This is one of the best presentations of what we are faced with, that I believe every person needs to see and think about.
It supports what Eric is speaking about and is frankly scary and we need to solve as the future generation and even some of us will face the future if we do not step up and deal the issue.
What you can do is buckle up, hunker down, wait for the Big Economic Rest coming. All this after aligning your portfolio account accordingly. That Debt mountain is at least 133% or higher than said GDP. (Say 36.5 div by 27.5) Impact of said reset will be massive. The people in DC know the hand writing is on the wall. Also, prepare for the cashless society. Selah
I agree. We need a reset in the way our government handles our debt. I have looked into this and in the past there have been opportunities to pay down or pay off our national debt. I am not an expert on any of this. Our elected officials have just kicked debt down the road. Most every adult knows that the longer you hold a debt the bigger it gets. It is called interest. It is what you pay for the money you barrow. Soon you are paying interest. on your interest and that produces more interest. Called compound interest.
It's probably too late. We get the government that we deserve, and it looks like ours is intent on destroying the country. We desperately need people on their knees.
But Republicans will cut Social Security and Medicare! Says the lying Dems and their dishonest media hacks.
There is so much room for more economic growth… getting people back to work… re-industrializing… reducing the cost of energy. Democrats are opposed to that and are clearly working against it. Why?
And STOPPING the manufacturing of items in China, and other places, and do ALL the manufacturing in our country. But we have to get rid of the WEF and ONE WORLD GOV. groups first.
And to illustrate your point, the US government just reported that the U.S. trade deficit for all of 2022 rose 12.2% to $948.1 billion, the widest gap on record, as the U.S. continued to depend heavily on imports from other countries to meet domestic demand.
So here we are in 2023 with a likely $1 trillion dollar or more trade deficit. And yet we allow floods of immigrants in because "we don't have enough workers".
It is fascinating to watch the Democrats who just stuffed every stray bill they could into the Inflation Reduction Act now insist on a "clean" debt relief bill. They also were stridently opposed to the same approach in the past when the Republicans insisted on the same thing.
"With interest rates increasing, debt service payments on the debt will increase, reducing what money is available for discretionary spending."
Now, now, Erick... you're thinking like a "normal" person - NOT a politician. They'll just continue to increase their borrowing so they can keep spending whatever they want.
It's like someone getting a new credit card to pay the payments on another card.
Until people in the US understand and accept that there is no business or rich person who can just magically be taxed and pay off our national debt...AND...until politicians stop pretending this can actually happen...nothing will change.
To Bill's point below, I read an article entitled US Debt by President: By Dollar and Percentage. It considers each President's fiscal year budget deficit, then adds to deficits to the total US debt when they took office. Number 3 on the list was Ronald Reagan (186% increase), Number 4 was GW Bush (101%), and Number 5 was BHO (74%). Trump was a modest contributor at 33%, much of which was due to the pandemic and subsequent recession. And yes Erick, I much prefer to grow our way out of this, but it will take a Congress with the cajones necessary to make tough decisions and that mindset has left the building with Elvis, the exception being the 46 Rs demanding McCarthy negotiate.
Rush used to wisely note that alarm bells had been sounding for his entire political life over the deficit and debt, yet nothing notably bad had happened so people tended to tune it out. I’m obviously paraphrasing from memory, but I think he was right. He wasn’t saying it’s not a problem, just that it’s not an immediate problem - until one day it may become so.
Since it is our money they spend, we are the de facto investors in the business called the United States. As such, we need to appoint a board member who will sit the perpetrators of this debt down and say - to quote a famous former reality show host/President - “You’re fired”!
Freezing spending at the current level and the debt will continue to increase. Using the 2022 figures, all things being equal, if you CUT spending by $1.375 trillion you would break even this year and still be left with a $31 trillion debt and $700 billion yearly interest payments on the existing debt.
How about another way? 1) Eliminate the income tax. 2) Initiate a National Sales Tax - on everything - including homes, yachts, airplanes, etc. (This prevents the incessant nibbling at the edges for exemptions). 3) Set a guardrail that USG can only spend 90% of the prior years tax revenue. Of the remaining 10%...5% goes to savings for unplanned expenses (weather disasters) and the other 5% pays down the debt. The result? Increased tax revenue with 100% of the population paying their fair share of taxes, predictable monetary policy for planning purposes, and a renewed sense that we're all in this together. An by the way, per capita income generation will break its own record year over year. This puts the future of the economy, and the country itself, back in the hands of its citizens - which is why this is almost impossible to implement.
Next you'll be asking them to accept Obamacare, or term limits, or no insider trading! Such outlandish thinking! It almost sounds like...like...like you want them to BE RESPONSIBLE!
https://www.youtube.com/watch?v=C08x7IrDkOc
This is one of the best presentations of what we are faced with, that I believe every person needs to see and think about.
It supports what Eric is speaking about and is frankly scary and we need to solve as the future generation and even some of us will face the future if we do not step up and deal the issue.
