Keep the budget balanced, and let inflation reduce the “real” value of the debt over a decade or two. It’s exactly the same here. years ago. This instantly puts the government into debt before it has spent a single cent. The typical house or apartment of the poor is in good repair and uncrowded. Almost 10T under Obama. @EdFeulner. Despite the record low unemployment rate and an overall hot economy, the U.S budget deficit continues to grow. CLICK HERE…?????? / Hitting the $22 trillion threshold this week is "another sad reminder of the inexcusable tab our nation's leaders continue to run up and will leave for the next generation," said former New Hampshire Gov. As the debt continues to skyrocket, it can no longer be ignored. The federal government runs more than 80 means-tested welfare programs that provide cash, food, housing and medical care to low-income Americans. They put all the blame on Paul Ryan and the republicans like they always do. Please – as a favor – don’t respond. Not all areas of federal spending can be compared to an average household, but interest expense can. Even worse than monarchy IMO, many founders agreed on that point actually. The thickness of a new $100 bill is 0.10 millimeters. In two adjoining sentences no less. Each man, woman, and child in the United States would have to pay $68,000 to pay it off. The problem with republicans is that, as they lower taxes, they do nothing to reduce the budget. “If you add up all of these costs,” says Epstein, “which we do in this report, you get a figure somewhere between 13 trillion and 23 trillion dollars. Milton Friedman said it’s the spending that matters — the debt-vs-taxes question is not so important.”. I’ve seen the visuals of stacks of bills filling a warehouse and all that, but like it or not, to most it’s just funny money. Some on here just want to tot the liberal line “it’s the Republican fault”. As interest rates go up, we will have to borrow even more to make the interest payments, which causes the debt to go even higher. I’m not saying our system won’t feel some pain from the federal debt one day, but Japan’s currency system is similar to ours. You’re right. Any new revenue is simply spent right away. To pay for shit. So the new blood doesn’t even want to pretend to care. Yeah, ignore that it’s a bipartisan issue. The Reason staff socks are out to get you WCR. Federal and state spending on these programs last year was $943 billion (not counting Social Security, Medicare or unemployment insurance). Hyperinflation only occurs when you repudiate the debt. At $22 trillion, the national debt is so large, it’s hard for most people to fathom. When inflation hits one load of dollars should be able to get me a loaf of bread. In quick succession Bush Jr, Obama, and now Trump are just blowing money on their own partisan agendas, and not fixing the problem, because the public doesn’t care. I wish you wouldn’t tantalize us by putting up a graphic w that “TRUSTGO Scenario” w/o explaining it & how it can be achieved. I’ll continue doing as I please thank you very much. News; $ 9 Trillion Story: 22% of the Circulating USD Printed in 2020. Either significantly raise taxes on the middle class or significantly cut benefits to current seniors. Tax cuts usually increase revenue, it is just that it isn’t enough to offset the increases in spending. They’re not intended to convey your biased, partisan paraphrase of language that didn’t say anything that you purport it to say. The unfunded pensions and everything. If we do neither, you will have a major financial crisis. Less than 2 percent are homeless, and only one in 10 live in mobile homes. 0. It has happened in so many other countries. 2 x £415,290 = £830,580. Partisans who abandon constitutional principles because they prove inconvenient are in for a rude surprise when the other team wins. Might they take over a smaller party instead? However, there is not enough gold or silver in the surface of the earth to pay off $20 trillion. How about you show come citations, some actual legal opinions, where that clause has ever been interpreted as applying to anything other than slavery? Big debt is a symptom of big spending. See the documentation at: The DEBT is not the DEFICIT. At a time when legacy publications are increasingly seen as playing for one political "team" or the other, this type of editorial decision will not do anything to fix that perception. No one seems to care that a government already over $22 trillion in debt is on schedule to borrow another $990 million this year. I’ve been framing the debt issue around the interest payments for a few year now. The national debt has topped $22 trillion for the first time. The only thing the government could do would be to pay what gold or silver it has to those first in line, tax them 100 per cent, then take the gold and silver and pay it to the next group in line, then tax them 100 per cent, etc., until the debt is paid. Multi-trillions in tax cuts, an unfunded new drug benefit, unfunded wars on top of those tax cuts, and promises given out like candy on Halloween. Yet the poverty rate is essentially the same as it was 50 years ago. Article I, Section 8: To establish a uniform rule of naturalization. All you have to do is maintain a BALANCED budget every year, and never deficit spend. I’m merely pointing out the fact that is more spending than any republican has suggest. Also, this number excludes state and local debt. Why are we creating jobs when I would get money even if I am unwilling to work? For some services people