Debt ceiling drama already here (deal allegedly reached)

They are truly stupid people

 

I'll state again that the U.S. Constitution forbids our government from defaulting on its debts. If the Republicans attempt to force that to happen, they will be violating the Constitution and causing a constitutional crisis.

 

We will mint 3 ten trillion dollar coins. That will put us almost even. lol

 

I suspect the Republican house will allow us to go into default. I see little appetite for compromise.

 

They are already literally planning on defaulting.

https://www.washingtonpost.com/us-policy/2023/01/13/debt-ceiling-gop-plan/

 

The Fourteenth Amendment is not part of the Constitution to them for any purpose

 

It’ll only take 4 or 5 republicans who don’t want to default. Hopefully that’s not an issue.

 

This would be catastrophically bad. I usually roll my eyes at these as political stunts, but the stupidity in the House right now makes me think this is a possibility.

If they truly want to see it all burn - this is a great way to accomplish that

 

We won’t default. And then we will go back to the same old, same old. Sad that we continually elect people with pre-teen economic acumen to run our governmment

 

They will celebrate it.

 

The question for the board is how high should the debt ceiling be raised? I'm much more interested in the responses and thoughts from those aged 23 to 35 and I'll make no bones about it is my generation (baby boomers) that has put you in this pickle. What's important to this age group and how they propose to address the financial crisis that has been ignored for decades.

Total tax estimated revenue for 2023 is $4.71 Trillion.
The current debt ceiling is $31.381 Trillion.
Interest on the debt for 2022 $475 Billion - just short of 1/2 Trillion. This payment will be much higher for 2023.
Defense department for 2023 is set at $318.61 Billion.
These two expenditures alone are more than 3/4 of a trillion dollars of the budget.

There is no denying the fact we spend more than we collect in revenues (taxes). There is no denying the fact any sense of a balanced budget will be realized for decades to come (if ever). To be fair my days are limited on this earth so the effects of the debt will weigh heavily on my children and grandchildren and their progeny much more than it affects me.

National Debt Clock

 

We have decided to double down and spend like a fleet of drunken sailors. It was an issue before Covid but just went crazy during Covid.
Now we needed to do something during covid but the PPP became a money garb for many who didn’t need it.
It helped fuel inflation and that has caused the FED to jack rates. Just a giant snowball.
Only saving grace (sort of) is many other countries did the same.
Federal budget has gone crazy the last 3 years.
Revenues are good it’s just stupid.

 

How we wound up in this situation is irrelevant. How to fix it is the question that needs to be answered by those who will most affected by the stupidity of our Federal Government.

 

Not raising the debt ceiling to pay for previous obligations is tantamount to the cancer patient “curing” their cancer by choosing to blow their brains out.

 

Well, we are also leaving the next generation tremendous assets including what I’d call intangible assets like knowledge & innovations, discoveries etc. And our GAAP debt is also far greater than 31b.



Also, isn’t the asinine defense budget more than twice that?

 

The question is how much do you want to raise debt ceiling $10 Trillion, $50 Trillion?
To be blunt this nation has resigned itself to doing nothing about the national debt and yearly budget deficits. Tell me when do we say enough is enough?

 

Sure you have knowledge that's not the issue. Innovations and discoveries are great to say the very least as the majority of those are well intended. What knowledge do you posses to address the downward spiral? The Federal Government cannot be everything to everybody nor can it provide financial security for everyone.

 

I’m looking forward to some 6% treasuries, later this year. After the horrendous rates of the last few years. I’m enjoying these 4+% rates.