grandfather said I’d be paying off FDR’s and Eisenhower’s debt, yet my generation kicked it down the road, and the millienials will kick it down the road and our grandchildren will kick it down the road too. Facebook. As Brian Riedl, a senior fellow at the Manhattan Institute, told Reason last year: The danger is that if the debt keeps growing, at a certain point investors will stop lending us money at reasonable interest rates. CLICK HERE…?????? That’s a drop from the previous rate of 15 percent. 1.21.2021 2:20 PM. Many never regain their financial footing. Did spending go down? In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. That repudiation eliminates the currency as valid money – so the result is that everyone desperately tries to convert the entirety of everything denominated in that currency to the older form of money (something that is in surplus). Naver. Yet the poverty rate is essentially the same as it was 50 years ago. 1.22.2021 3:15 PM, Glenn Garvin If you stacked up thousand-dollar bills: One million dollars would reach four inches high. Allowing property owners to keep more of their own property never generated a single dollar of deficit or debt. | And, as if I have to put this fucking disclaimer on everything critical of Team Blue and Saint O-Bomber (as I do for my reflexively whataboutist “friends”), this does not automatically mean I absolutely suck R dick and refuse to recognize that they are by and large just another flavor of giganto-spend big government wastage. Seems that people who don’t care about 22T in debt also don’t care about a 500B interest payment. AOC believes in “modern monetary theory”, although I doubt she really has a deep understanding of all that MMT describes and suggests. What does inflation matter? That was $22 trillion ago. In Washington, much of the discussion over the past week has focused on Democratic plans to spend untold piles of cash on a "Green New Deal" that would require a mobilization of the entire economy to fight climate change. 0. The ribbon of dollar bills will reach from where you are standing to the orbit of Uranus. 1.21.2021 11:49 AM, © 2020 Reason Foundation | The deficit came down every year thereafter, being well less than half that size by the time he left office. The average cost per recipient in 2013? This money is going to a lot of people. Means. I would agree that we are usually better off fiscally when no single party rules both houses of congress and the presidency. Now, I agree lately both parties stink. The Reason staff socks are out to get you WCR. $9,000. The problem, as always, was Republicans. They are separate problems. This has been a certainty for about forty years now : The GOP makes the debt situation worse their time in power; the Democrats make it better during their turn. As Sen Everett Dirksen once said: “A billion here, a billion there, pretty soon we’re talking about real money”. Each man, woman, and child in the United States would have to pay $68,000 to pay it off. Apologies). Inflation data is updated regularly, so results may differ from other websites. 294 U.S. 240 ff. Indeed, the typical “poor” family has air conditioning, cable or satellite TV, and a computer in the home. We really are at the point where we’re going to need our Sulla or whatever. ft. Infographic by Kelsey Harris/The Daily Signal. More than 100 million — about one third of the U.S. population — receives aid from at least one welfare program. First things first: what are we talking about when we talk about US govt “debt”, and do we all accept the US govt is the currency issuer residing outside, and separate from the private sector. So the new blood doesn’t even want to pretend to care. It’s worth noting that Japan’s debt-to-GDP ratio is around 236% – and they have not experienced hyperinflation or a collapse in their currency yet. The new president availed himself of Seila Law v. Consumer Financial Protection Bureau. Then, over time, after that responsbility turns to extravagance, interest owed cuts into household income that would be used for other things like food, for example. How much does a trillion dollars weigh? So if you just keep a balanced budget, it gets cut by that amount every decade without repaying a dime. You may have seen headlines to describe the market carnage like a trillion dollar’s worth of wealth wiped away in a single day. Ever feel like the only difference between the New York Times and Washington Post is the name? Sadly, of course, such conditions do exist for some Americans. In case you have to make your life straightforward with this pay like me , you just mark on facebook and Click on big button thank you? Tumblr. Social Security, Medicare, Medicaid, Welfare giveaways are not. I think what’s being hinted at here is the enormity of resources being diverted from higher ends by certain manifestations of online “speech” that clearly need to be suppressed. The problem in the discourse about the federal debt is that there’s a significant portion of the population believes that deficits truly don’t matter. Yes we are. The budget was never balanced under Clinton. More than 100 million — about one third of the U.S. population — receives aid from at least one welfare program. Automatic saving from welfare programs. | “”Less. Democracy was despised by the founders because of the EXACT situation we’re in now… It was inevitable. Telegram. Also, look at the New Green Deal. I can only deal with so much Stupid each day. Much of that is because that’s how Americans, on average, live their personal lives as well. Cuz the latter is a trust fund and therefore an asset not a debt and therefore a liability. 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