US debt surpasses $23 trillion for first time

[Formerly Once-Ler]

https://thehill.com/policy/finance/468600-us-debt-surpasses-23-trillion-for-first-time

The federal government's outstanding public debt has surpassed $23 trillion for the first time in history, according to data from the Treasury Department released on Friday.

Growing budget deficits have added to the nation's debt at a speedy rate since President Trump took office. The debt has grown some 16 percent since Trump's inauguration, when it stood at $19.9 trillion. It passed $22 trillion for the first time just 10 months ago.

Of the $23 trillion figure, just under $17 trillion was in the category of debt held by the public, which is a more useful gauge of the debt the government has to pay down, and the number typically used in calculating the nation's debt burden. The other $6 trillion comes from loans within government bodies.

more at link

$24 trillion here we come

[LMAO]

@Once-Ler

Only Twenty four trillion? You think small. 

[Night Hides Not]

https://thehill.com/policy/finance/468600-us-debt-surpasses-23-trillion-for-first-time

The federal government's outstanding public debt has surpassed $23 trillion for the first time in history, according to data from the Treasury Department released on Friday.

Growing budget deficits have added to the nation's debt at a speedy rate since President Trump took office. The debt has grown some 16 percent since Trump's inauguration, when it stood at $19.9 trillion. It passed $22 trillion for the first time just 10 months ago.

Of the $23 trillion figure, just under $17 trillion was in the category of debt held by the public, which is a more useful gauge of the debt the government has to pay down, and the number typically used in calculating the nation's debt burden. The other $6 trillion comes from loans within government bodies.

more at link

$24 trillion here we come

Don’t blink, you might miss it before it gets to 25. After all, Trump has anointed himself as the King of Debt.

There’s no resistance to deficit spending in DC, thanks to Congress, all of whom have abdicated their responsibility to our children and grandchildren. Trump’s just playing ringmaster to all of the clown cars in DC’s circus.

[corbe]

   Yall are such pessimist, Trump still has 5 years to eliminate it entirely, as he promised.  Where's you faith?   

[Night Hides Not]

   Yall are such pessimist, Trump still has 5 years to eliminate it entirely, as he promised.  Where's you faith?   

If I did have any faith, it would be in the realization that the purse strings are controlled by Nancy Pelosi and Mitch McConnell. Trump has no control over them, even if he wished to come through on reducing the deficit, a campaign promise he knew is total bovine scatology.

I doubt his most ardent supporters ever took that promise seriously.

[Gefn]

I think most people can’t fathom how much 23 trillion dollars are. It was a generation ago or so a billionaire was pretty much unheard of.

[Applewood]

If I did have any faith, it would be in the realization that the purse strings are controlled by Nancy Pelosi and Mitch McConnell. Trump has no control over them, even if he wished to come through on reducing the deficit, a campaign promise he knew is total bovine scatology.

I doubt his most ardent supporters ever took that promise seriously.

Trump could have done his part by vetoing all those spending spree bills ad telling congress to not come back till they passed a real budget. 

[DB]

Any wonder why gold prices are shooting up again... The currency is being debased at an ever increasing rate...

[Chosen Daughter]

Don’t blink, you might miss it before it gets to 25. After all, Trump has anointed himself as the King of Debt.

There’s no resistance to deficit spending in DC, thanks to Congress, all of whom have abdicated their responsibility to our children and grandchildren. Trump’s just playing ringmaster to all of the clown cars in DC’s circus.

Trump is the driver of the clown car.  He's the biggest clown ever.  And just like Democrats are pushing debt through socialism so is Trump.   Hasn't done a thing to reign in debt.  It has only ballooned under the circus tent walls of the Trump Administration.

[Chosen Daughter]

Trump could have done his part by vetoing all those spending spree bills ad telling congress to not come back till they passed a real budget.

Amen.

[Formerly Once-Ler]

   Yall are such pessimist, Trump still has 5 years to eliminate it entirely, as he promised.  Where's you faith?   

lol

[LMAO]

   Yall are such pessimist, Trump still has 5 years to eliminate it entirely, as he promised.  Where's you faith?   

Well, he better get busy...lol

[jmyrlefuller]

Don’t blink, you might miss it before it gets to 25. After all, Trump has anointed himself as the King of Debt.