The debt issue is very serious…how about a National sales tax?
Cap on budget increases?
Need some serious solution possibilities!!
Freezing, tax reduction, economic expansion. What's there not to love? Oh wait . . . we have a Democratic president and Senate. BRING ON 2024!
What you can do is buckle up, hunker down, wait for the Big Economic Rest coming. All this after aligning your portfolio account accordingly. That Debt mountain is at least 133% or higher than said GDP. (Say 36.5 div by 27.5) Impact of said reset will be massive. The people in DC know the hand writing is on the wall. Also, prepare for the cashless society. Selah
I agree. We need a reset in the way our government handles our debt. I have looked into this and in the past there have been opportunities to pay down or pay off our national debt. I am not an expert on any of this. Our elected officials have just kicked debt down the road. Most every adult knows that the longer you hold a debt the bigger it gets. It is called interest. It is what you pay for the money you barrow. Soon you are paying interest. on your interest and that produces more interest. Called compound interest.
Eric I agree, agree, agree! We have to hold our representatives feet to the fire. Our nation’s security and future depends on it!
It's probably too late. We get the government that we deserve, and it looks like ours is intent on destroying the country. We desperately need people on their knees.
But Republicans will cut Social Security and Medicare! Says the lying Dems and their dishonest media hacks.
There is so much room for more economic growth… getting people back to work… re-industrializing… reducing the cost of energy. Democrats are opposed to that and are clearly working against it. Why?
And STOPPING the manufacturing of items in China, and other places, and do ALL the manufacturing in our country. But we have to get rid of the WEF and ONE WORLD GOV. groups first.
And to illustrate your point, the US government just reported that the U.S. trade deficit for all of 2022 rose 12.2% to $948.1 billion, the widest gap on record, as the U.S. continued to depend heavily on imports from other countries to meet domestic demand.
So here we are in 2023 with a likely $1 trillion dollar or more trade deficit. And yet we allow floods of immigrants in because "we don't have enough workers".
Democrats are just an economic wrecking ball.
It is fascinating to watch the Democrats who just stuffed every stray bill they could into the Inflation Reduction Act now insist on a "clean" debt relief bill. They also were stridently opposed to the same approach in the past when the Republicans insisted on the same thing.
"With interest rates increasing, debt service payments on the debt will increase, reducing what money is available for discretionary spending."
Now, now, Erick... you're thinking like a "normal" person - NOT a politician. They'll just continue to increase their borrowing so they can keep spending whatever they want.
It's like someone getting a new credit card to pay the payments on another card.
Until people in the US understand and accept that there is no business or rich person who can just magically be taxed and pay off our national debt...AND...until politicians stop pretending this can actually happen...nothing will change.
To Bill's point below, I read an article entitled US Debt by President: By Dollar and Percentage. It considers each President's fiscal year budget deficit, then adds to deficits to the total US debt when they took office. Number 3 on the list was Ronald Reagan (186% increase), Number 4 was GW Bush (101%), and Number 5 was BHO (74%). Trump was a modest contributor at 33%, much of which was due to the pandemic and subsequent recession. And yes Erick, I much prefer to grow our way out of this, but it will take a Congress with the cajones necessary to make tough decisions and that mindset has left the building with Elvis, the exception being the 46 Rs demanding McCarthy negotiate.
Rush used to wisely note that alarm bells had been sounding for his entire political life over the deficit and debt, yet nothing notably bad had happened so people tended to tune it out. I’m obviously paraphrasing from memory, but I think he was right. He wasn’t saying it’s not a problem, just that it’s not an immediate problem - until one day it may become so.
Since it is our money they spend, we are the de facto investors in the business called the United States. As such, we need to appoint a board member who will sit the perpetrators of this debt down and say - to quote a famous former reality show host/President - “You’re fired”!
Freezing spending at the current level and the debt will continue to increase. Using the 2022 figures, all things being equal, if you CUT spending by $1.375 trillion you would break even this year and still be left with a $31 trillion debt and $700 billion yearly interest payments on the existing debt.
How about another way? 1) Eliminate the income tax. 2) Initiate a National Sales Tax - on everything - including homes, yachts, airplanes, etc. (This prevents the incessant nibbling at the edges for exemptions). 3) Set a guardrail that USG can only spend 90% of the prior years tax revenue. Of the remaining 10%...5% goes to savings for unplanned expenses (weather disasters) and the other 5% pays down the debt. The result? Increased tax revenue with 100% of the population paying their fair share of taxes, predictable monetary policy for planning purposes, and a renewed sense that we're all in this together. An by the way, per capita income generation will break its own record year over year. This puts the future of the economy, and the country itself, back in the hands of its citizens - which is why this is almost impossible to implement.
Next you'll be asking them to accept Obamacare, or term limits, or no insider trading! Such outlandish thinking! It almost sounds like...like...like you want them to BE RESPONSIBLE!