Seriously?
What idiot thought it would take a trillion years for the US to rack up $37 in debt?
lmao
Came in to make the same stupid joke. Love to see I’ve been beaten to it.
Me too kolanaki, me too. I was so excited too, ah well, I’ll be faster next time.
Well, things like that happen when you throw money at billionaires instead of collecting taxes from them.
Fucking Democracts not paying the debt down.
- Republicans
I still waiting for the damn “trickle down economics“ that Reagan PROMISED!
It was ruled in court to be illegal in 1919 in the Dodge vs Ford lawsuit.
At the time, Ford himself wanted to: “My ambition is to employ still more men, to spread the benefits of this industrial system to the greatest possible number, to help them build up their lives and their homes. To do this we are putting the greatest share of our profits back in the business.”
But shareholders (both Dodge brothers of the Dodge car company) sued against this and in the end the judge declared that: “A business corporation is organized and carried on primarily for the profit of the stockholders. The powers of the directors are to be employed for that end. The discretion of directors is to be exercised in the choice of means to attain that end and does not extend to a change in the end itself, to the reduction of profits or to the nondistribution of profits among stockholders in order to devote them to other purposes.”
Basically, if you attempted trickle down economics, you’d be “stealing” from the shareholders. Extra money is to be given to shareholders as dividends, not for boosting the pay of your employees if it doesn’t involve adding more profits to the bottom line.
If America paid attention to its own history Reagan would be remembered as the worst president
There is really a lot of competition for that spot.
Second worst now, imo
Maybe third, Jackson was really fucking bad
An America that learns from Reagan would never have elected Trump
Yes, no argument here. I know Reagan holds a lot of responsibility for the prep, but i think trump is still worse
That’s what a conman as leader of your country will get you. Fired half the government workforce, still spent more money than the last guy and he’s only been in office for 6 months. It only goes down from here folks, hope you enjoyed the ride. This is your last stop.
I’m planning to leave tbh
Who thought it would take a trillion years for the debt to reach $37?
Actually, we thought it would take 1,000,000,000,010 years but it only took 10.
the title from Newsweek is so poorly written
The debt didn’t reach $37 just a trillion years early?
I initially parsed it as “the US reached 37 billion years before…” like it was a sci-fi apocalyptic piece set in the far future
So what happens when the US defaults? Just asking for those that are curious to see where this slowmotion trainwreck is heading
think 2008 crisis, but worst. because everything was getting cut. when obama came in the military was downsizing as well, until TRUMP came into power for the first time.
Austerity. Eventually.
Debt doesn’t matter, especially in the usa.
There will be no default. However, there will be massive inflation and loss of the dollar as the world’s reserve currency.
They aren’t actually borrowing from anybody, the debt is to themselves. It basically just means the US Federal Government spends more than it collects every year since POTUS Clinton was in charge.
They do set an upper limit to the debt / annual deficit and if they fail to resolve it by raising the limit then the federal government goes into shutdown: no new laws passed, no federal employees get paid, etc. But they pretty much always raise the limit. The last time the limit was raised it was a bipartisan push to keep the government running, during which the DNC members who joined with the Republicans received a lot of criticism for doing what the Republicans wanted, but TBH I don’t really think things would have been much better off if the government had shut down again.
Next time, though, it’s become clear that the Senate will keep stripping rights and not allow a single bit of progress to be made no matter how far into fascism this nation falls, so definitely should shut down.
This is a vast misrepresentation. National debt is literally bank loans the government has taken out and promissory notes like Treasury bonds. They owe investors, banks, and individuals money - only 1/5th of the national debt is held by intergovernment bodies (meaning money the government has loaned itself and ‘owes themselves’). 80%+ of the debt is owed to non-internal groups. Even the self-owed debt must be repaid, or the government would be defaulting on a loan from one department to pay the other - robbing Peter to pay Paul.
https://www.marketplace.org/story/2023/05/26/who-does-the-u-s-owe-31-4-trillion
Yes but the banks are a part of the US Financial System and Governance. For better or worse, the Federal Reserve System is tiered in a way that each private bank adheres to their regional reserve bank, of which there are 12 total, which adheres to the US federal reserve board. The private banks can also elect representatives to the board of their own regional reserve bank, while the federal reserve board members are appointed by presidents.
That’s not even mentioning the FOMC.
But the debt is still of the USA to the USA at the end of the day. If third parties like China or Russia buy bonds from those of the USA who hold the value in the form of promissory then that’s fine but they have no power to enforce a payout in case of a “default”. The notes just lose a little value, to the holder’s detriment.
