Current Events > U.S. debt lowest in six decades under Trump administration

(+) Yeah! (+)

The nations fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trumps first term, Congress nonpartisan budget scorekeeper projected Tuesday.

Within 16 years, the federal deficit is expected to be the largest in history, outpacing even the fiscal shortfalls that followed World War II, according to Congressional Budget Office estimates.

Congress recent tax and spending laws along with ballooning costs of programs like Social Security and Medicare also are driving up the amount the government pays in interest on money borrowed to make up for the gap in cash coming in and going out.

Indeed, those interest payments will exceed the cost of all Social Security spending within decades, CBO predicts. Interest costs also will be higher than discretionary spending, which amounts to all federal dollars Congress controls.

Debt is projected to reach 78 percent of gross domestic product by the end of this year the highest level since about 1950.

At this rate, that debt would actually exceed the size of the economy within a decade, breaking the historic record of 106 percent by 2034.

https://www.politico.com/story/2018/06/26/cbo-federal-deficit-break-records-651929
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Topic title has the opposite meaning of the article
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Is this a meme or did you just mistype lowest

if it is a meme then xd
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CableZL posted...

Topic title has the opposite meaning of the article

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Trump is the best president America has had since the Julius Caesar administration.
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hortanz posted...

At this rate, that debt would actually exceed the size of the economy within a decade

Man our kids are fucked
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I like you TC

Do you want Venezuela? Because this is how you get Venezuela.
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Take that libs!
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-l___________l- posted...

I need to move out of the US eventually lol

I hear ya man.
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Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

I don't know I can't keep track anymore. Too many people have too many opinions about too many things.
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DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

I don't know I can't keep track anymore. Too many people have too many opinions about too many things.

I give you permission to make your own, thank me later
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the Sad! thing is, i bet at least a few pro-Trumpers are gonna see this topic, not read the OP at all and go around proclaiming the topic title to be true.
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hortanz posted...

DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

I don't know I can't keep track anymore. Too many people have too many opinions about too many things.

I give you permission to make your own, thank me later

It's more that there are too many opinions to wade through to find the facts that my opinion should be based on.
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DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

If there was (and I think that case can be made), the Clinton administration didn't act on it. They ran a surplus.
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Y/N trump has asked his staff if they could just "print more money and not tell anyone" to pay off US debt

Kaiganeer posted...

Y/N trump has asked his staff if they could just "print more money and not tell anyone" to pay off US debt

His plan is to declare bankruptcy.
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Fake Topic Titles!
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Kaiganeer posted...

Y/N trump has asked his staff if they could just "print more money and not tell anyone" to pay off US debt

N

He planned on introducing Trump Bucks, each worth 5 USD

What is our debt compared to nations that owe us?

Too much winning
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Antifar posted...

DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

If there was (and I think that case can be made), the Clinton administration didn't act on it. They ran a surplus.

There was some concern at the time about paying off the debt because it would eventually end the US bond market. The government even wrote a report on it, but it was never published.

https://media.npr.org/assets/img/2011/10/20/LifeAfterDebt.pdf

Then Bush was elected and we never had to worry about being debt free.

Broseph_Stalin posted...

Antifar posted...

DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

If there was (and I think that case can be made), the Clinton administration didn't act on it. They ran a surplus.

There was some concern at the time about paying off the debt because it would eventually end the US bond market. The government even wrote a report on it, but it was never published.

https://media.npr.org/assets/img/2011/10/20/LifeAfterDebt.pdf

Then Bush was elected and we never had to worry about being debt free.

Solving problems before they emerge is a tactic the dems could learn from
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hortanz posted...

Solving problems before they emerge is a tactic the dems could learn from

Making accurate topic titles is a tactic you could learn from.
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BalisticWarri0r posted...

What is our debt compared to nations that owe us?

Nations don't owe you. You owe Wall St
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CableZL posted...

hortanz posted...

Solving problems before they emerge is a tactic the dems could learn from

Making accurate topic titles is a tactic you could learn from.

imagine being this boring
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Tyranthraxus posted...

Do you want Venezuela? Because this is how you get Venezuela.

Fake news. The economy is the strongest it's ever been, jobs are plentiful, people are happier, less poverty, less suicides. Gas prices are cheaper, food prices are cheaper, rent costs are cheaper, etc. So much economic opportunity in the land of the free thanks to Trump.

Happens when you cut government spending on practically all programs meant to help people.
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The US government will go bankrupt, probably in our lifetimes. That ship sailed long before Trump was elected, but I still oppose Trump's spending.

And LOL at the partisan libs on CE. Yeah, Bernie or Hillary would have gotten our fiscal house in order. What a joke.
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it's really weird how CE's leftists care about the budget/debt now
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Funny how Republicans do not care about the debt now...
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MedzXVIII posted...

Funny how Republicans do not care about the debt now...

i agree, a lot of the republicans who bashed Obama for spending are now on their own spending spree
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tennisdude818 posted...

The US government will go bankrupt, probably in our lifetimes. That ship sailed long before Trump was elected, but I still oppose Trump's spending.

