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enhanced_deficit
03-17-2018, 08:40 AM
I thought debt would decrease under GOP cut-spending/small gummit regime:

Saturday, March 17, 2018

National debt hits $21 trillion



https://mediadc.brightspotcdn.com/dims4/default/fd83766/2147483647/strip/true/crop/2290x1296+0+13/resize/1060x600%21/quality/90/?url=http%3A%2F%2Fmediadc.brightspotcdn.com%2F0c%2 Fa4%2Fc92399a0465a930e3c23f8a101fc%2Fnationaldebt. jpg Federal borrowing has been on the rise again since February, when Congress passed legislation to suspend the debt ceiling. (Mark HumphreyAP)






The national debt exceeded $21 trillion for the first time on Thursday, a little more than six months after it hit first $20 trillion (http://www.washingtonexaminer.com/national-debt-hits-20-trillion-for-first-time-in-history/article/2634050) on Sept. 8.
The national debt was $21.031 trillion on Thursday. The government releases total debt figures each business day, but it lags by one day.
Federal borrowing has been on the rise again since February, when Congress passed legislation to suspend the debt ceiling. That move allowed the government to borrow as much as it needs to fund the activities approved by Congress.

https://www.washingtonexaminer.com/news/national-debt-hits-21-trillion




Related


President Trump on Track to Charge Taxpayers $237 Million for Golf Trips

https://www.americanprogressaction.org/issues/economy/news/2017/08/03/168263/president-trump-track-charge-taxpayers-240-million-golf-trips/


Secretary of Health and Human Services Tom Price took private jets on five trips (http://www.politico.com/story/2017/09/19/tom-price-chartered-planes-flights-242908) billed as “official travel,” . Price has taken at least 24 private flights (http://www.politico.com/story/2017/09/21/tom-price-private-charter-plane-flights-242989) costing $300,000.
https://www.usatoday.com/story/opinion/2017/09/21/abusing-taxpayer-money-trump-administration-business-usual-cheri-jacobus-column/688607001/


Ben Carson Spent $31K on a Dining Table, and 5 Other Times Trump Cabinet Members Wasted Your Money (https://reason.com/blog/2018/03/01/ben-carson-spent-31k-of-taxpayer-cash-on)
https://reason.com/blog/2018/03/01/ben-carson-spent-31k-of-taxpayer-cash-on

enhanced_deficit
03-17-2018, 08:44 AM
Very concerned that this could spark Tea Party 2.0 movement since leaving massive debts for our grand childrens is highly unacceptable.


https://cbsnews3.cbsistatic.com/hub/i/r/2009/04/15/dbb13508-a642-11e2-a3f0-029118418759/thumbnail/620x350/157d8c164b0a85509bd702b3670238b0/image4946947x.jpg
http://2.bp.blogspot.com/_JTd2KOgmF9A/Spg0T8_kONI/AAAAAAAAAjA/Ad30fXp1zP0/s400/How_will_I_pay_for_this.jpg


Tea Party Revolts Against Obama's Budget as Debt Exceeds $19 Trillion
thefiscaltimes
Feb 4, 2016 - But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn't welcome to testify because the administration wasn't serious about addressing the mounting national debt – which reached an historic $19 Trillion




Related

Mike Pence: “I was Tea Party before it was cool” https://media.gettyimages.com/photos/rep-mike-pence-rind-speaks-to-the-crowd-at-the-tea-party-patriots-picture-id111308848?s=612x612

(https://www.gettyimages.com/photos/tea-party-crowd)

kcchiefs6465
03-17-2018, 08:45 AM
So what, if he gets elected another term we are going to hit 30 trillion?

Does anyone not understand why this is not sustainable?

acptulsa
03-17-2018, 08:49 AM
I thought debt would decrease under GOP cut-spending/small gummit regime:

No doubt it would. Must be why we can't have nice things like that.

Anti Federalist
03-17-2018, 08:59 AM
I thought debt would decrease under GOP cut-spending/small gummit regime

LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

acptulsa
03-17-2018, 09:08 AM
LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

There's a fourth option, and it's far more likely than the other three. We can print 21 trillion FRNs, and use those to pay off the bonds.

Of course, we had better be ready to insist on getting our pay in bitcoin or silver or whatever we can get, because by that time a loaf of bread will cost $175,000 FRNs.

Anti Federalist
03-17-2018, 09:18 AM
There's a fourth option, and it's far more likely than the other three. We can print 21 trillion FRNs, and use those to pay off the bonds.

Of course, we had better be ready to insist on getting our pay in bitcoin or silver or whatever we can get, because by that time a loaf of bread will cost $175,000 FRNs.

Yes, you are absolutely right, I had forgotten about Option D - Inflate and pay back in worthless FRNs and/or 0 and 1s.

Then again, that's just another way skinning the cat, another way of carrying out Option B.

Which, of course, leads to Outcome C

All we gotta do is print up one of these, and poof, no more debt and plenty left over.

https://cdn.shopify.com/s/files/1/0251/2392/products/zimbabwe-banknotes-50-trillion-front.jpeg?v=1375448742

oyarde
03-17-2018, 09:53 AM
I am going to party like it is 1989 . Going out for a steak .

TheCount
03-17-2018, 10:05 AM
Now that the national debt is a patriotic, military growing, pro-American debt, it's a good thing rather than a bad thing like it was when it was an anti-American, Muslim debt.

oyarde
03-17-2018, 10:07 AM
Now that the national debt is a patriotic, military growing, pro-American debt, it's a good thing rather than a bad thing like it was when it was an anti-American, Muslim debt.

It is a horrible thing but it is not going anywhere .

oyarde
03-17-2018, 10:27 AM
There's a fourth option, and it's far more likely than the other three. We can print 21 trillion FRNs, and use those to pay off the bonds.

Of course, we had better be ready to insist on getting our pay in bitcoin or silver or whatever we can get, because by that time a loaf of bread will cost $175,000 FRNs.

Ya , in preparation I have pretty well given up luxuries like bread , cigarettes , donuts , candy and such . I just dehydrate my own fruit , grow my own veggies and eat meat . I just invested all those other FRN's in Ammo .

fedupinmo
03-17-2018, 12:57 PM
Prophecy...


https://www.youtube.com/watch?v=Q4TKTPv2hqQ

Maybe if we spend just one more...

kcchiefs6465
03-18-2018, 09:07 AM
If interest rates go to five percent, what then?

What about fifteen percent?

Then the train ride ends. If you are dependent on government for anything, Social Security, housing, etc. you should really start considering other options as this show will fall apart if the Federal Reserve cannot keep interest rates near zero. Which they can't, forever.

Kilrain
03-18-2018, 09:42 AM
If interest rates go to five percent, what then?

What about fifteen percent?

