The U.S. national debt is rising by $1 trillion about every 100 days

Still essentially internal accounting. We are paying interest mostly to...us. The Social Security Trust Fund received that interest. So the money moves from the general fund to the Social Security Trust fund. Some of it goes straight back to taxpaying citizens and corporations. It would be more like if Paul and Abe ran a corporation, and Paul and Abe put some money into the corporation to pay back both Paul and Abe, who then both directly receive some of the money back from the corporation as a payment, and to put more money into future dividend payments for Paul and Abe.

 

True but also keep in mind that another factor was Clinton's tax increase of 1993 which was opposed by every Republican in both Houses of Congress. Interestingly even after they achieved majorities the Republicans never made an attempt to repeal the tax increase although they did reduce the capital gains tax later in the Clinton's second term.

 

Clinton was a great POTUS, IMHO. If could have just kept it in his pants a bit more than he did, the SCOTUS wouldn't have even had the opportunity to steal the 2000 election for W and history from then to now would be very, very different.

 

That is a foolish assumption on your part. I was furious with Trump on spending. I also hated that he didn’t immediately fire Fauci, who was way too old and lazy to lead the nation against the pandemic. I also didn’t like the tariffs, but I agreed with the necessity to do something about the Chinese.

 

Sorry I wasn’t clear enough.

I don’t know, and I don’t care, because it doesn’t matter who it is owed to, it cannot be repaid in same or similar value dollars. It will be repaid in significantly de-valued dollars.

The auction a few weeks ago was a horror show and one that really hasn’t even started yet. We are still watching the previews for future horror shows.

 

How was the auction a horror show? Hyperbole much?

 

I’ll be nice and say that there was limited interest in the Treasury offering.

 

Yes, high demand for bonds is often due to weakness in capital markets, anticipation of large-scale inflation (especially Series I bonds), or overall economic weakness. It seems that investors don't view that as the current situation.

 

Clinton was actually a really bad president. One of the worst since before the Great Depression. He is the one that allowed U.S. mutual funds to invest money and technology in China, building the country into a militaristic global power. He rebuilt Russia after its economy collapsed, with no attempt to prevent it from modernizing its weapons factories and continuing production of weapons. He did nothing to stop the IMF from loaning money to all of these other countries, spreading factory production all over the world and increasing pollution and global warming, while increasing the rate of using the earth's natural resources. Clinton was extremely naive and gullible, thinking that increasing the wealth of China and Russia would automatically make them more democratic and agreeable. He believed that the U.S. would be a nation of innovators and that other countries would make our products for us, without stealing our technology and cutting us out of the arrangement. To accelerate the transition, Clinton had his EPA attack U.S. manufacturers to try to put them out of business (at one point, EPA chief Carol Browner wanted to ban the chlorine molecule). In the long term, Clinton cost America a lot of manufacturing jobs.

Clinton's good fortune was to be elected just before the internet revolution exploded, with U.S. businesses at the forefront. Basically, he was born on third base and thought he hit a triple.

 

New report suggests national debt will hit $141T by 2054. The extreme debt will slow economic growth, increase payment to foreign bond holders, and damage the fiscal and economic outlook.

America will be left with ‘severe, irreversible scars’ if national debt goes unchecked. Now, a blockbuster report warns the bill is higher than believed, hitting $141T by 2054

 

Election denier!!!!

 

Anyone that really cares about the debt would favor tax increases - 40 years of tax cuts have been the primary driver of our current fiscal situation

 

Excellent choice!

 

This an issue where the citizens/taxpayers of the US have been screwed by our collective elected government for over 40 years. It was bad enough before Covid, but our idiotic response of shutting down like we did threw gasoline on the fire. Then Biden comes along in 2021 brings a fuel truck with a pump and sprayer on it.

 

And let's not forget that members of Congress allowed the PPP loans to be forgiven.

 

Hard to comprehend numbers that large. That’s 28x our 2022 tax revenue…

 

Pfffft, debt doesn't matter...read it here all the time.

 

- The federal deficit has been reduced under Joe Biden.
- Donald Trump increased deficit spending in his very first year, and continued increasing it every year. This happened prior to the existence of Covid-19.
- Donald Trump passed the largest stimulus package in US history.


It's shocking how little some American adults know. It's equally shocking that they would EVER get to post such incorrect inanities as the quoted, without it being pointed out that their inaccuracy is laughable. People posting such might as well be screaming that the Earth is flat.

 

You mean it isn't? communist!

 

This is eerily similar logic to what led to the housing bubble in 2004-2007.