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re: Depressing thought about our national debt
Posted on 10/20/20 at 6:07 pm to Eli Goldfinger
Posted on 10/20/20 at 6:07 pm to Eli Goldfinger
I'm resigned to the fact that it will never be paid back.
There will come a great reset that will wipe it away. And it will be bloody.
1
Posted on 10/20/20 at 6:12 pm to Eli Goldfinger
quote:
Let’s say out national debt is $21T.
Help me out. If everyone paid $130,000 in taxes would that make a dent?
Posted on 10/20/20 at 6:13 pm to Waldorf
But but but Donald Trump will fix it
Dumbasses
Dumbasses
Posted on 10/20/20 at 6:18 pm to Mister Falcon
quote:
But but but Donald Trump will fix it
Dumbasses
More depressing ......People like this, actually graduate and have the ability to get up each morning, and make it and from work.
Posted on 10/20/20 at 6:20 pm to aTmTexas Dillo
quote:
Help me out. If everyone paid $130,000 in taxes would that make a dent?
Current liabilities are sitting at $217K per taxpayer, and that is not including unfunded liabilities which balloon that number to a multiple ranging anywhere from 4-10x depending on who you ask and what assumptions they use.
Posted on 10/20/20 at 6:22 pm to Taxing Authority
quote:
remember when little Timmy "TurboTax is hard" Geithner told us QE was "temporary"
You'd have to be a total moron to believe that
Every single issue on that balance sheet is going to get rolled. They can't unwind it without forcing the federal government to default and blowing up the developing world. That's obviously the end game but they can keep the shirade up in the short run clearly.
This post was edited on 10/20/20 at 6:28 pm
Posted on 10/20/20 at 6:23 pm to wutangfinancial
quote:
Current liabilities are sitting at $217K per taxpayer, and that is not including unfunded liabilities which balloon that number to a multiple ranging anywhere from 4-10x depending on who you ask and what assumptions they use.
Well I'll pay my fair share if everyone else does. And if the government does not tax me for taking the amount out of my IRA. Give us a tax holiday and I'll do it. But everyone else has to pay also.
Posted on 10/20/20 at 6:24 pm to Eli Goldfinger
I absolutely hate how much Trump and Congress are spending it’s my number one most hated fact about his presidency
Posted on 10/20/20 at 6:26 pm to wutangfinancial
So only a third of our population pays income tax. Damn
Posted on 10/20/20 at 6:30 pm to aTmTexas Dillo
quote:
So only a third of our population pays income tax. Damn
Welcome to real world.
If you go to work at a full time job everyday and pay taxes you are in the top 1/3 of people who pay over half of all of their earnings for the bottom 2/3 of people who contribute nothing and the media and politicians all say you don’t contribute enough and you’re a greedy piece of shite
This post was edited on 10/20/20 at 6:31 pm
Posted on 10/20/20 at 6:32 pm to aTmTexas Dillo
quote:
I absolutely hate how much Trump and Congress are spending it’s my number one most hated fact about his presidency
The bueracrats running our economic strategy are begging for spending increases because they are out of monetary policy tools. Some of them look at the deficit as equity to the taxpayers when in reality it's completely crowding out private investment and as they spend more the effects on GDP are reduced at increasing rates so we don't even get a benefit economically. Our "stimulus" and "reflief" packages and most Federal spending are not productive.
quote:
So only a third of our population pays income tax. Damn
It's about 125 millionish who pay income taxes.
Posted on 10/20/20 at 6:34 pm to Nguyener
quote:
Welcome to real world.
This doesn't exactly help either and it was starting to trend in the right direction:
Posted on 10/20/20 at 6:36 pm to Eli Goldfinger
That train is never coming back to the station!
Posted on 10/20/20 at 7:11 pm to bluedragon
quote:
More depressing ......People like this, actually graduate and have the ability to get up each morning, and make it and from work.
I’ve got a masters degree from USC, have traveled outside the US for business (you sound like you’ve never been anywhere outside louisiana /Mississippi)
and I’m almost positive I make more money than you, redneck.
This post was edited on 10/20/20 at 7:17 pm
Posted on 10/20/20 at 7:13 pm to bluedragon
Btw, what’s hilarious about it is your ignorant arse has never made it outside the south and seen people who make more than you do who don’t support Trump. Sheltered pussy.
Posted on 10/20/20 at 7:43 pm to wutangfinancial
quote:
This doesn't exactly help either and it was starting to trend in the right direction:
Bush and Obama were one hell of a 1,2 combo punch on this country.
And that 2020 drop is brutal
Posted on 10/20/20 at 7:48 pm to TrueTiger
quote:
There will come a great reset that will wipe it away. And it will be bloody.
In a few weeks
Posted on 10/20/20 at 7:50 pm to Mister Falcon
quote:
what’s hilarious about it is your ignorant arse has never made it outside the south and seen people who make more than you do who don’t support Trump. Sheltered pussy.
where can we meet and compare net worth? Posted on 10/20/20 at 7:52 pm to Eli Goldfinger
The debt is one of my biggest concerns
I never thought trump was going to pay much attention to it. Every time we came up on the debt ceiling, he rolled over.
The problem with having high debt relative to gdp is that it leaves little room for error so when we get hit with a pandemic or giant bubble like ‘08, we are less able to address it with fiscal stimulus.
Now we are over 1.2 times gdp in debt. Any other hiccup and we could be perilously close to a collapse.
Consider service on that debt. At low interest rates, it’s probably manageable but what if rates start to rise because people demand a higher rate to hold our bonds?
Very troubling scenerio indeed
I never thought trump was going to pay much attention to it. Every time we came up on the debt ceiling, he rolled over.
The problem with having high debt relative to gdp is that it leaves little room for error so when we get hit with a pandemic or giant bubble like ‘08, we are less able to address it with fiscal stimulus.
Now we are over 1.2 times gdp in debt. Any other hiccup and we could be perilously close to a collapse.
Consider service on that debt. At low interest rates, it’s probably manageable but what if rates start to rise because people demand a higher rate to hold our bonds?
Very troubling scenerio indeed
Posted on 10/20/20 at 8:05 pm to SlidellCajun
It's not sustainable with low rates. Lol at the CBO projections on entitlement spending. The deficit will be over $1T/annually very soon just for that. Then you have to account for them over estimating GDP growth and underestimating the drop in the labor force due to our asking population. It's going to end in disaster as that spending is unproductive.
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