CBO: National Debt headed for Highest Level since WW2

[UNCjigga]

Ballooning debt is accelerating thanks to Trump's trillion dollar defects. Debt will be bigger than the total US economy by 2030.

https://www.washingtonpost.com/news...he-highest-levels-since-world-war-ii-cbo-says

"The debt is projected to grow to 96 percent of GDP by 2028 before eventually surpassing the historical high of 106 percent it reached in 1946.

...

The 1946 high was prompted by a spending push to fund World War II, and other spikes in the debt have been driven by economic downturns. But the current bump comes amid a relatively healthy economy, suggesting a structural gap between how much the country collects in taxes and how much it spends."

Well no shit. This'll just give Republicans the courage they need to make tax cuts permanent and steal from Medicare and your Social Security, while building bigger walls and throwing more money at the Pentagon.

 

[ivwshane]

Where's my, pre president trump, trump sound bite to condemn this?

 

[UNCjigga]

Where's my, pre president trump, trump sound bite to condemn this?

You mean the one where he promised to eliminate $19 trillion in debt in 8 years, or the one where he promised to eliminate the national debt entirely???

 

[Dulanic]

Debt doesn't matter if it's a R is president.

 

[Fenixgoon]

You mean the one where he promised to eliminate $19 trillion in debt in 8 years, or the one where he promised to eliminate the national debt entirely???

you just write it off

 

[soulcougher73]

I’m shocked I tell you. Shocked. Would have never guessed from history that this was a bad economic policy to enact.

 

[Jhhnn]

Well, we all know the only answer is to cut social spending. Fuck them SNAP recipients, medicaid recipients & all the other moochers, too. Fuck their little rug rats. Fuck the disabled. Fuck the seniors. Let the Jerb Creators run things entirely so that we we experience the full glory of unrestrained crony Capitalism!

 

[Noah Abrams]

Well, we all know the only answer is to cut social spending. Fuck them SNAP recipients, medicaid recipients & all the other moochers, too. Fuck their little rug rats. Fuck the disabled. Fuck the seniors. Let the Jerb Creators run things entirely so that we we experience the full glory of unrestrained crony Capitalism!

Calm down buddy...

 

[UglyCasanova]

One of the biggest problems facing this country. We have a massive spending problem and lack the political will to do anything about it. There is differences in opinion on what to spend it on but ultimately no one wants to reeeally cut back. Taxes on the other hand, evil and must be stopped. But spending gets some lip service and move on. People that think Republicans are "fiscally conservative" are delusional.

 

[Jhhnn]

Calm down buddy...

Was that too plain? too straightforward? too true for comfort?

 

[Jhhnn]

One of the biggest problems facing this country. We have a massive spending problem and lack the political will to do anything about it. There is differences in opinion on what to spend it on but ultimately no one wants to reeeally cut back. Taxes on the other hand, evil and must be stopped. But spending gets some lip service and move on. People that think Republicans are "fiscally conservative" are delusional.

The GOP is engaged in a top down class warfare form of looting.

 

[UglyCasanova]

The GOP is engaged in a top down class warfare form of looting.

Dems make pawns of their base through a bottom up form (waged by the wealthy oddly enough). Politicians buy votes. They don’t have true ideologies other than keep raising donations and buying votes with bs and empty promises.

 

[Jhhnn]

Dems make pawns of their base through a bottom up form (waged by the wealthy oddly enough). Politicians buy votes. They don’t have true ideologies other than keep raising donations and buying votes with bs and empty promises.

Nice word salad.

 

[UNCjigga]

Nice word salad.

Its a derivative of Both Sides Do It, but there's a ring of truth. The true aim of any politics is saying or doing whatever it takes to stay in the game.

But for the current crop of Republicans, that only means catering to roughly 1/4 to 1/3 of the country while ignoring the majority. They've discovered that it's easy to stay in power when you've created a rabid right wing that will never turn on you. As for the rest of the country? Don't need their money when you've got corporations and SuperPACs, and don't need their votes when you've got gerrymandering. That's why Republicans have lost any will to govern. They're only interested in looting the treasury for their own gain and political favors.

 

[umbrella39]

By the time the truth is actually felt in the pockeboots of those who voted for him a Dem will be POTUS and get the blame... I'm already blaming Obama...

