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(Bloomberg) -- The U.S. Treasury Department is set to maintain elevated sales of long-term debt to finance the government’s widening budget deficit, with new issuance projected to top $1 trillion for a second-straight year. Many strategists at primary-dealer firms predict that this Wednesday’s quarterly refunding announcement will see the Treasury maintain note and bond sales at the record high levels they have boosted them to in recent months.https://www.bloombergquint.com/politics/another-year-another-1-trillion-in-new-debt-for-u-s-to-raise#gs.Nfc2vyTB
Trillion, smillion.... what's the big deal??? The ""deficit"" is like an ugly, hairy unicorn. Everyone has heard of it, but nobody really understands it... nobody really believes it exists. And more importantly....nobody really cares. Nobody except the adults, that is. And there are very few of those in DC these days.
Lets just print more money. Problem solved. /s
Right now, today, interest costs are 15% of tax revenue at $525B.Imagine if interest rates doubled.Nobody is going to let us do this forever.
Oh they will... but only IF there's a damned Democrat in the White House. Prepare yourself for yet another collapse.
Yes, because at some point our foreign lenders will say no more and start dumping our debt and currency. People have no clue what we're zombie walking into.
Nobody is going to let us do this forever.
One bright spot, one of our major creditors, China, is having to print money and devalue the yuan.
I wonder where they got that idea.
Hey. Too big to fail, baby... Yeah, man, that's the ticket.
Till they figure out there's no one big enough to bail us out anyway.
Oh, they'll write off the debts... for a price.
like the last collapse??? no, wait........whose watch did that happen on?
It happened under Bush 43, who, interestingly, repeatedly warned that sub prime entities like Fannie and Freddie were time bombs. Barney Frank assisted that was absurd.
Nancy Pelosi and Harry Reid. In just two years, they took a $160 billion budget deficit and turned it into a $1.6 billion deficit.
Nancy Pelosi and Harry Reid. In just two years, they took a $160 billion budget deficit and turned it into a $1.6 TRillion deficit.(my bad)
Huh??? In what alternate universe did Pelosi/Reid reduce the deficit? Did you mean the reverse? If so, got it. lol
1998-2001...GOP welfare reform/W.J. Clinton.Table 1.1: https://www.whitehouse.gov/omb/historical-tables/
Yeah, IIRC Congress switched over to GOP in Clinton's 2nd year? Was it "Reid/Pelosi" for the 1st 2? In any case you are/probably are correct...it was Newt/GOP/W.J. Clinton that managed to sorta "balance the budget"/"Balance the CR's" for 1998-2001.
If my memory serves..... the GOP had control of the House back then. Remember Newt's Contract With America?
Clinton had to be dragged, kicking and squealing .... (he vetoed the first time) to sign off on it. Problem was.... the GOP, back then, had overwhelming support from the public... which pressured Clinton to cave and sign it. As a result, the economy boomed.... the rats took credit. Ho-hum....nothing ever changes.
The problem with that is then where else will they go? Historically, the lenders start getting anxious went public debt to GDP ratio gets above 80%. That’s what happened in southern Europe. There are advantages that the US has that other countries don’t. For example, the US economy is the largest in the world. But this can’t go on forever. And instead of anyone talking about cutting spending, we have people talking about new government programs that we cannot realistically pay for.
Why doesn't the Treasury go to the Social Security Trust Fund to get some money? The Trust has accumulated trillions of surplus funds that can be used by the Treasury to fund its obligations. Al Gore says the money is there.
reagan cut taxes in 1981 and then raised them in 1982......just saying
