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The utterly unbelievable scale of U.S. debt right now
Hoodat:
The utterly unbelievable scale of U.S. debt right now
The debt accumulated under Donald Trump would be enough to cover the inflation-adjusted cost of U.S. involvement in the Second World War
Tristin Hopper | February 15, 2019 1:31 PM EST
This week, the United States national debt ticked above US$22 trillion for the first time, an amount equivalent to $67,000 per U.S. citizen.
The U.S. federal government owes more money than any other institution in the history of human civilization. And it’s just getting worse. According to the Congressional Budget Office, in only 10 years the U.S. debt-to-GDP ratio will be higher than any point since the Second World War.
Below, a few factoids about just how eye-wateringly, bone-chillingly large the U.S. debt has become.
* U.S. debt is now higher than the combined market value of the Fortune 500
* Just with the money it spends on interest, the U.S. could run Canada or Mexico
* All the gold ever mined would only pay off the debt accumulated under Obama
* Debt from one Trump term could pay for another WWII
* One year of debt could pay for everything NASA has ever done
* Jeff Bezos’ fortune would cover only 34 days of debt accumulation
* In one year, the per-household share of the debt could buy a new car
* The U.S. just built history’s most expensive warship. It cost five days’ worth of deficit.
* The vast majority of this is entitlement spending
* This is all happening during good times
https://nationalpost.com/news/the-utterly-unbelievable-scale-of-u-s-debt-right-now
The key point above is that the vast majority of this is entitlement spending. We are borrowing against our children's future so that people can get handouts today. Every single dollar of money paid in federal income tax does not cover the amount of 'entitlements' [sic] being paid as direct cash payments to other people.
And it saddens me to no end to hear people on this forum comment that all this is no big deal, that Conservatism lost the election, and that we should all just get behind Trump and pretend everything is wonderful.
Sanguine:
No, there is nothing "right" about this, and the piper will be paid.
rustynail:
Now do Obama.
ABX:
Sanguine:
--- Quote from: ABX on February 19, 2019, 03:12:32 pm ---
--- End quote ---
Got tired of being referred to by gay sexual terms, continually excoriated in the press and in person, and tired of being otherwise completely ignored.
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