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Message

re: The U.S. national debt hits $40 trillion

Posted on 8/19/26 at 6:44 pm to
Posted by deltaland
Member since Mar 2011
103847 posts
Posted on 8/19/26 at 6:44 pm to
quote:

Secondly who is going to call in the debt?


The taxpayer via inflation when we print money to pay the interest
Posted by kywildcatfanone
Wildcat Country!
Member since Oct 2012
141130 posts
Posted on 8/19/26 at 6:45 pm to
Cut govt by 75%. All of it.
Posted by Jor Jor The Dinosaur
Chicago, IL
Member since Nov 2014
7569 posts
Posted on 8/19/26 at 6:46 pm to
quote:

The total U.S. IOU
Posted by Bunk Moreland
Member since Dec 2010
70077 posts
Posted on 8/19/26 at 6:51 pm to
Posted by Mung
Ba’on Rooj
Member since Aug 2007
9500 posts
Posted on 8/19/26 at 6:54 pm to
Wait, I thought Republicans were fiscally conservative?!???
Posted by rob0710
LA
Member since Oct 2004
1317 posts
Posted on 8/19/26 at 6:57 pm to
Category. FY2025 spending. Mostly established before Trump?

Social Security
$1.575T
Yes

Medicare
$988B
Yes

Medicaid
$881B
Yes

Net interest
$970B
Primarily legacy debt

Defense discretionary
~$893B
Mostly prior laws/appropriations

Nondefense discretionary
~$960B
Mostly prior laws/appropriations

Other mandatory
~$773B
Mostly prior laws

Total
~$7.0T

Our annual budgets are not the fault of one president. This issue had been in the works for over 100 years.
Posted by T1gerNate
Member since Feb 2020
3984 posts
Posted on 8/19/26 at 7:03 pm to
We are fricked
Posted by wm72
Brooklyn
Member since Mar 2010
9725 posts
Posted on 8/19/26 at 7:24 pm to
quote:

What free stuff have we taken away?


We've simply redirected that money -- along with middle class government jobs that actually resonate economically in communities -- to shareholders with sweetheart contracts and tech billionaires.
Posted by HailHailtoMichigan!
Mission Viejo, CA
Member since Mar 2012
74701 posts
Posted on 8/19/26 at 7:27 pm to
quote:

along with middle class government jobs that actually resonate economically in communities


Wut?

The 10% fed workforce reduction is one of the few serious things djt has done.
Posted by HailHailtoMichigan!
Mission Viejo, CA
Member since Mar 2012
74701 posts
Posted on 8/19/26 at 7:34 pm to
George Bush of all people had the perfect plan to solve our long term debt problem and people killed it:

quote:


In 2001 George W Bush proposed a partial privatization plan for Social Security so you could put 10% of your SS contribution into the markets.

People rejected this.

We can now see that if it had passed, the 10% that went into the markets would have outperformed the 90% the government managed, the program would be solvent, and the average SS recipient would be receiving 2X what they currently receive.

The worst bet you’ll ever make is betting on government.
Posted by wm72
Brooklyn
Member since Mar 2010
9725 posts
Posted on 8/19/26 at 7:37 pm to
quote:


The 10% fed workforce reduction is one of the few serious things djt has done.



At a time when the major issue in America is the dwindling of middle class jobs, it's certainly "serious" that you cut government jobs where that money isn't going into a black hole but creating middle class jobs and those people are spending that money in their local communities.

If you say it's to cut the deficit that's a decent argument.

If you simply do it while then also increasing government spending on wars, sweetheart contracts for companies that make electric shock gloves and bigly contracts for tech billionaires it's not to save taxpayer dollars. It's to filter the tax money through shareholders of those corporations.




This post was edited on 8/19/26 at 7:41 pm
Posted by TigerintheNO
New Orleans
Member since Jan 2004
45420 posts
Posted on 8/19/26 at 7:38 pm to
quote:

Secondly who is going to call in the debt?


20% is owed to Social Security, so they might want their money.
Federal Reserve has another 16%.
Throw in what is owed to pension funds, mutual funds, saving bonds and you are getting close to half the debt.
Posted by ATrillionaire
Houston
Member since Sep 2008
3527 posts
Posted on 8/19/26 at 7:43 pm to
quote:

Just to name a few condoms and aids prevention to other countries. Trans surgery and drag books to other countries. EBT has been cut by over 5.4 million plus many with it now have to buy food and not candy and sida

We'll be debt free in no time.
Posted by HailHailtoMichigan!
Mission Viejo, CA
Member since Mar 2012
74701 posts
Posted on 8/19/26 at 7:45 pm to
quote:

At a time when the major issue in America is the dwindling of middle class jobs, it's certainly "serious" that you cut government jobs where that money isn't going into a black hole but creating middle class jobs and those people are spending that money in their local communities.



I’m sorry but this is pure economic illiteracy.

It’s not the government’s job to provide jobs. In fact, featherbedding is *bad* for the economy because it diverts labor away from where it can actually be productive.


Labor is a scarce resource. This reminds me of a famous Milton Friedman story:




Posted by wm72
Brooklyn
Member since Mar 2010
9725 posts
Posted on 8/19/26 at 8:06 pm to
quote:

pure economic illiteracy.


I'll take it into consideration. After seeing your numerous topics here, I realize you are an expert on pure economic illiteracy or better convoluted trickery.


For whatever it's worth, obviously not much to you or Trump/Vance, the MAGA/America First movement that put them in power wasn't about economic theories designed to consolidate more and more wealth in fewer hands, at least not openly. It was actually about middle class jobs and the cost of basic living expenses for working people.

Posted by Bunk Moreland
Member since Dec 2010
70077 posts
Posted on 8/19/26 at 8:06 pm to
I didn't realize it has doubled since 2017. We're cooked.
Posted by R11
Member since Aug 2017
5661 posts
Posted on 8/19/26 at 8:08 pm to
That’s what Dennis miller said ….

Who do we owe?
frickem em … don’t pay em
Posted by PeteRose
Hall of Fame
Member since Aug 2014
18306 posts
Posted on 8/19/26 at 8:08 pm to
If you spent 1 million dollars a day, you’d need 110,000 years to spend 40 trillions.
Posted by Aubie Spr96
lolwut?
Member since Dec 2009
44826 posts
Posted on 8/19/26 at 8:13 pm to
quote:

Cut govt by 75%. All of it.



Posted by HailHailtoMichigan!
Mission Viejo, CA
Member since Mar 2012
74701 posts
Posted on 8/19/26 at 8:15 pm to
Stop bringing trump into the debate. He’s largely an economic ignoramus (tariffs, buying stakes in companies, etc)


But that doesn’t mean he, like a broken clock, isn’t occasionally right.

The federal workforce since Covid was getting way too big and bloated.

Bill Clinton also cut 10-15% of the federal workforce in 1992 and 1993 and it led in part to the tech boom of the late 90s, as all that freed up labor entered the private sector.

It is *bad* for an economy if labor is unnecessarily employed
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