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re: The national debt will be $100 trillion in less than a decade
Posted on 8/24/26 at 8:56 am to Penrod
Posted on 8/24/26 at 8:56 am to Penrod
quote:.
Because Newt Gingrich developed The Contract with America, which included a balanced budget. He delivered on it, and was slaughtered.
When Newt was “slaughtered” the debt was about 3T
1
Posted on 8/24/26 at 8:57 am to RollTide95
So, we as a nation are $40T in debt.
What is the value of all of our tangible assets, from Voyager to the Interstate System, embassies, F-35s, notes held on other countries, and all assets in between, owned by us as a nation?
What is the value of the land held by the government and untapped resources below it?
What is the value of all tangible wealth (less debt) held by the private sector, from the double-wide to the WTC, land, homes (and beach condos), silver place-settings, art, bass-boats, Hummels, etc?
Just looking for some perspective on debt vs assets?
What is the value of all of our tangible assets, from Voyager to the Interstate System, embassies, F-35s, notes held on other countries, and all assets in between, owned by us as a nation?
What is the value of the land held by the government and untapped resources below it?
What is the value of all tangible wealth (less debt) held by the private sector, from the double-wide to the WTC, land, homes (and beach condos), silver place-settings, art, bass-boats, Hummels, etc?
Just looking for some perspective on debt vs assets?
Posted on 8/24/26 at 9:01 am to keks tadpole
quote:
Just looking for some perspective on debt vs assets?
Why? Is some PE coming to sell it all off?
Posted on 8/24/26 at 9:02 am to RollTide95
Money is fake
Posted on 8/24/26 at 9:08 am to grizzlylongcut
Of course it’s “fake” but if you have a 401k or any investments tied to the money market then you would essentially lose most if not all of your net worth if and when the dollar collapses, including you.
Posted on 8/24/26 at 9:16 am to Rip Torner
quote:
if and when the dollar collapses
If that happens, then I can take a wheelbarrow of hundred dollar bills to either by a loaf of bread, or pay off my fixed rate mortgage, after a sell a few pounds of sterling.
As long as the country, private and public, has more tangible assets than debt, the dollar isn't crashing.
What we need is to stop borrowing and spending money on stuff that does not provide a return on the investment.
Posted on 8/24/26 at 9:24 am to UtahCajun
The problem becomes we can only buy them for so long without massively increasing inflation/debt. We also can’t increase rates dramatically because that too would increase our interest on the debt which also would increase the total debt payments. It’s really his only option. If you drive up interest rates drastically, the Fed would have to have any impact. It would destroy the middle class making life very difficult to pay cc debts, get a car loan, mortgage loan, and if you were unlucky enough to have an adjustable rate mortgage then you would be utterly screwed.
Posted on 8/24/26 at 9:24 am to UtahCajun
quote:
That will fix everything
It won't fix everything, but it's a step in the right direction. Remember Clinton raised taxes during his second term, and by the end of the decade the budget was balanced
Posted on 8/24/26 at 9:25 am to Swazla
quote:
Life ALWAYS comes down to arithmatic. Words do not change that.
But violence can.
Posted on 8/24/26 at 9:28 am to tarzana
quote:
will take the necessary steps needed to make this happen, which means the ever-unpopular practice of raising taxes, esp on high-income Americans.
We don’t see this anywhere else, though. The European countries get the extra revenue through a VAT, which is not progressive, and by extending the high income rates to earners who are only about 20% above the mean. They tax the rich about like we do.
So if we radically increase taxes on the rich, they will simply move to Europe, which will have become a tax haven.
Posted on 8/24/26 at 9:29 am to tarzana
The budget wasn’t balanced through taxation. It was balanced by the economic growth fueled by the dot com bubble and decreased spending. The US doesn’t collect enough taxes to balance the budget. It will have to come through dramatic spending cuts. Democrats won’t touch entitlements which is by far the culprit and Republicans won’t touch military spending.
Posted on 8/24/26 at 9:29 am to OccamsStubble
quote:
When Newt was “slaughtered” the debt was about 3T
Don’t remind me. But the lesson was learned.
Posted on 8/24/26 at 9:34 am to tarzana
quote:
Remember Clinton raised taxes during his second term, and by the end of the decade the budget was balanced
Raising taxes did almost nothing.
Military spending was cut as was welfare. He also loosend regulations on Wallstreet which directly lead to 2008.
So yeah, let's just raise taxes.
Posted on 8/24/26 at 9:38 am to Rip Torner
quote:
Republicans won't touch military spending
Democrats will however, and when they're back in charge next year they'll put the kibosh on all this crazy war spending on munitions, even if it requires a govt shutdown (or two).
Posted on 8/24/26 at 9:41 am to tarzana
quote:
Democrats will however, and when they're back in charge next year
Posted on 8/24/26 at 9:42 am to RollTide95
Posted on 8/24/26 at 9:43 am to tarzana
Notice how you continue to gloss over entitlements lol huge shocker there. What do you think will happen to inflation if Democrats cut military spending but increase entitlements? Let me give you a hint, it will increase because increasing entitlements is a continuing commitment that will increase with population increases. For someone that pretends to understand economics, that should be a bigger concern than the war in Iran.
Posted on 8/24/26 at 9:48 am to 10thyrsr
quote:
As long as the US can print money and remains the number one power in the world, there is no consequence for the debt on a global scale.
there will be consequences, it’s just going to take some time. as the debt grows exponentially, we’ll have to borrow more and more money, leading to hyperinflation. the economy will come to a halt, meaning we can’t grow our way out of it. then the difficult conversations start to happen such as austerity (massive spending cuts) or defaulting on our debt. i don’t think the US will ever choose to default, which means a really painful restructuring is in our future. that poses massive risk to political stability.
we’ve seen it happen with other countries (and empires) but we have this arrogant attitude that it could never happen to us because we’re too big to fail. if you’ve ever opened a history book, you’d know there is no such thing.
Posted on 8/24/26 at 9:49 am to tarzana
quote:
Democrats will however, and when they're back in charge next year they'll put the kibosh on all this crazy war spending on munitions, even if it requires a govt shutdown (or two).
And do what with the savings? Send it to Ukraine? Start up USAID again? Send more out to be fraud in Minn and CA? Run FEMA dry by giving the money to illegals?
So much more than just military needs to be trimmed.
Posted on 8/24/26 at 9:57 am to tarzana
quote:
Fortunately it won't happen. An astute and able political figure will emerge who will campaign, and win, on balancing the budget, and then while in office, will take the necessary steps needed to make this happen, which means the ever-unpopular practice of raising taxes, esp on high-income Americans.
quote:How many times does this myth have to be dispatched?
Back during the Eisenhower Era taxes for the Rich reached 90%!
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