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Started By
Message
If you are into modern monetary theory porn here you go.
Posted on 3/31/24 at 10:34 am
Posted on 3/31/24 at 10:34 am
Archived: Hartnett: US Interest To Hit $1.6 Trillion By Year End, Making It The Largest US Government Outlay
quote:
Several days ago, we were the first to point out two new striking developments in the Dollar's crusade to lose reserve currency status: i) after hitting $1 trillion in late 2023, interest expense on US debt rose to a record $1.1 trillion in late March, and ii) while US debt is now rising at a pace of $1 trillion every 3 months, US interest expense is rising at a just as torrid $100 billion every 4 months (this interval will also shrink to three months very soon).
It didn't take long for this original observation to make its way to our favorite Wall Street strategist, BofA CIO Michael Hartnett, who in his latest Flow Show note dedicated his entire "Biggest Picture" segment to - you guessed it - the quantum leap higher in interest expense, which also Hartnett correctly notes is a "big motivation" for Powell to cut rates to "constrain the surge in interest costs" which he amusingly calls "Interest Cost Control" policy, borrowing another term we have
9
Posted on 3/31/24 at 10:48 am to GumboPot
They'll raise taxes, it's inevitable at this point. No one has a plan to cut the deficit.
Posted on 3/31/24 at 10:57 am to GumboPot
Presidents of both parties have been spending like crazy for the last 20 years. We need to get back to electing former governors who understand balancing a budget and can stand up to congress also.
Posted on 3/31/24 at 11:00 am to Auburn80
quote:
Presidents of both parties have been spending like crazy for the last 20 years. We need to get back to electing former governors who understand balancing a budget and can stand up to congress also.
Presidents dont spend. We can thank our principled "conservatives" in Congress
*yall can downvote all you want but ive seen this song and dance enough to have it memorized. The same "Daily Wire conservatives" that call out Trump...tuck their tails and surrender to the left on the budget at every turn
This post was edited on 3/31/24 at 11:08 am
Posted on 3/31/24 at 11:05 am to scottydoesntknow
quote:
Presidents dont spend. We can thank our principled "conservatives" in Congress
Presidents can stop it with veto power. Clinton was fiscally conservative and balanced the budget. He was wildly liberal on the social side.
Posted on 3/31/24 at 11:06 am to Auburn80
quote:
Presidents of both parties have been spending like crazy for the last 20 years.
Until we figure out how this government works, it will never meet our expectations.
I understand presidents can influence spending, but they do not approve the sopping list and if they do it's only ceremonial
Posted on 3/31/24 at 11:06 am to scottydoesntknow
quote:
Presidents dont spend
Then you don't blame Biden or Obama either.
Strange take.
Posted on 3/31/24 at 11:07 am to Auburn80
quote:
Presidents can stop it with veto power.
Up to a point.
Then congress will just override the president.
Posted on 3/31/24 at 11:07 am to RogerTheShrubber
quote:
Then you don't blame Biden or Obama either.
Correct.
Posted on 3/31/24 at 11:08 am to Auburn80
quote:
We need to get back to electing former governors who understand balancing a budget and can stand up to congress also.
All have been practicing MMT.
Good economic times should result in lower government spending, period.
Posted on 3/31/24 at 11:09 am to GumboPot
All of this debt and spending and life has only gotten harder for the American people. Mortgaging the future of the country to provide NOTHING to the people funding it.
Posted on 3/31/24 at 11:11 am to RogerTheShrubber
quote:
Then you don't blame Biden or Obama either. Strange take.
Do I blame 17 year old who buys drugs and crashes multiple new cars...or the father that keeps giving that 17 year old money and new cars? I blame both
Posted on 3/31/24 at 11:11 am to Damone
quote:
of this debt and spending and life has only gotten harder for the American people. Mortgaging the future of the country to provide NOTHING to the people funding it.
Then stop voting for it.
Posted on 3/31/24 at 11:11 am to Auburn80
quote:
Clinton was fiscally conservative and balanced the budget.
Clinton was forced to balance the budget due to a Newt Gingrich. He had no choice. The House overwhelmingly flipped to GOP and DC got the message to spend wisely. They did.
That was a perfect example of how the people held their congressional representatives accountable for responsible spending.
Posted on 3/31/24 at 11:12 am to GumboPot
quote:
Then congress will just override the president.
The majority of the time Congress won't be able to override the veto. It takes an alleged crisis like COVID to align both parties.
This post was edited on 3/31/24 at 11:14 am
Posted on 3/31/24 at 11:12 am to RogerTheShrubber
R, D, doesn’t make a difference. Voting means nothing, elected officials don’t run this country.
Posted on 3/31/24 at 11:12 am to scottydoesntknow
quote:
Do I blame 17 year old who buys drugs and crashes multiple new cars...or the father that keeps giving that 17 year old money and new cars? I blame both
Particularly a guy who campaigns on ending debt.
That guy was a fraud
Posted on 3/31/24 at 11:15 am to Damone
quote:
R, D, doesn’t make a difference.
Because the population is getting dumber.
80% if this board couldn't pass a basic civics or econ class.
Posted on 3/31/24 at 11:18 am to frogtown
quote:
The majority of the time Congress cannot override the veto. It takes an alleged crisis like COVID to align both parties.
Fine but elect more uncompromised representatives to the House and you will never have to worry about an executive that wants to run up credit card debt.
If an executive that wants to run up the credit card debt, they are only capable of doing so because he is given authority by our representatives.
We really should be more focused on our representatives. I think we do a decent job of it here on this board but probably not enough.
For example I know there a lot of principled conservatives that hate MGT and Boebert but in terms of budgets they vote very conservatively.
Posted on 3/31/24 at 11:20 am to GumboPot
quote:
really should be more focused on our representatives.
A common theme repeated over the last few years.
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