National Interest: Debt Bomb Ready to Blow: The Greatest Threat to America (All in One Chart)
Are you ready?
There’s a constant whine throughout Washington D.C. that there’s nothing Republicans and Democrats can agree on. They’re so opposed on every issue, that there’s no more bipartisanship. However, going back at least forty years, there’s one policy that both parties are determined not to change: growing the U.S. national debt.
The debt currently stands at a steadily increasing $22,925,000,000,000. A person could spend hours staring at the debt clock as tens of thousands of dollars are added every second. But they’re more than just numbers on a screen. Their the financial future of this nation, the future looks bleaker than ever.
Read more ....
WNU Editor: I hope I am not around when that day comes when the budget is nothing more but a plan to pay-off these debts. The austerity plan that will need to be implemented will be brutal.
6 comments:
There's an island out in the Pacific where wealth was a large immovable rock. We have bytes called credit, recorded on a computer, activated by a piece of plastic. It's all too psychological for me.
What's bothersome is the people behind this; Krugman, Bernanke, miss lizzie, etc., who seem to be perfectly comfortable with our handing out more and more IOU's as is the vast majority of Americans, among others on the planet.
Germany 1920's, our depression of the 30's, Velenzuela now. The whole thing seems so fragile.
America is broke, surviving off of paper fiat that has no value in reality. Hence why other countries are now doing transactions in the their own currencies or euro/yuan
The first step in debt resolution is to admit you have a problem, resolve to deal with that problem and put in place measures to deal with it.
The second step is stop increasing your debt especially the new debt incurred to just pay the interest on your existing debt.
The third step is to start paying down your debt.
As for America, the first step won't happen until there is a President and Congress that is ready to make the cuts needed to get the ball rolling.
Hint: Cuts to the taxes paid by the wealthy only add to the problem so Trump and the current Congress are not anywhere near being the answer.
What cuts?
Tax revenues have gone up every year.
Tax cuts to the wealthy, where have you been. Trump is talking about another round by the way. Could it be he wants some Quid Pro Quo donations to his election campaign for the upcoming election?
Simple economics son. When you are deeply in debt and facing a massive deficit for the year giving tax cuts to the wealthy won't work. It doesn't matter if the tax revenues are up or not, if in fact they are up, they are it is on the backs of the working class and not up enough. I believe you would not understand what the working class is going through right now, if ever.
If tax rates are cut, but revenue collected is up, then people ended up paying more.
The rate is lower but the level of economic activity is greater. Revenue is the product of rate* economic activity.
Maybe in your school they did not cover calculus or multiplication for that matter.
I stands side by side with the working class. I see what they eat, I see what they wear, I see what cars they drive.
As a refugee from you own socialist paradise you do not see many people in you north Ontario hidey hole.
Post a Comment