 

[nickqt]

Most of the US debt is actually owed to US citizens, or, owed to other Federal government agencies.

Meanwhile, the US government can issue currency without issuing debt if it so chooses. You can't pay your taxes with bitcoin, gold, or straw wrappers. So, the issuance of money by the government is a fiat currency that you're stuck with using, at least in order to pay taxes. This gives it intrinsic value.

The problem is what the money is spent on, and how it is actually allocated. The money/debt creates, if properly allocated, would go to building up infrastructure (physical and societal), and flowing through the hands of the citizens first. The money would, of course, eventually make it into the banks and corporations' accounts. But at least the rabble would get some benefit to it before it ultimately ended up where it always ends up.

Instead, the money is allocated to banks and corporations first. The banks and corporations use the essentially free money to increase their own power and relative status over everyone else. Because the citizens aren't getting to let that money pass through their hands first, they're stuck competing for shit-pay jobs that our benevolent JobCreators™ allow us to work, until they don't.

 

[Noah Abrams]

Was that too plain? too straightforward? too true for comfort?

I honestly was talking in your personal context. Nothing to do with these stupid endless debates.

 

[zinfamous]

No worries. By that time, Dems will be in power again and Repubs will just blame Dems for the debt caused, inarguably, by Republican policies. again, and again, and again.

As it always is. No ideas, no policy, no leadership, just theft and graft. The GOP way.

 

[K1052]

Trump promised he'd have the national debt paid off by the end of his second term. Trust the process people.

 

[HomerJS]

Imagine they used the tax cuts for the rich for infrastructure. Once the economic multipliers kicked in more people pay taxes and deficit starts to go down.

 

[Sunburn74]

Dems make pawns of their base through a bottom up form (waged by the wealthy oddly enough). Politicians buy votes. They don’t have true ideologies other than keep raising donations and buying votes with bs and empty promises.

There is something to be said here that basically the incentives of politics dont line up with the actual job demands. I think it's something the founding fathers grossly failed to address largely because corporations and the insane consolidation of wealth wasn't a thing then.

 

[compuwiz1]

Thanks Obama!
You idiots are now in crisis mode and want to blame it on Trump? Nope! Go back a few years.

 

[K1052]

Thanks Obama!
You idiots are now in crisis mode and want to blame it on Trump? Nope! Go back a few years.

Deficits were shrinking under Obama from the high during the crisis. Trump and the Rs took a $400B a year deficit when Obama left and turned it into what will be a $1T (and growing) deficit for 2019.

 

[deathBOB]

Most of the US debt is actually owed to US citizens, or, owed to other Federal government agencies.

Meanwhile, the US government can issue currency without issuing debt if it so chooses. You can't pay your taxes with bitcoin, gold, or straw wrappers. So, the issuance of money by the government is a fiat currency that you're stuck with using, at least in order to pay taxes. This gives it intrinsic value.

The problem is what the money is spent on, and how it is actually allocated. The money/debt creates, if properly allocated, would go to building up infrastructure (physical and societal), and flowing through the hands of the citizens first. The money would, of course, eventually make it into the banks and corporations' accounts. But at least the rabble would get some benefit to it before it ultimately ended up where it always ends up.

Instead, the money is allocated to banks and corporations first. The banks and corporations use the essentially free money to increase their own power and relative status over everyone else. Because the citizens aren't getting to let that money pass through their hands first, they're stuck competing for shit-pay jobs that our benevolent JobCreators™ allow us to work, until they don't.

^ this is completely wrong. Banks borrowing from the Fed has nothing to with national debt or funding the government. Only to the extent that banks can buy treasure notes are they involved. I don’t see how corporations are involved at all, except to the extent that the government contracts with them to provide services.

It’s really simply - we don’t collect enough taxes to support our massive military spending and relatively modest welfare state. We’re on the low end for industrialized nations:

https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally

 

[Commodus]

Thanks Obama!
You idiots are now in crisis mode and want to blame it on Trump? Nope! Go back a few years.

Beyond what K1052 used to shoot down your claims, the CBO noted that the Trump/Republican plan adds $1.84 trillion to the deficit over 10 years. That is exclusively their fault. Not Obama's.