Your whole first paragraph is irrelevant. The banks that the US owes are part of the US banking system. Ok so?
This is another misrepresentation. You think it’s no big deal if treasury bills “lose a little value”?
If treasury bills lose value, that will begin a mass sell-off, which will cause the US dollar value to plummet. If there was a default, the US would lose its credit rating and not be able to get future loans. That would grind your government and industries to a halt.
Back on the initial point, foreign counties currently own almost a third of the US national debt, it is not “debt of the USA to the USA” - many of the additonal institutions (beyond the 1/3rd) that hold the debt (banks and investment groups) are also either foreign or international and not headquartered in the US.
In summary, the national debt is loans owed to many groups, a very large portion of which are foreign to the US. “They aren’t actually borrowing from anybody” is wildly inaccurate.
https://en.wikipedia.org/wiki/National_debt_of_the_United_States#Holders_of_debt
Lmfao yeah ok pal, the banks are going to start denying the federal government loans. Yeah right. I bet the Fed won’t even use their authority to set bank interest rates as a response, will they? Or maybe all the banks will just stop giving out all loans forever? What a crock of shit.
Pretty sure it’s actually Nixon’s fault from 1971
They mention Clinton because when he left office, the federal government was running at a surplus and was paying down the national debt. However, that changed after Bush came to office and passed tax cuts before starting wars in Iraq and Afghanistan.
Republicans: let’s increase spending like crazy while giving all the rich discounts, plummeting our income. In the meantime we just pretend that we’re spending less than Democrats
What could possibly go wrong?
I never mentioned fault I just said Clinton was the last POTUS to create surplus. I blame Reagan for cutting taxes.
What happens when someone uses an entire country as collateral while stuffing their own pockets. Watch it happen, now!
Trump will be the first president under which a sovereign default will occur
History repeats itself indeed, it’s sounding more and more like the pre revolution France, a tone deaf dictator, cooking the books because the numbers weren’t so good, the poor suffering more and more etc etc
*guillotine sharpening intensifies
repeating 2008 , but much worst than before.
At the rate the USD is declining against other currencies, I’d say it’s going to happen before the midterm. His only hope for prolonging this is to replace Jerome Powell and bandaid it until it’s someone else’s problem. Or start a war.
I think he will go all in on a DOGEcoin, get rid of Powell, start a war with Mexico, Greenland, and Canada simultaneously, pull out of NATO, ally with Russia without getting anything in return, Nuke California, and try to assassinate Zohran the Destroyer.
It will be a shitshow, and EVERYBODY is on the stage.
trump is already considering opening up rare earth minerals in alaska to putin.
Classic republicans spending way too much. To them conservative = spend and waste more.
There’s a world in which the US is carrying $37T, everyone lives in a spacious public condo, rides the UltraMax train around town to their 30 hour/week jobs or publicly financed doctor’s appointments or state financed university classes or luxury public park and spa.
And I think that would be money well spent.
Shame we don’t live in that country
“Sure, basically all available economic data suggests that society would become far more productive and stable if the neediest people were given enough stability to develop into contributing members of society, but if I don’t see people I don’t like suffering terribly then I will feel there is no right and wrong in the world and I might as well go have sex with a child like we all secretly want to.” - social conservatives (actually)
Too self-aware
I’m waiting for the inevitable response executive order: “Nuh uh - Donald J Trump”
(And then all the Republicans clapped)
“Biiiiiiiiiiden’s economy!?!”
“Hey… I found a dollar in the seat cushions!”
“TRUMP’S ECONOMY! TRUMP’S ECONOMYYY!!!”
“Let’s run the country like a business!” Also, “let’s cut our revenue by the most ever seen in history”.
Our debt is going up! (surprised Pikachu face)
This is the liberals fault!
No business owner would voluntary cut their revenue. They’re not businessmen, they’re con artists turned tyrants.
Make America Grim Again
all he ever known is laundering russians for thier money, through his casinos, using investors money than bankrupting to avoid any lawsuits against himselfs, or drown the opposition(the sue-r in so much shit) they cant fight them anymore.
(you’re probably looking for “plaintiff”)
“Suer” is also a word.
but that sounds like “sewer”
*Civvie 11 has left the chat*
Sewer does sound like Trumpie and Republicans.
Well he is running it like a business hrs got ng yo bankrupt the country.
“Conservative” fiscal “responsibility”
Buy gold, the U.S. dollar isn’t going to be worth the paper it’s printed on in a few years time.
