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Putting the massive fiscal into perspective
Posted on 9/9/21 at 10:12 pm
Posted on 9/9/21 at 10:12 pm
I came across this statistic today and it really got the macro wheels turning in terms of understanding just how large the trillions in US stimulus is.
The electricity industry is the most capital intensive industry on the planet, with global capex of $780 billion. Oil and gas is second, with global capex of $760 billion. (source: A Question of Power, by Robert Bryce).
The 2020 US deficit alone (which is just the deficit, not total spending) was $3.1 trillion. Thus, the US deficit spending alone (again, not total spending) was akin to all capex for the electricity industry AND the oil and gas industry across the ENTIRE world, times TWO.
And yet we are just now back to sniffing out the pre-COVID trend line in terms of nominal GDP (in real terms, it’s even worse), even though in 2020 we spent enough money to maintain the equivalent of multiple global electric grids and oil and gas complexes …
We will never pay off the debt.
The electricity industry is the most capital intensive industry on the planet, with global capex of $780 billion. Oil and gas is second, with global capex of $760 billion. (source: A Question of Power, by Robert Bryce).
The 2020 US deficit alone (which is just the deficit, not total spending) was $3.1 trillion. Thus, the US deficit spending alone (again, not total spending) was akin to all capex for the electricity industry AND the oil and gas industry across the ENTIRE world, times TWO.
And yet we are just now back to sniffing out the pre-COVID trend line in terms of nominal GDP (in real terms, it’s even worse), even though in 2020 we spent enough money to maintain the equivalent of multiple global electric grids and oil and gas complexes …
We will never pay off the debt.
This post was edited on 9/9/21 at 10:16 pm
5
Posted on 9/9/21 at 10:27 pm to RedStickBR
Don't worry, the current admin has plans to get spending under control.
ETA: HAHA JK, but don't worry, we will just tax the billionaires.
ETA2: HAHA JK, the billionaires only have like 4 trillion in total wealth, a 100% tax in everything they own wouldn't do shite to our debt.
ETA: HAHA JK, but don't worry, we will just tax the billionaires.
ETA2: HAHA JK, the billionaires only have like 4 trillion in total wealth, a 100% tax in everything they own wouldn't do shite to our debt.
This post was edited on 9/9/21 at 10:31 pm
Posted on 9/9/21 at 10:28 pm to RedStickBR
quote:there has never been any interest in paying off the debt. The federal reserve and dollar currency only works if debt continues to build. There are many good youtube videos that explain this. the house of cards would collapse if we paid off the debt.
We will never pay off the debt.
Posted on 9/10/21 at 10:24 am to RedStickBR
quote:
We will never pay off the debt.
What happens when a critical mass start to believe this...?
Posted on 9/10/21 at 10:55 am to RedStickBR
quote:
We will never pay off the debt.
There is no intention to do so. We will continue to refinance the debt at low interest rates. It works as long as US treasuries remain the relative safest place to invest. And thankfully... as irresponsible as our fiscal management has been in the US... the rest of the world is just as bad, if not worse.
Posted on 9/10/21 at 3:07 pm to RedStickBR
quote:We dont need to. We need to cancel the debt and send the bill to China for the virus. Period
We will never pay off the debt.
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