Then the train ride ends. If you are dependent on government for anything, Social Security, housing, etc. you should really start considering other options as this show will fall apart if the Federal Reserve cannot keep interest rates near zero. Which they can't, forever.

Forever is a long time. But we all know interest rates cannot be raised in any meaningful way in the foreseeable future, because it would tank literally everything. Ten years ago, the interest rate on our mortgage was 6 %. It's now 1.5 %. If mortgage interest rates shot back up to 6 %, it would mean that people would have to spend a huge percentage of their incomes just paying interest, because housing prices have been inflated by the low cost of borrowing. Which would mean they wouldn't spend it at restaurants or buying various widgets, which would mean that a lot of businesses would have to cut back/shut down, which would cause unemployment and people unable to pay their mortgages. The end result would be a negative feedback spiral killing the entire economy.

I think "the plan" is to keep things going until we hit a wall. Because our only options are collapse now or collapse later. And no one in power wants collapse now, even if it would be a smaller collapse than the one waiting down the road...

Anti Globalist
03-18-2018, 02:13 PM
And this just had to happen on my birthday.

kcchiefs6465
03-18-2018, 04:03 PM
And this just had to happen on my birthday.
Cheers. Happy Birthday.

timosman
03-18-2018, 04:33 PM
Forever is a long time. But we all know interest rates cannot be raised in any meaningful way in the foreseeable future, because it would tank literally everything. Ten years ago, the interest rate on our mortgage was 6 %. It's now 1.5 %. If mortgage interest rates shot back up to 6 %, it would mean that people would have to spend a huge percentage of their incomes just paying interest, because housing prices have been inflated by the low cost of borrowing. Which would mean they wouldn't spend it at restaurants or buying various widgets, which would mean that a lot of businesses would have to cut back/shut down, which would cause unemployment and people unable to pay their mortgages. The end result would be a negative feedback spiral killing the entire economy.

I think "the plan" is to keep things going until we hit a wall. Because our only options are collapse now or collapse later. And no one in power wants collapse now, even if it would be a smaller collapse than the one waiting down the road...


https://www.youtube.com/watch?v=2GsW5ja2Ghg

Madison320
03-18-2018, 05:57 PM
Forever is a long time. But we all know interest rates cannot be raised in any meaningful way in the foreseeable future, because it would tank literally everything

I agree. We passed a key "milestone" maybe five years ago or so where we physically can't raise rates because we can't afford the interest on the national debt. So far we've been lucky, but at some point we're going to have to fight price inflation and then we're screwed.

Madison320
03-18-2018, 05:59 PM
Now that the national debt is a patriotic, military growing, pro-American debt, it's a good thing rather than a bad thing like it was when it was an anti-American, Muslim debt.

Yup. There's 3 groups. Those that always think debt is bad, those that think only democratic debt is bad, and guys like you who only think republican debt is bad.

Zippyjuan
03-18-2018, 06:05 PM
Yup. There's 3 groups. Those that always think debt is bad, those that think only democratic debt is bad, and guys like you who only think republican debt is bad.

Who was that who recently voted to add another $1 trillion or more to the debt by passing the tax cuts? Deficit hawks?

acptulsa
03-18-2018, 06:10 PM
Who was that who recently voted to add another $1 trillion or more to the debt by passing the tax cuts? Deficit hawks?

That's the worst kind of debt--Democrat-turned-Republican Bipartisan Debt. I'm pretty sure we'll be paying your Fed-owning fat bankster bosses double interest on that stuff.

Zippyjuan
03-18-2018, 06:14 PM
That's the worst kind of debt--Democrat-turned-Republican Bipartisan Debt. I'm pretty sure we'll be paying your Fed-owning fat bankster bosses double interest on that stuff.

Debt is paid to the US Treasury- not the Fed.

acptulsa
03-18-2018, 06:20 PM
Debt is paid to the US Treasury- not the Fed.

Debt is paid to bondholders, Zippy, not the Treasury. Taxes may be paid to the Treasury, and the Treasury may divvy some of it up for interest payments. But bondholders wind up with it. And you damned well know it.

Zippyjuan
03-18-2018, 06:23 PM
Debt is paid to bondholders, Zippy, not the Treasury. Taxes may be paid to the Treasury, and the Treasury may divvy some of it up for interest payments. But bondholders wind up with it. And you damned well know it.

The Fed turns over any interest payments they receive (along with other profits minus their costs) to the US Treasury at the end of every year. $80 billion last year. https://www.wsj.com/articles/fed-sent-roughly-80-2-billion-in-profits-to-u-s-treasury-in-2017-1515600018

acptulsa
03-18-2018, 06:29 PM
The Fed turns over any interest payments they receive (along with other profits minus their costs) to the US Treasury at the end of every year. $80 billion last year. https://www.wsj.com/articles/fed-sent-roughly-80-2-billion-in-profits-to-u-s-treasury-in-2017-1515600018

The bondholders still get the interest. Whether the Fed, which is only one bondholder, takes $500,000,000 as "expenses", then only plays with the money for a while (give me $80,200,000,000 for a couple of months and I'll make enough on the stock market to be more than just set for life) and gives it back, is irrelevant.

Zippyjuan
03-18-2018, 06:31 PM
The bondholders still get the interest. Whether the Fed, which is only one bondholder, takes $500,000,000 as "expenses", then only plays with the money for a while (give me $80,200,000,000 for a couple of months and I'll make enough on the stock market to be more than just set for life) and gives it back, is irrelevant.

The Fed does not own any stocks. They are prohibited by law from doing so.

acptulsa
03-18-2018, 06:38 PM
The Fed does not own any stocks. They are prohibited by law from doing so.

The Fed is owned by half a dozen the biggest banks in the world, and they are not.

Zippyjuan
03-18-2018, 06:40 PM
The Fed is owned by half a dozen the biggest banks in the world, and they are not.

Link?

Banks do own "stocks" in the Federal Reserve, but those are not ownership stocks but "membership" stocks. If a bank wants to join the Federal Reserve System, they are required to put up ten percent of their assets as collateral. In exchange, they are issued stocks. But those stocks cannot be bought or sold like other stocks. In exchange, they do get paid a six percent dividend for the money they had to surrender. Nor do the stocks come with any voting privileges. They have grant no power to the member banks. It is a "membership fee".

acptulsa
03-18-2018, 06:53 PM
By the end of their time on Jekyll Island, Aldrich and his colleagues had developed a plan for a Reserve Association of America, a single central bank with fifteen branches across the country. Each branch would be governed by boards of directors elected by the member banks in each district, with larger banks getting more votes. The branches would be responsible for holding the reserves of their member banks; issuing currency; discounting commercial paper; transferring balances between branches; and check clearing and collection. The national body would set discount rates for the system as a whole and buy and sell securities.

https://www.federalreservehistory.org/essays/jekyll_island_conference

No doubt you'll dispute the verb "owned". Think you can dispute the verb "controlled"? Think anyone will be impressed by the difference?

