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Started By
Message
re: Depressing thought about our national debt
Posted on 10/19/20 at 10:41 pm to LSUFanHouston
Posted on 10/19/20 at 10:41 pm to LSUFanHouston
Couldn’t agree more.
0
Posted on 10/19/20 at 10:43 pm to Eli Goldfinger
quote:We will never pay it off. Obama sealed our fate. It's just a matter of time until it all goes KA-BOOM!
if we wanted to pay the debt off in 100 years
Posted on 10/19/20 at 10:44 pm to Meauxjeaux
quote:
Actually or was about 2013 or 2014 for me but who’s sweating a few years?
Yeah, I don't give a shite anymore too. Hell, the 2008 $800 billion dollar stimulus was never removed from the budget baseline which is now well over a trillion per year.
Posted on 10/19/20 at 10:44 pm to ValDawgsta
quote:Did you read the OP?
This board stopped giving a single shite about deficits or debt in January of 2017.
Posted on 10/19/20 at 10:45 pm to Taxing Authority
quote:
It's just a matter of time until it all goes KA-BOOM!
I'm praying for it. This is the only way to get back to sanity.
This post was edited on 10/19/20 at 10:57 pm
Posted on 10/19/20 at 10:49 pm to LSUFanHouston
quote:
3) interest expense, if rates go up, which they eventually will, is going to screw us. Since we aren’t actually paying debt off, as rates go up, the bonds we continue to issue will be at ever higher rates.
You are assuming the Federal Reserve will not back stop unsold bonds. They will. Whatever private firms, countries, investment banks, etc. don't buy the Federal Reserve will purchase by printing money and put on their books thus keeping interest rates low.
Posted on 10/19/20 at 10:49 pm to SlapahoeTribe
quote:It's nothing like this at all. We *DO* pay back our debts constantly. But we pay it back with new borroed money. We've just been lucky enough there's been enough demand to keep the charade going. That doesn't mean it's sustainable. We're never more than one failed treasury auction from the end. Sleep well.
The country isn’t really in debt in the same way you owe a debt to the bank for your house ... the US is the economy and makes/controls the money which comprises the “debt.” A better analogy would be to look at it as a form of stock - you wouldn’t say that Amazon is a trillion dollars in debt to its shareholders, would you?
Also nothing like stock. You don't have to service stock with interest. So...nope.
Posted on 10/19/20 at 10:50 pm to LSUFanHouston
quote:bc it’s a losing political argument.
What’s the difference between Democrats and Republicans?
Democrats spend like crazy and want to raise our taxes to pay for it.
Republicans spend like crazy and just want to pay for it with debt.
No one wants to really cut spending.
You have the fiscal parent saying everyone needs to eat PB&J for dinner, and the reckless spending parent arguing they should go out to a fancy restaurant. Of course the short sighted kids vote to eat at a fancy place over sammiches at home.
Reminds me of the Alexander Fraser Tytler quote
quote:
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.
Posted on 10/19/20 at 10:52 pm to LSUFanHouston
quote:This. Ultimately it's THE VOTERS that don't want to cut spending. Unless you're talking massive cuts to Social Security, Medicare, and Medicaid spending "cuts" are irrelevant. Now... try to win an election on cutting those programs and see how many votes you get.
No one wants to really cut spending.
Posted on 10/19/20 at 10:53 pm to GumboPot
quote:I have a young daughter. I wish it would happen soon. I'm afraid of what we've left her. It makes me sad.
I'm praying for it. This is the only to get back to sanity.
Posted on 10/19/20 at 10:54 pm to GumboPot
quote:
You are assuming the Federal Reserve will not back stop unsold bonds. They will. Whatever private firms, countries, investment banks, etc. don't buy the Federal Reserve will purchase by printing money and put on their books thus keeping interest rates low.
I feel like inflating our way out of this will end poorly. Maybe it buys us a few years but it just makes the eventual crash even worse.
Posted on 10/19/20 at 10:56 pm to Taxing Authority
quote:
failed treasury auction
Technically this is how the Ponzi scheme ends but I just don't see it happening. The Federal Reserve will always be the back stop with printed money.
Posted on 10/19/20 at 10:56 pm to Taxing Authority
quote:
Now... try to win an election on cutting those programs and see how many votes you get
Yup. We may be past the point of no return.
Posted on 10/19/20 at 10:58 pm to LSUFanHouston
quote:
I feel like inflating our way out of this will end poorly. Maybe it buys us a few years but it just makes the eventual crash even worse.
The actions from the fed all but guarantee when the big crash happens it’s going to be really bad. Kicking the can down the road works until it doesn’t. The end result could be the end of the dollar as world currency and a decline in american standard of living.
Posted on 10/19/20 at 11:02 pm to GumboPot
quote:It makes no difference. If the only money the government can borrow is worthless money... it no different than not borrowing it at all.
The Federal Reserve will always be the back stop with printed money.
Posted on 10/19/20 at 11:29 pm to LSUFanHouston
Who here wants to get rid of entitlement programs?
Would certainly cut down the debt and deficit. Anyone in politics have the balls to do that?
Would certainly cut down the debt and deficit. Anyone in politics have the balls to do that?
Posted on 10/19/20 at 11:32 pm to Eli Goldfinger
Our real liabilities are in the hundreds of trillions but I've been told it's just money
Posted on 10/19/20 at 11:53 pm to Taxing Authority
The Federal Reverse cannot print money it's hilarious when people think they can. An absolute indictment on your knowledge of QE and the US monetary system in general. Only commercial banks have that ability. Clicking a button to increase base currency is meaningless when it doesn't ever leave the Feds balance sheet and the banks don't lend against it.
The "debt doesn't matter" crowd are ignorant of history pretty funny.
The "debt doesn't matter" crowd are ignorant of history pretty funny.
Posted on 10/20/20 at 12:00 am to ValDawgsta
quote:nah we still care about it we just realize nobody actually cares about it in either party
This board stopped giving a single shite about deficits or debt in January of 2017.
Posted on 10/20/20 at 2:20 am to Eli Goldfinger
(no message)
This post was edited on 1/30/21 at 5:34 pm
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