Nothing to see here. The real news is the latest on Trump and Russia collusion and hopefully impeachment, led by Maxine Waters, and perhaps what the Kardashians are doing this week.



The U.S.’ debt is skyrocketing – and soon the country will spend more on servicing its debt than it will on national defense – and a little further out it will spend more on debt than on all nondefense discretionary programs combined.

While America’s debt has skyrocketed, low inflation and international demand for Treasury bonds has held down interest costs, but with the Federal Reserve hiking interest rates, this is expected to change.

As reported by The Wall Street Journal citing data from the Congressional Budget Office (CBO), the U.S. will spend more on interest than it spends on Medicaid in 2020, in 2023 interest spending will exceed national defense spending, and by 2025 it will spend more on interest than on all nondefense discretionary programs combined.

The CBO estimates that interest spending will rise to $915 billion by 2028, equivalent to 3.1 percent of gross domestic product, and well above the interest costs of $263 billion, or 1.4 percent of gross domestic product in 2017, as calculated by the Wall Street Journal.

While debt has been increasing, low inflation and a strong demand for U.S. Treasury bonds have held down interest costs. But now, the Fed is hiking interest rates as inflation has percolated higher. Higher interest rates will translate into higher debt payments.

But, it isn’t just higher rates that are a concern – it is the total amount of debt. The country’s total debt is currently around $21 trillion, including $15.8 trillion in public debt. According to Statista, by 2028 total debt will swell to $33.8 trillion.



https://www.foxbusiness.com/ec...ed-military-spending

I am pretty sure that breaking the US financially is part of the Left's long term plan.

quote:

Originally posted by TigerDore:
I am pretty sure that breaking the US financially is part of the Left's long term plan.

Cloward-Piven.

quote:

21 trillion

According to Siri, the debt is currently about $64,000 per person. So the family up the street of two recent immigrants with three USA-born near-infant children just walked into a negative net worth of $320,000.

quote:

Originally posted by TigerDore:
I am pretty sure that breaking the US financially is part of the Left's long term plan.

Look I hate the left as much as the next guy, but it's hard to argue the right hasn't had their role in our monstrous debt.

I don't think anyone in DC is seriously advocating for a reduction in spending. A reduction in the rate at which spending increases? maybe. An actual lower budget? No.

As long as we can print money and have the Fed 'manage' the economy', most think we'll be fine. We won't. .

quote:

$21 trillion

It's a big number. But... like all numbers, it's just a number unless put into context.

What is meaningful is debt in relation to the size of the overall economy.

It has been over 100% of the economy before, but only briefly, to fight WWII, and then we paid it down.

We now have "structural deficits" with no end in sight.

Then maybe we shouldn't have passed big tax cuts with no countervailing budget cuts. This isn't going to help.

quote:

Originally posted by chellim1:

We now have "structural deficits" with no end in sight.

quote:

Originally posted by zipriderson:

quote:

Originally posted by TigerDore:
I am pretty sure that breaking the US financially is part of the Left's long term plan.

Look I hate the left as much as the next guy, but it's hard to argue the right hasn't had their role in our monstrous debt.

I don't think anyone in DC is seriously advocating for a reduction in spending. A reduction in the rate at which spending increases? maybe. An actual lower budget? No.

As long as we can print money and have the Fed 'manage' the economy', most think we'll be fine. We won't. .

^ This. Both parties responsibility. If our government was a US corporation it would have been closed and bankrupt long ago. Politicians do nothing but keep on borrowing.

Herbert Stein had it figured out.

https://en.m.wikipedia.org/wiki/Herbert_Stein


Basically, ‘what can’t go on forever, won’t go on forever’. The Federal debt will never be paid in full.

quote:

Basically, ‘what can’t go on forever, won’t go on forever’. The Federal debt will never be paid in full.

That's right. It won't ever be re-paid.
But... as long as we 'pretend and extend' it will still become an ever larger burden, just to keep making the interest payments.

At some point, we will default as all countries eventually do...

I would respectfully disagree, at least to a degree. When Reagan in the 80s, Gingrich in the 90s and least one more conservative contingent in 2000's attempted to simply cut the rate of growth of the government, especially the Dem's entitlement programs, they screamed "cuts" along with everyone of their minions in the MSM. The baseline budget scam the Dems used to protect their vote-buying entitlement programs is possibly the greatest fiscal hoax ever perpetrated on the American people. And it still goes on, ballooning even during prosperous times when such spending should actually be cut with no issues.

If you want to say the Repubs lack enough courage to withstand the daily media public stonings, you are right. Outside of Gingrich in the 1990s, no one has been willing to accept the nonstop character assassination.

quote:

Originally posted by zipriderson:

quote:

Originally posted by TigerDore:
I am pretty sure that breaking the US financially is part of the Left's long term plan.

Look I hate the left as much as the next guy, but it's hard to argue the right hasn't had their role in our monstrous debt.

I don't think anyone in DC is seriously advocating for a reduction in spending. A reduction in the rate at which spending increases? maybe. An actual lower budget? No.

As long as we can print money and have the Fed 'manage' the economy', most think we'll be fine. We won't. .