As for whether Fed stock can be sold, or whether you put the word stock in quotation marks, stocks denote ownership (usually temporarily) and if anyone can play with funds on hand, it's the owners.

Zippyjuan
03-18-2018, 06:58 PM
https://www.federalreservehistory.org/essays/jekyll_island_conference

Article does not say that banks own the Federal Reserve if that is what you were looking for. The banks do get to nominate directors to the regional Federal Reserve regional banks but do not own them. The Board of Directors for the actual Federal Reserve are nominated by the President of the US subject to the approval of Congress.

As for the Fed buying stocks: https://www.reuters.com/article/us-usa-fed-yellen-purchases/yellen-says-fed-purchases-of-stocks-corporate-bonds-could-help-in-a-downturn-idUSKCN11Z2WI


Speaking via video conference with bankers in Kansas City, Yellen said the issue was not a pressing one right now and pointed out the U.S. central bank is currently barred by law from buying corporate assets.


https://www.federalreserve.gov/faqs/about_14986.htm


Who owns the Federal Reserve?

The Federal Reserve System is not "owned" by anyone. Although parts of the Federal Reserve System share some characteristics with private-sector entities, the Federal Reserve was established to serve the public interest.

The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act. This central banking "system" has three important features: (1) a central governing board--the Federal Reserve Board of Governors; (2) a decentralized operating structure of 12 Federal Reserve Banks; and (3) a blend of public and private characteristics.

The Board of Governors in Washington, D.C., is an agency of the federal government. The Board--appointed by the President and confirmed by the Senate--provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. In addition, though the Congress sets the goals for monetary policy, decisions of the Board--and the Fed's monetary policy-setting body, the Federal Open Market Committe--about how to reach those goals do not require approval by the President or anyone else in the executive or legislative branches of government.

Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. Commercial banks that are members of the Federal Reserve System hold stock in their District's Reserve Bank. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. In fact, the Reserve Banks are required by law to transfer net earnings to the U.S. Treasury, after providing for all necessary expenses of the Reserve Banks, legally required dividend payments, and maintaining a limited balance in a surplus fund.

acptulsa
03-18-2018, 07:02 PM
But where does Yellin say the Fed cannot temporarily transfer assets to member banks?

Zippyjuan
03-18-2018, 07:05 PM
But where does Yellin say the Fed cannot temporarily transfer assets to member banks?

Like US Treasury Notes? Or money? Banks can borrow money from the Fed through their Discount Window. Those are usually overnight loans to meet cash flow shortages. But they rarely do that if possible. Current Discount Window loans outstanding total $20 million (yes, with an "m", not billion with a "b"). https://fred.stlouisfed.org/series/DISCBORR

acptulsa
03-18-2018, 07:08 PM
Like US Treasury Notes?

Assets, Zippy. I said what I meant and mean what I say. You want to limit the terms of the discussion to something you can spin to cover the Fed's big ass. But I said assets. Period.

Zippyjuan
03-18-2018, 07:10 PM
Assets, Zippy. I said what I meant and mean what I say. You want to limit the terms of the discussion to something you can spin to cover the Fed's big ass. But I said assets. Period.

What sort of assets are you talking about then? The Fed assets are securities- some US Treasuries and some Mortgage Backed ones. The Fed doesn't have any gold or corporate assets like stocks they can transfer to a member bank.

https://www.federalreserve.gov/releases/h41/current/h41.htm

acptulsa
03-18-2018, 07:15 PM
The Fed basement is full of gold. You were also talking about the Fed receiving interest on bonds which it--eventually--shells out to the Treasury. You know money is an asset.

You don't need to make an ass of yourself by asking me to define 'assets', Zippy. If you don't want to answer the question, run and hide. You've done it before.

Zippyjuan
03-18-2018, 07:19 PM
The Fed basement is full of gold. You were also talking about the Fed receiving interest on bonds which it--eventually--shells out to the Treasury. You know money is an asset.

You don't need to make an ass of yourself by asking me to define 'assets', Zippy. If you don't want to answer the question, run and hide. You've done it before.

You asked if the Fed can temporarily transfer any assets to member banks. I am attempting to try to answer the question. What kind of assets did you have in mind? Yes, they can transfer money. They can't transfer gold or stocks since they don't own any.

The Fed stores gold, but does not own any gold.

acptulsa
03-18-2018, 07:34 PM
Yes, they can transfer money.

Well, there you go. They can transfer portions of eighty billion seven hundred million dollars to member banks. Member banks can buy stocks, reap capital gains, and transfer the principal back, all before the end of the quarter or the end of the year when the Fed then gives it to the Treasury.

Eighty billion, seven hundred million FRNs, give or take, is a nice chunk of capital to play with. Which was my point, a point which still stands after a page of dissembling on your part.

Zippyjuan
03-18-2018, 07:59 PM
Well, there you go. They can transfer portions of eighty billion seven hundred million dollars to member banks. Member banks can buy stocks, reap capital gains, and transfer the principal back, all before the end of the quarter or the end of the year when the Fed then gives it to the Treasury.

Eighty billion, seven hundred million FRNs, give or take, is a nice chunk of capital to play with. Which was my point, a point which still stands after a page of dissembling on your part.

Loans from the Fed are usually only overnight and are not used to buy stocks. Total borrowing (transfer of money) to member banks is currently only $20 million. I suppose theoretically possible, but does not happen so I'm not sure what sort of point you were trying to make.

acptulsa
03-18-2018, 08:03 PM
Loans from the Fed are usually only overnight and are not used to buy stocks. Total borrowing (transfer of money) to member banks is currently only $20 million. I suppose theoretically possible, but does not happen so I'm not sure what sort of point you were trying to make.

Well, there's nothing we'd rather do than take your word for it. I suppose bad mortgages packaged as "securities" and sold to investors never happened either?

And, of course, guns never appear in gun-free zones.

Zippyjuan
03-18-2018, 08:08 PM
Well, there's nothing we'd rather do than take your word for it. I suppose bad mortgages packaged as "securities" and sold to investors never happened either?

Nobody has claimed that. The trouble with the mortgage securities was that they were piles of mortgages packed into securities and those securities packaged into larger securities. Many were good but some were bad. The problem was that nobody wanted to take the time to try to figure out how much was good and how much was bad in each security so nobody was willing to buy any of them so the market (and prices) started to collapse. TARP (the Congressional bailout package) was originally supposed to use taxpayer money to buy them up, hire people to sort out the good from bad and get an actual value for each one and then resell them- at a profit for the government to cover their costs. That was changed to loans to companies like the automotive industry so the Fed stepped in and started picking them up- initially trading US Treasuries they owned for them and later buying them outright to restore the market.

