Finally, for those who expect a happy ending, we have one word: "don't."
Here is the CBO's latest debt forecast. It shows that US debt is now set to hit $50 trillion by 2030 (probably much sooner though), and then proceed exponentially higher until the US currency finally collapses.
_________________________
September 18, 2023, 08:11 PM
nhracecraft
You forgot THE MOST FRIGHTENING chart of all...The Annualized Inrerest Payments on the Federal Debt!
Look at 2022...It's practically straight up! Within one quarter, annualized interest payments on the National Debt paid by the Federal Government will VERY likely rise above $1 Trillion! THIS is what will collapse the US Financial System!
If Some is Good, and More is Better.....then Too Much, is Just Enough !! Trump 47....Make America Great Again! "May Almighty God bless the United States of America" - parabellum 7/26/20 Live Free or Die!
September 18, 2023, 08:17 PM
jcsabolt2
2027, estimated $45T 2031, estimated $61T
Things are just beginning to get bad.
---------- “Nobody can ever take your integrity away from you. Only you can give up your integrity.” H. Norman Schwarzkopf
September 19, 2023, 01:03 PM
SigSentry
One trillion seconds is slightly over 31,688 years ago. Our children will learn, eventually, that you have to build, mine, or produce the things in our life, you can't print it.
September 19, 2023, 01:06 PM
divil
Clearly more unfettered spending is the solution .
September 19, 2023, 02:33 PM
darthfuster
Think about the consequences of this. Think about whether this even can ever be reversed. How does this end? Superimpose human nature and desperation over those consequences. What can you do to prepare yourself and your family? How much time do you have to do it?
You’re a lying dog-faced pony soldier
September 19, 2023, 03:42 PM
SigSentry
^sic vis pacem para bellum...cheating is allowed, everyone else is
September 19, 2023, 04:35 PM
Ryanp225
Learn to swim.
September 19, 2023, 04:36 PM
Ryanp225
Oh, and I'd start getting in some cardio pretty quick.
September 19, 2023, 04:38 PM
stoic-one
Yeah, we should totally pass that 1 month budget CR (Continuing Resolution)
There is over $1T in fed.gov debt coming due in the next month.
The interest on the notes coming due was about 1%.
The interest on the new notes used to borrow more to pay off the old notes will be about 5.75%.
Do the math.
Or just acknowledge Ross Perot was right.
Nice is overrated
"It's every freedom-loving individual's duty to lie to the government." Airsoftguy, June 29, 2018
September 19, 2023, 06:16 PM
egregore
quote:
Or just acknowledge Ross Perot was right.
Perot was the only presidential candidate I can think of who seriously addressed the national debt and made it a cornerstone of his campaign. He had me going until he pulled the stupid stunt with withdrawing from, then getting back into the race while making bullshit excuses for both. I can't think of any president since Andrew Jackson (who paid it off) who has not added to the debt. Even Donald Trump is not completely off the hook. Biden, however, has taken it to new highs (or lows).
September 20, 2023, 11:44 AM
chellim1
quote:
I can't think of any president since Andrew Jackson (who paid it off) who has not added to the debt. Even Donald Trump is not completely off the hook. Biden, however, has taken it to new highs (or lows).
Yep. But... all spending bills originate in the House. It's not just the President, although they sign them into law. The Covid Candy for everyone and the ironically named "Inflation Reduction Act" have sent the debt parabolic. The spending must be reversed or the entire economy will collapse. I don't think most Democrats, and about half of Republicans, even understand that we can't just keep printing money.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
September 20, 2023, 12:52 PM
Fly-Sig
quote:
Originally posted by nhracecraft: You forgot THE MOST FRIGHTENING chart of all...The Annualized Inrerest Payments on the Federal Debt!
Thus the prediction in some circles that the Fed will be forced to reduce rates soon to keep the fedgov from openly defaulting on debt, even though the official inflation rate hasn't been tamed. The results would be 1) Much higher inflation, and 2) Precious metals price spiking up.
September 20, 2023, 12:59 PM
Fly-Sig
quote:
Originally posted by darthfuster: Think about the consequences of this. Think about whether this even can ever be reversed. How does this end? Superimpose human nature and desperation over those consequences. What can you do to prepare yourself and your family? How much time do you have to do it?
"OK, Boomer" mentality will expand to "FU, Boomer and the debt you rode in on". Philosophically we cannot as individuals impose our personal debt obligations onto our children. So we as a generation can't impose our collective debt onto future generations. When it is obvious the vast majority of national debt did not fund long term improvements for future generations, they could decide en masse to renounce the debt.
They would be ethically justified in doing so. Start with a clean slate.
Pain must be felt by a lot of people to get this debt insanity resolved. I expect hyper inflation and then issuance of some "New Dollar" will be what happens. Or our grandkids' generation gets into power and renounce the debt wholesale.
September 20, 2023, 09:05 PM
darthfuster
^^^^^^^^^^^^^ Or even worse if, economic suffering is great enough with no viable solution, younger generations might turn on the boomers for retribution. It's happened before. A demographic is scapegoated, isolated and targeted. Boomers could easily be seen as those who effed this whole system up. Younger gens already hold boomers in derision. Boomers will be too old to defend themselves. Pull the plug, so to speak.
You’re a lying dog-faced pony soldier
September 21, 2023, 06:50 AM
L90814
This money laundering scheme in Ukraine will add to the fun:
Volodymyr Zelensky holds secret NYC meeting with private equity bosses at JPMorgan, Google and Blackstone to discuss rebuilding war-torn Ukraine
Volodymyr Zelensky attended a secret roundtable in New York City with the nation's top financiers, including private equity bosses at JPMorgan, Google and Blackstone to discuss rebuilding war-torn Ukraine.
The meeting was hosted by the nation's largest bank, JPMorgan, on Wednesday evening, and included Google CEO Eric Schmidt, billionaire Mike Bloomberg, New England Patriots owner Robert Kraft, and hedge fund billionaire Bill Ackman.
The former US Secretary of State Henry Kissinger and billionaire Barry Sternlicht were also in attendance, sources told CNN.
Hours earlier, Zelensky met with Larry Fink, CEO of the world's largest asset manager BlackRock to discuss how to attract US private sector money for the rebuilding effort, According Fox News.
That's quite an exclusive group of 'our betters' there! Apparently, there's big money yet to be grifted on this adventure...At least for those in the privileged elite club!
If Some is Good, and More is Better.....then Too Much, is Just Enough !! Trump 47....Make America Great Again! "May Almighty God bless the United States of America" - parabellum 7/26/20 Live Free or Die!
September 21, 2023, 08:21 AM
chellim1
quote:
Originally posted by darthfuster: Boomers could easily be seen as those who effed this whole system up. Younger gens already hold boomers in derision. Boomers will be too old to defend themselves. Pull the plug, so to speak.
To a large extent, this is true. Boomers have created the world of debt we are living in.
I've told my own children much the same: The day will come when your generation is saddled with all of this and when enough of you figure out that you are forced to carry the debt you had nothing to do with, you will default.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
--> https://www.zerohedge.com/mark...about-hit-1-trillion
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