There’s no resistance to deficit spending in DC, thanks to Congress, all of whom have abdicated their responsibility to our children and grandchildren. Trump’s just playing ringmaster to all of the clown cars in DC’s circus.

And that's because their voters don't see a problem with debt, as long as they get THEIR cut. It's why millennials stopped having kids.

Wait until the Social Security Trust Fund starts dwindling and they can't borrow against it as much. Then we'll really be in trouble.

[DB]

And that's because their voters don't see a problem with debt, as long as they get THEIR cut. It's why millennials stopped having kids.

Wait until the Social Security Trust Fund starts dwindling and they can't borrow against it as much. Then we'll really be in trouble.

There was never a "Social Security Trust Fund". It was never part of the initial legislation. It is simply a tax that flows into the general fund and always has been. A Ponzi scheme by any other name.

[corbe]

 

There was never a "Social Security Trust Fund". It was never part of the initial legislation. It is simply a tax that flows into the general fund and always has been. A Ponzi scheme by any other name.

    Are you insinuating that there never was a lock box @DB   

[Drago]

There are trust funds...initially designed as yearly "near break even" accounts, but lately have been earning around $85 billion in interest per year:
https://www.ssa.gov/OACT/STATS/table4a3.html
https://www.ssa.gov/oact/TR/2019/II_B_cyoper.html#96807

[libertybele]

And that's because their voters don't see a problem with debt, as long as they get THEIR cut. It's why millennials stopped having kids.

Wait until the Social Security Trust Fund starts dwindling and they can't borrow against it as much. Then we'll really be in trouble.

They shouldn't be borrowing against Social Security in the first place!!  It's NOT their money.  Umm...we're already in trouble. Just sayin'.

[DB]

There are trust funds...initially designed as yearly "near break even" accounts, but lately have been earning around $85 billion in interest per year:
https://www.ssa.gov/OACT/STATS/table4a3.html
https://www.ssa.gov/oact/TR/2019/II_B_cyoper.html#96807

Just accounting gimmicks.

[DB]

https://fee.org/articles/the-myth-of-the-social-security-trust-fund/

[Drago]

The majority of the years SS tax income exceeds expenditures (except for the mid to late '70's and last year)...see this chart: https://www.ssa.gov/OACT/STATS/table4a1.html 

Any trust fund surplus (yearly SS taxes - payouts) is invested in federal government bonds, which essentially transfers the excess funds to the Feds to spend...this where the "SS trust surplus fund was raided" (your link) stuff comes from. The only way way the fund really gets "raided" is if the Fed Gov defaults on the national debt.

https://www.fool.com/retirement/2018/05/20/did-congress-really-steal-from-social-security.aspx

You could have a "DB/FEE.org approved Lock Box Trust Fund" that doesn't invest in anything, but would that be fiscally responsible? Losing out on $85 billion in interest per year that could be used to pay retirees? Not good management of tax money.

[DB]

The majority of the years SS tax income exceeds expenditures (except for the mid to late '70's and last year)...see this chart: https://www.ssa.gov/OACT/STATS/table4a1.html 

Any trust fund surplus (yearly SS taxes - payouts) is invested in federal government bonds, which essentially transfers the excess funds to the Feds to spend...this where the "SS trust surplus fund was raided" (your link) stuff comes from. The only way way the fund really gets "raided" is if the Fed Gov defaults on the national debt.

https://www.fool.com/retirement/2018/05/20/did-congress-really-steal-from-social-security.aspx

You could have a "DB/FEE.org approved Lock Box Trust Fund" that doesn't invest in anything, but would that be fiscally responsible? Losing out on $85 billion in interest per year that could be used to pay retirees? Not good management of tax money.

The "interest" isn't from investment. It is the governments own debt just shifting the numbers around. Accounting gimmicks. Real trust funds invest in something besides their own debt.

[Drago]

That is true, but if you passed a law that the SS trust fund could invest in private debt/bonds, you would have people that would be pissed when they invest in a company that fails like PG&E. Can't win.

[Fishrrman]

Fishrrman's credo:
Reality is what it is. It is not what we believe it to be.

Social Security is never going away. It may get "adjustments" here and there, but the Washington Monument will topple to the Mall before SS does.

Any political/economic upheaval powerful enough to end SS is also going to do an incalculable amount of damage to the country.