More info on the Fed Discount Window lending if you are actually serious about learning about it and don't want to just take my word on it: https://www.stlouisfed.org/bank-supervision/related-functions/discount-window


The primary function of the Fed’s Credit Office, also known as the discount window, is to ensure the stability of financial markets by providing short-term and intermediate-term credit to the banking system. All advances must be fully collateralized. Credit staff members analyze, evaluate, and monitor collateral pledged to the Reserve Bank, which can be used to secure discount window advances as well as offset risk associated with extensions of daylight credit or master account activity.

That bit about having to provide collateral to secure the loan makes it even less likely a bank would borrow money to invest it in something.

acptulsa
03-18-2018, 08:12 PM
But of course everyone wants to take the time to track what's happening to the money the Fed, as a bondholder, collects in interest on the national debt. And the Fed clearly has the transparency to make it possible.

Zippyjuan
03-18-2018, 08:16 PM
But of course everyone wants to take the time to track what's happening to the money the Fed, as a bondholder, collects in interest on the national debt. And the Fed clearly has the transparency to make it possible.


Their books are regularly audited. But don't take my word for that. https://www.federalreserve.gov/faqs/about_12784.htm


Does the Federal Reserve ever get audited?

Yes, the Board of Governors, the 12 Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review:

The Government Accountability Office (GAO) conducts numerous reviews of Federal Reserve activities every year.

The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the independent Office of Inspector General (OIG). The results of this independent audit are released to the Congress and the public.

The Board’s OIG conducts independent audits, evaluations, and criminal investigations relating to the programs and operations of the Board, as well as those Board functions delegated to the Reserve Banks. Completed OIG reports are publicly available as well as a dynamic Work Plan that lists all of the OIG’s ongoing and planned audit and evaluation work. In addition, completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board’s Annual Report.

The financial statements of the Reserve Banks are also audited annually by an independent outside auditor.

Each week, the Federal Reserve publishes its balance sheet and charts of recent balance sheet trends; it also provides an interactive guide to the Fed's balance sheet. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."

In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.

See the audit page on the Federal Reserve Board’s website for more information on all of the above audits as well as more information on the accounting, financial reporting, and internal controls of the Federal Reserve Board and Federal Reserve Banks.

Link to their audit page: https://www.federalreserve.gov/aboutthefed/audited-annual-financial-statements.htm


Federal Reserve System Audited Annual Financial Statements

The Board of Governors and the Federal Reserve Banks are all subject to several levels of audit and review. The Reserve Banks' financial statements are audited annually by an independent audit firm retained by the Board of Governors. To ensure auditor independence, the Board requires that the external auditor be independent in all matters relating to the audit. Specifically, the external auditor may not perform services for the Reserve Banks or others that would place it in a position of auditing its own work, making management decisions on behalf of the Reserve Banks, or in any other way impairing its audit independence. In addition, the Reserve Banks, including the consolidated LLCs, are subject to oversight by the Board.

The Board of Governors' financial statements are audited annually by an independent audit firm retained by the Board's Office of Inspector General. The audit firm also provides a report on compliance and on internal control over financial reporting in accordance with government auditing standards. The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board's programs and operations as well as of Board functions delegated to the Reserve Banks.

acptulsa
03-18-2018, 08:19 PM
Their books are regularly audited. But don't take my word for that. https://www.federalreserve.gov/faqs/about_12784.htm

So?

They transferred funds to a member bank. They got it back. And?

Suppose the bank gets audited. It buys stock. It sells stock. So?

So?

Zippyjuan
03-18-2018, 08:22 PM
So?

They transferred funds to a member bank. They got it back. And?

Suppose the bank gets audited. It buys stock. It sells stock. So?

So?

A bank gives the Fed collateral for a short term loan. They are highly unlikely to use that money to make an investment into purchasing stocks. The bank is allowed to buy stocks. The Federal Reserve isn't. Banks have only borrowed $20 million so they aren't making billions doing what you suggest.

What is your point?

acptulsa
03-18-2018, 08:32 PM
A bank gives the Fed collateral for a short term loan. They are highly unlikely to use that money to make an investment into purchasing stocks. The bank is allowed to buy stocks. The Federal Reserve isn't. Banks have only borrowed $20 million so they aren't making billions doing what you suggest.

What is your point?

Collateral like what? Packaged securities?

Highly unlikely? So what if they make other investments?

Who said "billions"? I didn't. And since when do all the banks only get a combined maximum of twenty million?

Your lips are moving, but like a lawyer, politician or propagandist, you're managing to avoid saying anything that means anything.

Zippyjuan
03-18-2018, 08:32 PM
I see. There is no point. Thanks for playing.

acptulsa
03-18-2018, 08:41 PM
I see. There is no point. Thanks for playing.

The point is, your bosses at the Fed create money out of electrons (devaluing our salaries and savings in the process), sell it to the government for bonds, charge interest on the bonds, charge exorbitant "costs" like five hundred million, hand out the other eighty billion to the banks which founded it to play with, get it back, and then you brag on them for finally giving that interest to the treasury.

The point is, I am not impressed by the Fed's "largesse", and I don't think anyone else is either.

Zippyjuan
03-18-2018, 08:47 PM
The point is, your bosses at the Fed create money out of electrons (devaluing our salaries and savings in the process), sell it to the government for bonds, charge interest on the bonds, charge exorbitant "costs" like five hundred million, hand out the other eighty billion to the banks which founded it to play with, get it back, and then you brag on them for finally giving that interest to the treasury.

The point is, I am not impressed by the Fed's "largesse", and I don't think anyone else is either.

I have already pointed out that that is all incorrect. Except the part where the Fed purchase US Treasury notes on the open market (or did purchase- they stopped buying in 2014 except to replace those which are maturing). They don't charge interest on them- they do get paid the same interest on them as all US Treasury holders do- but they give that money back so really they don't "charge" any interest on them. Thety aren't handing out $80 billion to banks to "play with it" (banks have only $20 million borrowed and it is short term so they aren't "playing with it")

acptulsa
03-18-2018, 08:52 PM
I have already pointed out that that is all incorrect. Except the part where the Fed purchase US Treasury notes on the open market (or did purchase- they stopped buying in 2014 except to replace those which are maturing). They don't charge interest on them- they do get paid the same interest on them as all US Treasury holders do- but they give that money back so really they don't "charge" any interest on them. Thety aren't handing out $80 billion to banks to "play with it" (banks have only $20 million borrowed and it is short term so they aren't "playing with it")

In other words, it's all correct, but the Fed has declared the semantics to be incorrect so you can deny it.

And thank you for playing.