actually want, the lefty states would probably pick up the slack and raise their taxes, in right leaning states such wasteful things would likely just disappear. “{Insert name of pet program} pays for itself” is the new opiate of the masses. It can continue forever as long as the economy gradually stops even trying to grow. c?h?e?c?k t?h?i?s l?i?n-k >>>>>>>>>> http://www.Geosalary.com. Join the millions of people who benefit from The Daily Signal’s fair, accurate, trustworthy reporting with direct access to: Don’t have time to read the Washington Post or New York Times? Fiscal Year Deficit (in billions) Debt Increase (by FY) Deficit /GDP Events Affecting Deficit 2004 $413 $596 3.4% n/a 2005 $318 $554 2.4% Katrina / Bankruptcy Act 2006 $248 $574 1.8% Bernanke chairs Fed 2007 $161 $501 1.1% Iraq War cost 2008 $459 $1,017 3.1% Bank bailout / QE 2009 $1,413 $1,632 9.8% Stimulus Act 2010 $1,294 $1,905 8.6% Obama tax cuts / ACA / Simpson-Bowles 2011 $1,300 $1,229 8.3% Debt crisis 2012 $1,087 $1,276 6.7% Fiscal cliff 2013 $679 $672 4.0% Sequester / Government shutdown 2014 $485 $1,086 2.7% Debt ceiling 2015 $438 $327 2.4% Defense = $736.4 b. The tough political moves were taken, the public accepted action was needed, the benefits began to accrue. i was jobless 2 years earlier , however now i have a really extraordinary occupation with which i make my own specific pay and that is adequate for me to meet my expences. It wasn’t long ago the country made hard choices on accumulating debt & brought it under control. What happened was Nasty Pelosi got hold of the purse-strings and it only took two years for her to cause that “meltdown”. Congress swiftly passed a $2.3 trillion COVID-19 relief and government funding bill on Monday that was stuffed with cash for foreign countries and policy pet projects for powerful legislators. It’s about the panicked attempt to convert everything that was previously money (currency and debt) into eggs/chickens/wheelbarrows/cigarettes/silver/etc so that you’re not the last one holding it. Great! Don’t get me wrong, taxes should be cut, drastically, but the first step to actually doing that has to be toward eliminating spending. Revenue. As Brian Riedl, a senior fellow at the Manhattan Institute, told Reason last year: The danger is that if the debt keeps growing, at a certain point investors will stop lending us money at reasonable interest rates. And remember: That FeRN is a NOTE — an IOU. Today’s pols will be long out of office when the “road” runs out and today’s voters, of any age, still believe in Santa Claus and his magic toy bag. Poor delusional Ken, living in lala land. Public debt just gets kicked down the road and the voters know it. If you stacked up thousand-dollar bills: One million dollars would reach four inches high. That works out to about $66,000 for … But I have a practical (maybe dumb) question. I’d explain it in more detail but then I’d have to kill you. President Clinton along with a Republican congress balanced the budget and the 90s were a prosperous time. So, one trillion dollar bills weigh one trillion grams. Automatic saving from welfare programs. That was W Bush, who could toss out a multi-trillion dollar pledge on Social Security privatization w/ a casual shoulder shrug. Poorly-maintained lc1789 troll hasn’t been updated in ages. But your forgot the best fix of all. The U.S. debt to China was $1.07 trillion in July 2020. Poor alphabet troll. A tax cut is in every way a celebratory thing. As things stand now, what gives a FeRN value is not the use of the FeRN to back debt (it is debt) but the willingness of the IRS to steal it from you (as opposed to, e.g., stealing your car). Neither side of the aisle seems to remotely care about this subject. The candidate last election who promised the least – who treated voters most like an adult – was Hillary Clinton. Seemingly every other commenter has a different idea about what the problem is (“it’s revenue”, “it’s spending”, “it’s federal interest expense”, and on and on). I am really appreciative to God and my director. That’s a drop from the previous rate of 15 percent. Maybe you don’t fully understand how quotes work? Now leave me alone.”. America’s high and rising debt matters because it threatens our economic future. The Daily Signal depends on the support of readers like you. Then, over time, after that responsbility turns to extravagance, interest owed cuts into household income that would be used for other things like food, for example. After that, the rate declined slightly, then leveled out. Ok that’s what I thought. So the Republican Congress in 1994 is what held firm. And is still quoting an obsolete part of the constitution that deals with the slave trade…..which just goes to prove that, indeed, he is a slaver. 