And LOL at the partisan libs on CE. Yeah, Bernie or Hillary would have gotten our fiscal house in order. What a joke.

They both proposed new taxes and a progressive tax scale.

Bill Clinton had a surplus and SNAP has never been expanded since.
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Lol, imagine the Trumpers clicking this topic with anticipation
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KiwiTerraRizing posted...

Lol, imagine the Trumpers clicking this topic with anticipation

Haha take that liberals... Wait, what?

hortanz posted...

Social Security and Medicare

you know what we have to do then right?
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Webmaster4531 posted...

tennisdude818 posted...

The US government will go bankrupt, probably in our lifetimes. That ship sailed long before Trump was elected, but I still oppose Trump's spending.

And LOL at the partisan libs on CE. Yeah, Bernie or Hillary would have gotten our fiscal house in order. What a joke.

They both proposed new taxes and a progressive tax scale.

Bill Clinton had a surplus and SNAP has never been expanded since.

The below is a good read if you're interested in seeing why Clinton didn't actually have a surplus.

https://www.mises.org/library/surplus-hoax

The federal government spends Social Security money and other trust funds which constitute obligations to present and future recipients. It consumes them and thereby incurs obligations as binding as those to the owners of savings bonds. Yet, the Treasury treats them as revenue and hails them for generating surpluses. If a private banker were to treat trust fund deposits as income and profit, he would face criminal charges.

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@hortanz posted...

DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

I don't know I can't keep track anymore. Too many people have too many opinions about too many things.

I give you permission to make your own, thank me later

you realize you worded the title to the opposite what that article said?
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Squidkids posted...

@hortanz posted...

DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

I don't know I can't keep track anymore. Too many people have too many opinions about too many things.

I give you permission to make your own, thank me later

you realize you worded the title to the opposite what that article said?

Oh no thanks I missed that.
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hortanz posted...

Squidkids posted...

@hortanz posted...

DevsBro posted...

Wasn't there some thing in the Clinton admninistration about how having lots of debt is good?

I don't know I can't keep track anymore. Too many people have too many opinions about too many things.

I give you permission to make your own, thank me later

you realize you worded the title to the opposite what that article said?

Oh no thanks I missed that.

ya "debt" is a negative, so you would say "highest debt in 6 decades" when I read the title i was confused af, lol
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tennisdude818 posted...

Webmaster4531 posted...

tennisdude818 posted...

The US government will go bankrupt, probably in our lifetimes. That ship sailed long before Trump was elected, but I still oppose Trump's spending.

And LOL at the partisan libs on CE. Yeah, Bernie or Hillary would have gotten our fiscal house in order. What a joke.

They both proposed new taxes and a progressive tax scale.

Bill Clinton had a surplus and SNAP has never been expanded since.

The below is a good read if you're interested in seeing why Clinton didn't actually have a surplus.

https://www.mises.org/library/surplus-hoax

The federal government spends Social Security money and other trust funds which constitute obligations to present and future recipients. It consumes them and thereby incurs obligations as binding as those to the owners of savings bonds. Yet, the Treasury treats them as revenue and hails them for generating surpluses. If a private banker were to treat trust fund deposits as income and profit, he would face criminal charges.

Correct me if I'm wrong, the United States isn't obligated to pay Social Security as a debt thus is able to cut payouts like the Trump administration proposes. It only becomes an actual debt when we borrow to pay out.

That article lumps Bonds and Social Security together as trust funds.

I can see how Social Security spending has increased because of baby boomers.

Still a progressive tax plan and new taxes are way more fiscally responsible than the Trump tax cuts. Seems like he's waiting until after the midterms before cutting spending on things people actually like.
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Webmaster4531 posted...

tennisdude818 posted...

Webmaster4531 posted...

tennisdude818 posted...

The US government will go bankrupt, probably in our lifetimes. That ship sailed long before Trump was elected, but I still oppose Trump's spending.

And LOL at the partisan libs on CE. Yeah, Bernie or Hillary would have gotten our fiscal house in order. What a joke.

They both proposed new taxes and a progressive tax scale.

Bill Clinton had a surplus and SNAP has never been expanded since.

The below is a good read if you're interested in seeing why Clinton didn't actually have a surplus.

https://www.mises.org/library/surplus-hoax

The federal government spends Social Security money and other trust funds which constitute obligations to present and future recipients. It consumes them and thereby incurs obligations as binding as those to the owners of savings bonds. Yet, the Treasury treats them as revenue and hails them for generating surpluses. If a private banker were to treat trust fund deposits as income and profit, he would face criminal charges.

Correct me if I'm wrong, the United States isn't obligated to pay Social Security as a debt thus is able to cut payouts like the Trump administration proposes. It only becomes an actual debt when we borrow to pay out.

That article lumps Bonds and Social Security together as trust funds.

I can see how Social Security spending has increased because of baby boomers.

Still a progressive tax plan and new taxes are way more fiscally responsible than the Trump tax cuts. Seems like he's waiting until after the midterms before cutting spending on things people actually like.