TheCount
03-18-2018, 09:25 PM
Yup. There's 3 groups. Those that always think debt is bad, those that think only democratic debt is bad, and guys like you who only think republican debt is bad.
For the millionth time, no, you are still wrong.

Madison320
03-19-2018, 08:42 AM
Who was that who recently voted to add another $1 trillion or more to the debt by passing the tax cuts? Deficit hawks?

You need to reread my post.

acptulsa
03-19-2018, 08:48 AM
You need to reread my post.

Zippy doesn't think so. Zippy figures he misread it just the way he is paid to.

Madison320
03-19-2018, 09:09 AM
Zippy doesn't think so. Zippy figures he misread it just the way he is paid to.


When you get paid by the post there's no need to read them. Volume is the only thing that matters.

NorthCarolinaLiberty
03-19-2018, 07:13 PM
I have already pointed out that that is all incorrect.


https://i.imgflip.com/26qbtm.jpg

oyarde
03-19-2018, 07:25 PM
I agree. We passed a key "milestone" maybe five years ago or so where we physically can't raise rates because we can't afford the interest on the national debt. So far we've been lucky, but at some point we're going to have to fight price inflation and then we're screwed.

The important thing is get what you will need now .

oyarde
03-19-2018, 07:30 PM
Link?

Banks do own "stocks" in the Federal Reserve, but those are not ownership stocks but "membership" stocks. If a bank wants to join the Federal Reserve System, they are required to put up ten percent of their assets as collateral. In exchange, they are issued stocks. But those stocks cannot be bought or sold like other stocks. In exchange, they do get paid a six percent dividend for the money they had to surrender. Nor do the stocks come with any voting privileges. They have grant no power to the member banks. It is a "membership fee".

Six percent , not too bad.

r3volution 3.0
03-20-2018, 05:21 PM
I agree. We passed a key "milestone" maybe five years ago or so where we physically can't raise rates because we can't afford the interest on the national debt. So far we've been lucky, but at some point we're going to have to fight price inflation and then we're screwed.

Yep


At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

It's only impossible in a political sense; no one wants to implement the policies that would be necessary to solve the problem.

Raginfridus
03-20-2018, 05:28 PM
https://youtu.be/wZkRLeQqVT4

Madison320
03-21-2018, 08:48 AM
It's only impossible in a political sense; no one wants to implement the policies that would be necessary to solve the problem.

That's true, but at this point the policies would be pretty drastic. We're borrowing a trillion a year now. If we normalized rates that would add another trillion of interest and I'm guessing the crash in the markets could cause a huge loss of tax revenue. So I'm guessing we'd have to cut our spending in half from 4 to 2 trillion to run a balanced budget with "normalized" monetary policy.

On the other hand I always wonder if we just froze spending if we could "sneak" out of it gradually. At this point I don't think we could.

Vieux Canard
03-21-2018, 09:23 AM
LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

D - Secede!

Anti Federalist
03-21-2018, 10:19 AM
D - Secede!

Quite right, forgot about that.

Zippyjuan
03-21-2018, 12:25 PM
LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

To actually pay it off you would have to run a $1 trillion surplus for 25- 30 years in a row. Even "balanced budget amendment" Republicans seem to have abandoned any ideas of even reducing government spending.

DamianTV
03-21-2018, 03:46 PM
Why is it that when politicians and Zippy talk about paying off a government debt, the default go-to answer is not to pay off that debt with existing cash, but Credit from someone else? I'll just use this credit card to make a payment on that credit card.

Does this sound like a Sustainable Financial Policy?

Zippyjuan
03-21-2018, 05:29 PM
Why is it that when politicians and Zippy talk about paying off a government debt, the default go-to answer is not to pay off that debt with existing cash, but Credit from someone else? I'll just use this credit card to make a payment on that credit card.

Does this sound like a Sustainable Financial Policy?

I entertain no delusions that it might actually one day be paid off.

DamianTV
03-21-2018, 05:58 PM
I entertain no delusions that it might actually one day be paid off.

How about entertaining the idea of getting rid of the Central Bank?

Zippyjuan
03-21-2018, 05:59 PM
How about entertaining the idea of getting rid of the Central Bank?

That doesn't solve anything. They can still overspend as long as they are allowed to borrow.

acptulsa
03-21-2018, 06:17 PM
That doesn't solve anything. They can still overspend as long as they are allowed to borrow.

But nobody--nobody--is as motivated to lend as the banks who get to make money the old fashioned way--by printing it.

And no lenders, no borrowing. Simple equation, no?

r3volution 3.0
03-22-2018, 03:48 PM
That's true, but at this point the policies would be pretty drastic. We're borrowing a trillion a year now. If we normalized rates that would add another trillion of interest and I'm guessing the crash in the markets could cause a huge loss of tax revenue. So I'm guessing we'd have to cut our spending in half from 4 to 2 trillion to run a balanced budget with "normalized" monetary policy.

On the other hand I always wonder if we just froze spending if we could "sneak" out of it gradually. At this point I don't think we could.

The regulatory burden is almost as large as the fiscal burden.

I think it might still be possible to "sneak" out of it, through extremely drastic deregulation, coupled with only modest/gradual spending cuts.

That should be any easier sell, but still politically impossible for the foreseeable future.

As we've discussed before in the context of South Africa, the political system will have to change before there can be any real economic reform.

Madison320
03-23-2018, 11:01 AM
The regulatory burden is almost as large as the fiscal burden.

I think it might still be possible to "sneak" out of it, through extremely drastic deregulation, coupled with only modest/gradual spending cuts.

That should be any easier sell, but still politically impossible for the foreseeable future.

As we've discussed before in the context of South Africa, the political system will have to change before there can be any real economic reform.

I think at some point if we tried to sneak out of it we'd have a collapse, it just doesn't seem mathematically possible that we could come down from the 15-20 trillion in stimulus since the housing crisis without some sort of a crash. Unless somehow optimism from investors could counter that.