12.5 kilogram Good Delivery gold bars, 99.99% purity, are currently selling on UK websites for £415,290. What needs to happen is spending needs to be massively reduced, to a point where we are budget-neutral with revenue where it’s at now. When most people hear that a family is living in poverty, they naturally picture people suffering from significant material deprivation. I’m still betting on us never doing shit about any of it until our currency collapses. Many never regain their financial footing. More than 100 million — about one third of the U.S. population — receives aid from at least one welfare program. President just sign or veto spending bills, I don’t really give them credit or blame either way. Here's how the CBO projects the national debt to grow, relative to America's gross domestic product—which roughly represents the size of the national economy—over the next few decades. According to Mr. Rector, able-bodied recipients of cash, food and housing should be required to work or prepare for work as condition of receiving aid. So if you just keep a balanced budget, it gets cut by that amount every decade without repaying a dime. When my erstwhile colleagues explained to me emphatically how Obama would have saved America “billions of dollars” at “state and federal” levels because they lapped up enjoyed his delivery of a Favreau-penned speech and the subsequent commentary on NYT/MSNBC/Guardian etc, they made it heck of awkward to live in a world where water is still wet and the Sun goes down every night. (3) Structural restraints on federal spending such as pay-go, requiring offsetting cuts or revenue for any new spending or tax cuts. More Americans need to watch it. Maybe, but I don’t necessarily think so. Needs more hashtags, Ken, in order to be effective. You must not have any kids. Yet President Obama plans to spend $13 trillion over the next decade on welfare programs that discourage work and marriage. That’s because of the SS and MC “trust funds”. We'll start with a $100 dollar bill. I wonder how many times their parents bailed them out of their credit card debt. The fact is, to a greater or lesser extent it is all of these, and right now we’re all sitting at the foot of Mt Everest trying to figure out how we might attack the summit without any climbing gear. I’ve been around on and off for a few years now. Eventually, you’ll be left with two choices. | The roughly $22 trillion of liquidity the central banks are pumping into financial systems might break the global economy’s fall. If the issue is phrased as an interest expense problem, the ‘solutions’ will be: Only pay interest to those who paying more than that in taxes, Declare bankruptcy and default on those loans. All of our circulating coinage is also debt-free money, issued by the Treasury Department rather than the Federal Reserve. In just 19 years the federal debt has increased by over 307 percent while real U.S. GDP has increased just 52 percent. That unpossible. And their debt is owned by them. WASHINGTON (AP) -- The national debt has passed a new milestone, topping $22 trillion for the first time. I think what’s being hinted at here is the enormity of resources being diverted from higher ends by certain manifestations of online “speech” that clearly need to be suppressed. Matthew Cage - December 19, 2020. Basically government can only issue bonds as a way of accruing debt. And then there’s all the land, mineral rights, and other assets the feds own. They admit there’s some inflation risk, but nothing that we’re not smart enough to handle. A family of four would have to pay over a quarter of a million dollars. I know this is true because Alexandria Occasio-Cortez said so, and she makes heart hands and dances, so we know we can believe her. Ours is only partly owned by us. P.S. I can recall when I could go to Bank of America, put one of those IOUs on the counter, and get a brand new silver dollar. You do realize it was Congress that makes the budget right? / Only in America would we issue a commemorative half dollar with P.T. It’s time to turn this around. Those aren’t the only options. Most headlines focus on how much the United States owes China, one of the largest foreign owners. Even as the district struggles to vaccinate seniors, it will soon allow half the city to get in line. Well, one dollar bill weighs about one gram. For one, we should have Medicare for all. $66,000 for every man, woman, and child in the country. Twitter. I clearly called this a bipartisan issue. In fact no tax cut EVER added a $1 to any deficit or debt. Donate now. I suppose I could move to the North Pole where water is all frozen solid and the sun never sets for 6 months. Thus, there have to be benefit cuts in the future. Do these people think it’s good that interest with take a higher and higher portion of our budgetary spending? Today, it’s 41 percent. Terms Of Use. I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like. And guess what – they tax the hell out of you yet it’s never enough. | Now multiply that by 22. If we do neither, you will have a major financial crisis. That leads to the second thing we have to understand. The federal debt is the total amount of money that the federal government owes, either to its investors or to itself. Share . It will be a big, big wall, not small but bigly big. For instance, we could cut probably 1/3 of federal spending over a few years with phase outs of stuff they shouldn’t be doing at all. Just won’t happen. Indeed, a $22 trillion national debt is not the result of any single bad decision. To understand how much that is, if you laid a trillion $1 bills end to end, they would reach the sun. | Inclusion of the naturalization clause has nothing to do with immigration and just shows how inept your citations are, when you even bother to pop one out. As Sen Everett Dirksen once said: “A billion here, a billion there, pretty soon we’re talking about real money”. No politician has any incentive to do a blessed thing about it…. But the more likely reason is just that lc1789 has nothing to stand on. You may, however, read the Gold Clause Cases (all three of them) for free. Long ago the country half dollar with P.T after that, as they lower taxes they! So if you want me to care what you think it ’ s the rewarding. 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