U.S. Debt War
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Dick Cheney (gag) famously said, "deficits don't matter (when there is a GOP'r in The White House)" but eventually they obviously very much do. We are talking about already incurred CONGRESSIONAL expenditures that need to be honored and paid, not particularly new spending, although that would freeze too if this stalemate continues much longer. Rising interest rates makes it all the more precarious and we have a newer cluster of far-righties in Congress who don't understand much of much as it is. Good Times. It is very unfortunate that we, as a country vastly comprised of non-billionaires (the rich clearly do and have greatly benefitted from zero taxes and other upward flowing "govt" funds), don't have much at all to show for this huge amount of debt which, for a developed nation with a relatively high GDP/debt ratio and no nationalized healthcare or even a dependable safety net for its citizens and a crumbling infrastructure, among many other discrepancies, is ridiculous. Anyway, the partisanship chest-pumping BS can be distilled down to facts and figures. Reagan kicked off the $T additions and 9/11 ramped it up with unfunded "wars" and other mass govt expansion such as DHS, TSA, rampant SSDI abuse, etc. over extended periods of tax cuts that were traded for much smaller campaign donations to lawmakers by their true masters.
T. Roosevelt (R) $503 million
Taft (R) $277 million
Wilson (D) $21 billion
Harding (R) -$1.7 billion
Coolidge (R) -$5.4 billion
Hoover (R) $5.6 billion
FDR (D) $236 billion
Truman (D) $7.5 billion
Eisenhower (R) $23 billion
JFK (D) $23 billion
LBJ (D) $42 billion
Nixon (R) $121 billion
Ford (R) $224 billion
Carter (D) $299 billion
Reagan (R) $2 trillion
Bush (R) $1.5 trillion
Clinton (D) $1.5 trillion
W Bush (R) $6 trillion
Obama (D) $8 trillion
Trump (R) $8 trillion
Biden (D) (to date) $3 trillion
(R) = $18 trillion
(D) = $13 trillion
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Top of Page Bottom of Page PermalinkFull Name: El Nino
This is all theater put on by
This is all theater put on by billionaires who don't want to pay their fair share combined with an attempt by the Republicans to tank the economy right before the 2024 election. There is no crises at all - there are a few problems that can easily be fixed with some tweaks.
How long have conservatives been screaming about this? Since the '80s? The '50s? The Great Depression? And nothing has ever happened. But they keep screaming and screaming anyway without even a shred of evidence that the national debt is actually a problem.
Our national debt goes up during recessions (1991, 2008, 2020) when we run deficits—as we should—and is otherwise pretty flat. There's really nothing dangerous going on and interest payments on the debt were lower in 2021 than they were in 1950.
If you want to see the charts
https://jabberwocking.com/whos-afraid-of-the-national-debt/
Top of Page Bottom of Page PermalinkFull Name: El Nino
The clip of Biden talking
The clip of Biden talking about the Debt negotiations that no one will see.
https://twitter.com/MeidasTouch/status/1656266183497195527?s=20
Top of Page Bottom of Page PermalinkFull Name: Mice elf
lol of course were gonna have
lol of course we're gonna have mad inflation
i mean
we print free money
Top of Page Bottom of Page PermalinkFull Name: aiq
Seen elsewhere:
Seen elsewhere:
When we spend $8 trillion on defense, nobody cares about the deficit.
When we pass a $1.9 trillion tax cut, nobody cares about the deficit.
But when we try to pass legislation that would actually help working people, the deficit suddenly becomes a problem.
Top of Page Bottom of Page PermalinkFull Name: Woz
Same as it ever was
Same as it ever was
Top of Page Bottom of Page PermalinkFull Name: GDTRFB
Yepper. We are currently
Yepper. We are currently paying approximately the same on servicing the debt (interest) as we are on the annual defense budget, thereby incurring quite an opportunity cost on other potential larger and wider benefits for more of us.