Anyway like you said, there's no chance of that happening. I work in the defense industry and pretty much everyone except me thinks we need to increase defense spending, even if it means compromising on other stuff. Everybody wants free stuff.

enhanced_deficit
03-23-2018, 02:26 PM
LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

Got that idea from tea party manifesto.

enhanced_deficit
03-23-2018, 02:28 PM
GOP led small gummit is alive n kicking:


TRUMP SIGNS MONSTER SPENDING BILL... (https://apnews.com/0b31d47019564c738f440a6e307729aa/Trump-signs-$1.3-trillion-budget-after-threatening-veto)
BUDGET BLOWS INTO OBLIVION... (https://apnews.com/0b31d47019564c738f440a6e307729aa/Congress-OKs-$1.3-trillion-budget,-averting-another-shutdown)
VOWS 'NEVER AGAIN'... (https://nypost.com/2018/03/23/trump-signs-1-3-trillion-spending-bill-after-veto-threat/)
Congress Gives Self Bonus! (http://freebeacon.com/politics/congress-gives-bonus-omnibus/)
Planned Parenthood Gets $500 Million... (http://dailycaller.com/2018/03/23/trump-gop-omnibus-planned-parenthood/)
Lawmakers Had 1,000 Minutes to Read 2,232 Pages... (https://www.cnsnews.com/blog/terence-p-jeffrey/congressmen-had-1000-minutes-over-night-read-2232-page-13t-bill)
FLASHBACK: Ryan, McConnell LIE About Funding Border Wall... (http://www.thegatewaypundit.com/2018/03/flashback-watch-paul-ryan-and-mitch-mcconnell-lie-about-funding-the-trump-border-wall/)
Pelosi, Schumer declare victory... (http://www.theamericanmirror.com/pelosi-praises-one-yard-high-gop-spending-bill-says-one-quarter-is-earmarks/)


http://www4.pictures.zimbio.com/gi/Donald+Trump+Trump+First+Lady+Host+Greek+Independe nce+10jhLiIIFZFl.jpg
FAKE VETO (https://www.cnbc.com/2018/03/23/trump-threatens-to-veto-omnibus-spending-bill-over-daca-and-the-border-wall.html)


http://www.drudgereport.com/i/logo9.gif

AZJoe
03-26-2018, 07:03 PM
Bloated US Spending Bill Mostly for Militarism and Warmaking (http://stephenlendman.org/2018/03/bloated-us-spending-bill-mostly-militarism-warmaking/)

The discretionary spending bill Trump signed into law on Friday excludes hundreds of billions of dollars in military related spending, enormous classified amounts for CIA, NSA and other intelligence community black budgets, along with add-on appropriations to come for US operations in multiple war theaters.

America spends over $1.5 trillion annually for militarism, warmaking, maintaining its global empire of bases, highly classified intelligence operations, and related expenses, most of it over and above annual appropriation bills. …

$20 trillion in national debt was reached last September 8 – $21 trillion 186 days later … “you haven’t seen nothin’ yet.” …

Most discretionary US federal spending goes for militarism, raping and destroying countries, corporate welfare including rewarding banksters, and police state harshness, the nation militarized against its own people …

Stockman believes massive annual deficits are as sure as daily sunrises, the “nation’s fiscal accounts…in free fall…for as far as the eye can see into the future” – a slow-motion “fiscal calamity…unfolding.” …

enhanced_deficit
04-09-2018, 05:31 PM
From Drudge:

FEDERAL DEBT PRIMED TO EXPLODE... (https://www.cnbc.com/2018/04/09/the-gop-tax-plan-means-short-term-gains-for-the-economy-but-federal-debt-is-primed-to-explode-cbo-analysis-says.html)

Trillion-dollar deficits come roaring back... (https://www.washingtontimes.com/news/2018/apr/9/trillion-dollar-deficits-return-under-trump/)

The GOP tax plan means short-term gains for the economy, but federal debt is primed to explode, CBO analysis says



The Congressional Budget Office forecast that the new tax law will generate an average of 0.7 percent growth over the decade and create 1.1 million jobs.
However, larger budget deficits would crowd out private investment in later years, dampening economic growth.
As a result, the CBO estimated the cumulative deficit over the next decade will be $1.6 trillion larger than previously projected. By 2028, the national debt would total 96 percent of GDP.

Ylan Mui | @ylanmui

Published 5 Hours Ago Updated 1 Hour Ago

https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2018/04/09/105119441-918260564.600x400.jpg?v=1523302994 CBO: Tax law will add $1.9 trillion to deficit over a decade 3 Hours Ago | 02:15
(https://www.cnbc.com/video/2018/04/09/cbo-tax-law-will-add-1-point-9-trillion-to-deficit-over-a-decade.html)
The Republican overhaul of America's tax code and increased government spending are projected to boost economic growth to 3.3 percent this year but push the national debt to nearly the same size as gross domestic product by 2028, according to government data released Monday.

The Congressional Budget Office (https://www.cnbc.com/id/105119177) forecast that the new tax law will generate an average of 0.7 percent growth over the decade and create 1.1 million jobs. It also predicted the two-year federal spending deal would increase GDP (https://www.cnbc.com/id/44505017) by 0.3 percent this year and 0.6 percent in 2019. However, larger budget deficits would crowd out private investment in later years, dampening economic growth.
As a result, the CBO estimated the cumulative deficit over the next decade will be $1.6 trillion larger than previously projected. By 2028, the national debt would total 96 percent of GDP.
"Such high and rising debt would have serious negative consequences for the budget and for the nation," the CBO report said.

enhanced_deficit
04-14-2018, 01:42 PM
Too many evolutions going on lately:


Former Speaker John Boehner: Deficit will be 'No. 1 issue' in six months (https://www.cnbc.com/2018/04/13/former-speaker-boehner-deficit-will-be-number-one-issue-in-six-months.html)




John Boehner warned that the normalization of interest rates would have a whipsaw effect on the deficit.
The former speaker supported GOP tax cuts and blamed a lack of entitlement reform for the expanding deficit.
He said failure to balance the budget had to be Paul Ryan's "biggest disappointment."


James Thorne Published 23 Hours Ago

https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2018/04/13/105131212-6ED1-SA-Boehner-041318.600x400.jpg?v=1523644743 (https://www.cnbc.com/video/2018/04/13/former-speaker-john-boehner-deficit-will-be-number-one-issue-in-six-months.html) Former Speaker John Boehner: Deficit will be 'number one issue' in six months 20 Hours Ago | 01:51
(https://www.cnbc.com/video/2018/04/13/former-speaker-john-boehner-deficit-will-be-number-one-issue-in-six-months.html)


Former Speaker of the House John Boehner (https://www.cnbc.com/john-boehner/) said that the U.S. government deficit would become the No. 1 political issue in about six months.
"As interest rates continue to get to a normal level, it's going to have a huge whipsaw effect on the deficit," Boehner told CNBC's "Squawk on the Street (https://www.cnbc.com/squawk-on-the-street/)."
Boehner voiced support for the tax cuts but lamented President Donald Trump (https://www.cnbc.com/id/105130561)'s decision to maintain spending on entitlements. "I have to believe it's Paul Ryan (https://www.cnbc.com/paul-ryan/)'s biggest disappointment as speaker," he said. "Paul Ryan had a plan to balance the budget over 10 years."

TheCount
04-19-2018, 05:30 PM
But nobody--nobody--is as motivated to lend as the banks who get to make money the old fashioned way--by printing it.

Government is at least as motivated, if not more motivated.

There's a business model for banking without printing money.

There is no business model for either major political party that does not involve printing money.

