National debt tops $22 trillion for first time in U.S. history

Discussion in 'Politics' started by JoeNation, Nov 22, 2019.

  1. JoeNation

    JoeNation Patron Saint of Idiots

    Another broken promise that never had any chance of becoming reality.

    The debt has ballooned by more than $2 trillion in the two years since President Trump took office in January 2017, when the debt stood at $19.9 trillion. It surpassed $21 trillion for the first time in history in March 2018. Under the Obama administration, the national debt grew from $10.6 trillion to $19.9 trillion, an increase that drew sharps criticism from Republicans.

    In an interview with the Washington Post in 2016, Mr. Trump vowed to eliminate the national debt "over a period of eight years." Top White House economic adviser Larry Kudlow, who joined the White House after the president said he would eliminate the debt, told CBS News last month Mr. Trump probably didn't mean he would eliminate the debt entirely.
    "I don't know, you know, I wasn't there, I read about some of this — I think what he was really referring to was he would stop the upward rise as a burden on the economy," Kudlow said in January. "In other words, to me, the measure is not, what is the deficit or this or that. It's as a share of GDP. That's your burden on the economy. And I would argue that it is and will continue to come down as a burden on the economy."

    But the ratio of debt-to-GDP has also increased, something that's unusual in a strong economy. In June 2018, the Congressional Budget Office said in a report that the level of debt as a share of GDP had reached its highest levels since World War II.

    Michael Peterson, CEO of the Peter G. Peterson Foundation, a fiscal policy think tank, said Tuesday's milestone is only "the latest sign that our fiscal situation is not only unsustainable, but accelerating."

    "Our growing national debt matters because it threatens the economic future of every American," Peterson said in a statement. "As we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future ... In order to build the strong and stable future that we want for America, we must put our fiscal house in order and begin to manage our national debt."
  2. Mopar Dude

    Mopar Dude Well-Known Member

    This is the one issue that truly should bring nightmares to every American that has children. This isn’t a left or right issue. It is everyone’s issue. And there isn’t a policymaker in Washington that has any issue at all with shamelessly spending our hard earned dollars. It is one of those things that as long as you don’t have to see it then you are fine. People better start noticing and demanding that something be done about it.
  3. JohnHamilton

    JohnHamilton Well-Known Member

    Both parties are responsible for this. You could raise taxes to the maximum degree, and it wouldn't make any difference. In fact, if would make things worse. The economy would slow; more people would be unemployed; and government transfer payments would increase. It is vicious cycle.

    The only way out of this is to grow the economy and cut government spending. Some claim that the economy would go down without the high government spending, but they give enough credit to consumers to keep things going. There are just too many “pigs on tit.”

    We can’t tax and spend our way out of this. But who is going to be first to say, I’m willing to give my government benefits? I’d give up my Social Security benefits if it was part of an overall plan to fix the problem, but others would have to give up something too. Just giving more money to the government without spending restraint will get us nowhere.
  4. JoeNation

    JoeNation Patron Saint of Idiots

    The Federal Budget is roughly 4 trillion annually. The national debt is 22 trillion. What kind of cuts out of a 4 trillion dollar budget are ever going to make up the 22 trillion debt? Over 66% of the spending is baked in. The bulk of the spending is on the military. Where do you propose cutting to ever reach the 22 trillion dollar debt?
  5. JohnHamilton

    JohnHamilton Well-Known Member

    You are going to have go after the “baked in spending” to make any difference. That’s why I mentioned Social Security payments. We certainly cannot afford “Medicare for All,” even with massive increases in the income tax. That’s why Warren’s proposals are non-starters.
  6. JoeNation

    JoeNation Patron Saint of Idiots

    I hate to pour water on your nonsense Republican talking points, but the truth is:
    By law, Social Security cannot contribute to the federal deficit, because it is required to pay benefits only from its trust funds. Those, in turn, are funded through a dedicated payroll tax of 12.4 percent of income, split evenly between employees and employers, levied on income (this year) up to $128,400. So it would be total nonsense to cut Social Security to bring down the national debt.

    Have you even read Warren's proposals? Because you really are't giving any details other than your opinion. Specifics boy, have some specifics if you want people to take you seriously.
  7. CoinBlazer

    CoinBlazer de omnibus dubitandum

    10 percent cut in every single budget
  8. JohnHamilton

    JohnHamilton Well-Known Member

    No, what I wrote was relevant. It’s a shame when we try to discussion about a major issue of the day, all you can do is come back with a partisan political attack. At least we know who your candidate is, Elizabeth Warren, and it's no surprise. Good luck with getting her elected.

    Social Security payments are big part of the problem. I don’t remember the exact year, let’s say it was 1999, Bill Clinton was able to get the receipts and spending for the Federal Government come in to amounts that were about equal. He deserves credit for that.

    People said that he had balanced the budget for the first time in many years. Unfortunately, if you added the future cost of the entitlements that were accrued for that year, the budget still didn’t balance.

    Entitlements are a major part of the issue, and we are going to need to get a handle on them if anything is to be done about the deficit.
  9. JoeNation

    JoeNation Patron Saint of Idiots

    The real shame is that you are exactly like Trump. Neither of you can ever admit that you are wrong. It would damage your egos too much to do so. I suppose you are right though, stating a fact about Social Security is a partisan attack. These days, the truth is always construed as a partisan attack on the Right. Happy to be on the right side of that dynamic.

    Democrats are the only party that ever lowers the deficit. Republican pretend to be concerned about the growing national debt only while Democrats are in office. Once Republicans get elected, they blow huge holes in the debt by handing out huge tax breaks to their wealthy donors. When Democrats want to raise taxes on the wealthiest Americans, Republicans cry "Class warfare". It's always the same mantra.

    Again, Social Security is not an entitlement.

    Define entitlements.
  10. JoeNation

    JoeNation Patron Saint of Idiots

Share This Page