It took 215 years to accumulate $7 trillion of debt. We’ve added that much in the last three years. That which is unsustainable will not be sustained. This is the type of chart you see showing what happened to the Wiemar Republic in the 1920s. The only reason our currency hasn’t crashed is because the EU and Japan are in far worse shape. We are still the best looking horse in the glue factory. But even the best looking horse gets turned to glue eventually.
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Everything’s gonna be fine,Joe Biden says so .Lol.
I have already written my Republican Congressman in regard to our budgetary peril.
Now that key committee chairmanships are in Republican hands, we should soon see a real turnaround.
I downloaded the yearly debt level from the Fed.
Reagan Bush increased the debt in 12 yrs
Clinton doubled it in 8 yrs
Bush 2 doubled Clintons debt in 8 yrs
Obama doubled Bush 2s in 8 yrs
DJT actually slowed down the rise in debt for his 4 years.
Brandon blew it out in 2.
The Trump Biden 8 yr increase will be more than doubling Obama’s.
This was all predictable.
40% increase in the debt under Trump from just under $20T to just under $28T.
Trump slowed nothing.
Am I right in thinking that the chart is a little out of date and the debt total is now over $31 trillion?
Yep. It just went up a few billion while I was typing this response.
31.527 trillon according to usdebtclock.org
What about the other set of books?
Our taxes are obviously just a control and humiliation ritual. A drop in the bucket. A trillion has no meaning.
When the Saudis finally ditch the dollar it’s over.
That is happening at this very moment. BRICS is a real threat to the banksters and their Ponzi scheme. Saudi wants to replace South Africa in that group and their nemesis Iran wants to be a member too. Strange how turning against the west brings common enemies together – China – Russia; China – India; Saudi – Iran.
The enemy of my enemy and all that.
Starting to look like the the ending scene from The Warriors, where they all gather around to mete out justice. I can just hear them hawks saying “I just like doing things like that”.
Mary- When the US is in a full blown war with some of the BRICS are you going to feel bad for the “enemy of my enemy and all that” reference? Careful, shit comes back to bite us in the ass at times.
My friend, the saying isn’t about cozying up to the enemy that is temporarily your ‘friend’. To use an enemy against an enemy is good strategy, losing sight of who your enemies are, is just stupid. So coming back to bite you?? Can’t happen unless you allow it.
Not to worry moos, I never lose sight of my enemies…….never.
They’re working on an app to deal with that. Invest now or be priced out forever.
I have paper monkeys to sell, wanna buy some??
FOMO.
Get ready to haul a wheelbarrow full of useless dollars to the store for a loaf of bread, if any are even on the shelves. And, the $31 trillion figure is pure gaslighting. When you add in the unfunded mandates of Medicare, Medicaid, and Social Security, the actual debt is ~$131 trillion, which is an amount which can NEVER be repaid.
I think it is north of $200 trillion.
The debt tracks productivity pretty closely as a graphed parabolic increase.
Productivity, based on GDP per capita worldwide has gone from near zero as late as 1850 to about $2000 in the late 1900’s to about $7,000 now – all in 1990 dollars, so more in todays.
That doesn’t change the debt trap issue, just that it correlates to productivity increases – it’s biblical in showing a lack of self Caesar in particular. Those increases should be alleviating debt, at least minimally, but the weal/yoke lays heavy under fractional fiat notes.
I still wonder how much dollar destruction was seeded by PLO/Arafat circulating 300-600 billion in Supernotes by 1996 (Frontline documentary is enlightening and like 25 years old – I never forgot it). It is never mentioned and it certainly was a factor in the first/dotcom bubble and all following.
Not that the Fed and lack of hard money are the ultimate betrayal and even a few percent devaluation annually (of paper, gold or any currency/money by bureaucratic diktat backed by force) is theft, but I think that PLO/Arafat/Supernote accelerated the demise of The Ponzi called The Paper Dollar, Gold Fix, LME, etc. by A LOT.
@ DJF
That’s if those piles of mattress dollars are still taken at the grocer’s, instead of CBDCs.
You also forgot all of the govt worker pensions
I was having a conversation about government debt with a liberal friend. And you know how that went, any new debt under democrats is honorable and for the little guy, any debt under republicans is pure greed and for corporations.
I then asked with all the new spending, how can raising taxes help at all, and why do “we” even have to pay taxes, why not just print it like the billions they can print and send to Ukraine?
He was staring at me, and I proposed that us paying taxes gives the illusion that the US$ is not just a piece of worthless paper, but holds wealth, yup he just stared……..ah the msnbc/cnn braindead parrots.
Card- Just ask that maroon how much his eggs cost him this week? I know, he would still be confused. The goy, they are really DUMB.
Really? THAT’S the reason? Dahum, learn sumthin’ new every day. Well, I have two suggestions;
— 1) Let’s drop a couple more nukes on the Japs
— 2) Let’s let Russia fuck up Berlin again.
We’d be good for another 100 years, at least.
not only europe & japan,most countries are far more effed up than us,including russia & china —
our problems derive from are our cultural rot,which leads to excessive social & military spending —
fwiw,the fed raised today,0.25 —
The real reason the debt won’t collapse. The US the secret hidden tax that only one in a thousand men understand.
The secret tax on the poor and middle class.
If you can name it yo can win the secret prize!!!!!