TheCount
05-11-2018, 05:41 AM
Bump.

enhanced_deficit
05-25-2018, 05:55 AM
H/T B4L:

Government Debt Explosion!...$52,000 per SECOND!...Is the END near? (https://www.youtube.com/watch?v=NcGMZ2RCcV8)


https://www.youtube.com/watch?v=NcGMZ2RCcV8

enhanced_deficit
10-15-2018, 02:55 PM
US budget deficit expands to $779 billion in fiscal 2018 as spending surges




The federal budget deficit rose 17 percent in fiscal 2018, according to the Trump administration.
Spending jumped, and revenue only increased slightly following the GOP tax cuts.
The Trump administration has pushed for dramatic budget cuts at several agencies and supported massive increases in military spending.




Jacob Pramuk
Published 2 Hours Ago Updated 1 Hour Ago

https://www.cnbc.com/2018/10/15/us-budget-deficit-expands-to-779-billion-in-fiscal-2018-as-spending-surges.html

r3volution 3.0
10-15-2018, 04:03 PM
Since this thread was started, the debt has increased by $597 billion.

That's equivalent to $1,037 billion per year.

enhanced_deficit
10-16-2018, 07:39 PM
Since this thread was started, the debt has increased by $597 billion.

That's equivalent to $1,037 billion per year.

Wow.
But this out of control big gummit spending spree will come to end once small gummit GOP takes charge of White House and Congress.

r3volution 3.0
10-16-2018, 07:40 PM
Wow.
But this out of control big gummit spending spree will come to end once small gummit GOP takes charge of White House and Congress.

I hear Hillary's going to jail tomorrow too.

enhanced_deficit
11-09-2018, 11:53 AM
I thought debt would decrease under GOP cut-spending/small gummit regime:

Saturday, March 17, 2018

National debt hits $21 trillion








That was quick $1Trillion jump:


Debt ceiling will be set to record high of $22 trillion, fund government to just summer

by Paul Bedard
| November 08, 2018

https://www.washingtonexaminer.com/washington-secrets/debt-ceiling-will-be-set-to-record-high-of-22-trillion-fund-government-to-just-summer

enhanced_deficit
11-17-2018, 09:16 AM
Dose Ted Cruz know about this and doing anything to stop this?

Household debt hit a record high of $13.5 trillion last quarter (https://www.nbcnews.com/business/consumer/household-debt-hit-record-high-13-5-trillion-last-quarter-n937216)Total household debt is now $837 billion higher than its previous peak, which was in 2008 before the recession.



The Federal Reserve headquarters in Washington.Kevin Lamarque / Reuters file
Nov. 16, 2018

By Reuters
The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the nation's economic expansion is growing old.

Flows of student debt into serious delinquency — of 90 or more days — rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, according to data from the Federal Reserve Bank of New York.
It was a reversal after a period of improvement for student debt, which totaled $1.4 trillion. Such delinquency flows have been rising on auto debt since 2012 and on credit card debt since last year, which could raise a red flag for economists.

Slave Mentality
11-17-2018, 01:37 PM
That was quick $1Trillion jump:


Debt ceiling will be set to record high of $22 trillion, fund government to just summer

by Paul Bedard
| November 08, 2018

https://www.washingtonexaminer.com/washington-secrets/debt-ceiling-will-be-set-to-record-high-of-22-trillion-fund-government-to-just-summer

Ain’t compounding a bitch.

AZJoe
12-28-2018, 05:38 AM
This pic is a few years old now so the current situation is even worse, but it still captures the scenario.

https://guerrilla-capitalism.com/wp-content/uploads/2018/08/debtchart2014-768x1008.png

shakey1
12-28-2018, 06:34 AM
This will not end well.

TheCount
12-28-2018, 07:16 AM
Yeah but we need to spend more before we can spend less - dannno

enhanced_deficit
01-04-2019, 08:17 PM
To be devil's advocate, it can be called investing in future of childrens.

Pauls' Revere
01-04-2019, 08:47 PM
Very concerned that this could spark Tea Party 2.0 movement since leaving massive debts for our grand childrens is highly unacceptable.


https://cbsnews3.cbsistatic.com/hub/i/r/2009/04/15/dbb13508-a642-11e2-a3f0-029118418759/thumbnail/620x350/157d8c164b0a85509bd702b3670238b0/image4946947x.jpg
http://2.bp.blogspot.com/_JTd2KOgmF9A/Spg0T8_kONI/AAAAAAAAAjA/Ad30fXp1zP0/s400/How_will_I_pay_for_this.jpg


Tea Party Revolts Against Obama's Budget as Debt Exceeds $19 Trillion
thefiscaltimes
Feb 4, 2016 - But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn't welcome to testify because the administration wasn't serious about addressing the mounting national debt – which reached an historic $19 Trillion

Tea Party 2.0 also with Pelosi as speaker 2.0

enhanced_deficit
03-13-2019, 03:33 PM
Tea Party 2.0 also with Pelosi as speaker 2.0

But we must note that both Tea Party and Pelosi love America.

kcchiefs6465
03-13-2019, 04:28 PM
22 Trillion Dollars*

Pauls' Revere
03-13-2019, 08:11 PM
22 Trillion Dollars*

:nauseated:

acptulsa
03-13-2019, 08:14 PM
Another trillion isn't even worth starting a fresh thread about any more.

Zippyjuan
03-13-2019, 08:25 PM
Another trillion isn't even worth starting a fresh thread about any more.

It is becoming an annual thing.

230760366232195072

Trump wants to beat Obama at everything.

https://www.thedailybeast.com/trump-on-coming-debt-crisis-i-wont-be-here-when-it-blows-up


Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of the importance of tackling the national debt.

Sources close to the president say he has repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.


The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the national debt in the not-too-distant future. In response, Trump noted that the data suggested the debt would reach a critical mass only after his possible second term in office.

“Yeah, but I won’t be here,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt.

But as we always should note- it is Congress which determines spending and taxes and deficits, not the President.

kcchiefs6465
03-13-2019, 10:14 PM
Another trillion isn't even worth starting a fresh thread about any more.
I'll have to start updating this thread every 6-8 months.

AZJoe
03-31-2019, 07:16 PM
Peter Schiff - The Real National emergency is the National Debt


https://www.youtube.com/watch?v=lhtwkYxIQrM

AZJoe
04-14-2019, 12:27 PM
https://scontent-sjc3-1.xx.fbcdn.net/v/t1.0-9/53096689_315045299365626_4516298419735625728_n.jpg ?_nc_cat=102&_nc_ht=scontent-sjc3-1.xx&oh=fa2995c9792e8c3cc2187a2062254a6e&oe=5D47DCAF

Zippyjuan
04-14-2019, 12:41 PM
https://scontent-sjc3-1.xx.fbcdn.net/v/t1.0-9/53096689_315045299365626_4516298419735625728_n.jpg ?_nc_cat=102&_nc_ht=scontent-sjc3-1.xx&oh=fa2995c9792e8c3cc2187a2062254a6e&oe=5D47DCAF

Keeping in mind that it is Congress, not a president, which determines spending and deficits.