Redirecting SS contributions towards other spending is obviously a misuse of that money, and SS would never have passed in the first place if it was advertised like that. The increase in spending towards boomers was predictable, but their contributions were blown so now the next generations have to pay into a Ponzi Scheme. Thats not all Bill Clintons fault, but its hard to take his surplus seriously.

No amount of progressive taxes would cover current spending and unfunded liabilities. I think we can write off Bernie pretty easily because he wanted enormous increases in public spending. Hillary is an establishment Democrat that likely would have acted like Obama, but with even worse foreign policy.
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hooray, bloated defense budgets! hooray, intentionally mismanaged entitlement programs! hooray, slashing taxes and redirecting subsidies to the wealthy!

#MAGA

Thanks Trump!
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Lol.
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tennisdude818 posted...

Webmaster4531 posted...

tennisdude818 posted...

Webmaster4531 posted...

tennisdude818 posted...

The US government will go bankrupt, probably in our lifetimes. That ship sailed long before Trump was elected, but I still oppose Trump's spending.

And LOL at the partisan libs on CE. Yeah, Bernie or Hillary would have gotten our fiscal house in order. What a joke.

They both proposed new taxes and a progressive tax scale.

Bill Clinton had a surplus and SNAP has never been expanded since.

The below is a good read if you're interested in seeing why Clinton didn't actually have a surplus.

https://www.mises.org/library/surplus-hoax

The federal government spends Social Security money and other trust funds which constitute obligations to present and future recipients. It consumes them and thereby incurs obligations as binding as those to the owners of savings bonds. Yet, the Treasury treats them as revenue and hails them for generating surpluses. If a private banker were to treat trust fund deposits as income and profit, he would face criminal charges.

Correct me if I'm wrong, the United States isn't obligated to pay Social Security as a debt thus is able to cut payouts like the Trump administration proposes. It only becomes an actual debt when we borrow to pay out.

That article lumps Bonds and Social Security together as trust funds.

I can see how Social Security spending has increased because of baby boomers.

Still a progressive tax plan and new taxes are way more fiscally responsible than the Trump tax cuts. Seems like he's waiting until after the midterms before cutting spending on things people actually like.

Redirecting SS contributions towards other spending is obviously a misuse of that money, and SS would never have passed in the first place if it was advertised like that. The increase in spending towards boomers was predictable, but their contributions were blown so now the next generations have to pay into a Ponzi Scheme. Thats not all Bill Clintons fault, but its hard to take his surplus seriously.

No amount of progressive taxes would cover current spending and unfunded liabilities. I think we can write off Bernie pretty easily because he wanted enormous increases in public spending. Hillary is an establishment Democrat that likely would have acted like Obama, but with even worse foreign policy.

this

at this point the only way america gets out of debt is by having some seriously large cuts in spending, and not the usual "if we cut spending here, we need to raise taxes here and raise spending here to offset it nonsense" we usually hear.

neither party is exactly great about being financially responsible.

the other problem is the government can't just completely cut spending, it needs a certain amount.

but the biggest problem is the welfare entitlement programs that need to be buried for good. Social Security is a damn scam for starters, that many people working today, won't see any of it yet pay for it. then we have welfare receivers growing in number and the illegals are just making that worse.

america point blank needs to cut it's budget in half, and it needs to start with the entitlement programs because those are the one's are grow exponentially as they are based on the population growth. also less people on welfare and more people working = more taxes(Without raising taxes) = more money to pay off debt.

immigration and debt, are easily two of americas biggest problems today.

^I'm really getting tired of the one dimensional idea, "Just cut spending." This is more than addition and subtraction lol. Like you could spend money on shit and save in the relatively short future. But you have to think about what's best for the collective instead of the rat race. That's all people have to do. The only thing that really should be cut is military spending because it's like 5x more than China's (wtf). But we do need to spend on people's education and possibly help people out of their college debt. This could happen in a couple years, easily by cutting the military budget in half. And then people could spend into the economy more, which creates more/better jobs, which creates more income tax.

But really the obvious answer is to tax the rich. Like ffs, tax the few tiny, tiny, tiny bit at the top or see hundreds of millions of people suffer. This is a moral dilemma so easily solved that it cannot even qualify to appear on kindergarten homework.

kayoticdreamz posted...

but the biggest problem is the welfare entitlement programs that need to be buried for good. Social Security is a damn scam for starters, that many people working today, won't see any of it yet pay for it. then we have welfare receivers growing in number and the illegals are just making that worse.

America was in a nice budget surplus until Bush decided to go on a dangerous tax-cutting spree for the wealthiest americans. It has been in a deficit since then.

Get rid of all the loopholes that allow billionaires to pay nothing in taxes by using all these offshore tax shelters and all the other dirty tricks the law gives them.

This will do way more to balance the budget than taking away whatever crumbs the poor have.
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Kaiganeer posted...

Y/N trump has asked his staff if they could just "print more money and not tell anyone" to pay off US debt

I'm assuming he's already doing that and depositing it into his bank account.
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