ATruepatriot
04-14-2019, 12:55 PM
Keeping in mind that it is Congress, not a president, which determines spending and deficits.

That is an absolute fact. But a President signs those padded bills. :)

enhanced_deficit
04-14-2019, 08:32 PM
That is an absolute fact. But a President signs those padded bills. :)

Good point.

r3volution 3.0
04-14-2019, 08:38 PM
Good point.

But it was obviously a 43D chess move which caused Trump to not only not veto giant spending bills, but to positively propose more spending.

...and to nearly shut down the government because it didn't spend enough.

https://media.giphy.com/media/rl0FOxdz7CcxO/giphy.gif

enhanced_deficit
05-11-2019, 05:22 PM
22 Trillion Dollars*

As of 7PM today, national debt per tax payer was $181, 524 !!!

Gundlach: Last year debt increased by 6+% of GDP (http://www.ronpaulforums.com/showthread.php?534265-Gundlach-debt-increased-by-6-of-GDP-45-of-entire-corporate-bond-market-would-be-junk&)





Caution: Link contains data that some may find trounling

https://www.usdebtclock.org/





Related

Thank You Big Government... 17,617,000 Americans Work for Government! (http://www.ronpaulforums.com/showthread.php?534280-Thank-You-Big-Government-17-617-000-Americans-Work-for-Government!&)

MAGA times are great for Big Government also. Ron Swanson be upset though.


http://www.renewamerica.com/images/columns/12/120730garry.jpg


17,617,000 Americans Work for Government! (https://www.cnsnews.com/commentary/terence-p-jeffrey/want-make-money-work-government)


Want to Make Money? Work for the Government

May 8, 2019

Which class of full-time, year-round American workers has the highest median earnings? Is it the class that works for private-sector employers? Is it the class that works for the government? Or is it the entrepreneurial class, who are self-employed?

According to the Census Bureau's Personal Income Table 07 (PINC-07) (https://www.census.gov/data/tables/time-series/demo/income-poverty/cps-pinc/pinc-07.html), the competition isn't close. When it comes to making money in the modern United States of America, government workers win.

Firestarter
05-12-2019, 07:20 AM
Thank you Trump, for following the wonderful example of Obama and Bush Jr!
Slashing the taxes for big corporations and for the wealthy. Will Trump even achieve the nearly impossible? Again doubling the US national debt? The banksters are already counting their interests...

During Trump’s first 2 years in office, US federal government deficits have already driven the national debt up by $3 trillion – from $19.5 trillion to $22.5 trillion. That´s even faster than his predecessors, George Bush and Barack Obama.
The 2018 Trump tax cuts have reduced US government revenues by about $500 billion in 2018; add another $.5 trillion per year in the continuing of the Bush-Obama era tax cuts; another $.4 trillion in Trump war and other spending hikes during his first two years; and more than $.6 trillion in interest payments on the debt — and you reach the $3 trillion added to the national debt in 2017 and 2018.

When George Bush Jr. took office in 2001 the national debt was $5.6 trillion; it almost doubled in 8 years to approximately $10 trillion. When Obama left office in 2016 it had almost doubled again to $19.6 trillion.
Under President George Bush Jr. there were more than $4 trillion in tax cuts. The US army got several trillions additionally.
Obama cut another $300 billion in taxes in 2009 and then extended the Bush tax cuts, scheduled to expire in 2010, for two more years to 2012 (costing another $900 billion). Then came another $806 billion in tax cuts for business. In January 2013, Obama extend Bush’s tax cuts for another decade —costing a further $5 trillion until 2023.
Both Bush and Obama cut taxes by approximately $4 trillion each. And defense-war spending long term costs rose by $6 trillion in total. Roughly a $14 trillion increase to the $5.6 trillion debt of 2000.

To this Trump has since added another $3 trillion during, which adds up to the “current” $22.5 trillion.
The Treasury Advisory Committee recently warned the US Treasury that it will have to sell $12 trillion more US Treasury bonds, bills and notes, over the next decade, 2018-2028. That’s $12 trillion on top of $22.5 trillion national debt or a $34 trillion national debt by 2028!

In January 2018 the Trump tax cut provided $4.5 trillion tax reduction from 2018 to 2028, for businesses, multinational corporations, wealthy households, and investors. US multinationals alone get nearly half of that $4.5 trillion.
But starting this year, 2019, the middle class will begin paying for those tax reductions for corporate America, investors and the wealthy 1%. Already tax refunds for the average household are down 17%. The tax hike starts in earnest by 2022; middle class will pay $1.5 trillion in higher taxes by 2028.

Today’s $22.5 trillion, rising to $34 trillion, is just the US national government debt. Total US debt includes state and local government debt, household debt, corporate bond and business commercial & industrial loan debt, central bank balance sheet debt, and government agencies (GSEs) debt. Add these other forms of debt to the national debt makes the total debt in the US rises some $53 trillion. This lead to an estimated grand total US debt of more than $70 trillion by 2028 (the $900 billion a year in interest charges for the banksters is probably too low an estimate): https://www.counterpunch.org/2019/03/15/trumps-34-trillion-deficit-and-debt-bomb/
(archived here: http://archive.is/hzpeF)

enhanced_deficit
05-12-2019, 03:43 PM
Thank you Trump, for following the wonderful example of Obama and Bush Jr!
...

To be fair, he was open about his style.

https://i.ytimg.com/vi/W9djmOClmOk/hqdefault.jpg

Pauls' Revere
05-12-2019, 03:48 PM
This is why we need more immigrants (legal or otherwise) to becomes citizens. Then the debt per citizen will drop and everything will be cheaper... its all just a matter of book keeping. LOL

Danke
05-12-2019, 03:48 PM
Thank you Trump, for following the wonderful example of Obama and Bush Jr!
Slashing the taxes for big corporations and for the wealthy. Will Trump even achieve the nearly impossible? Again doubling the US national debt? The banksters are already counting their interests...

During Trump’s first 2 years in office, US federal government deficits have already driven the national debt up by $3 trillion – from $19.5 trillion to $22.5 trillion. That´s even faster than his predecessors, George Bush and Barack Obama.
The 2018 Trump tax cuts have reduced US government revenues by about $500 billion in 2018; add another $.5 trillion per year in the continuing of the Bush-Obama era tax cuts; another $.4 trillion in Trump war and other spending hikes during his first two years; and more than $.6 trillion in interest payments on the debt — and you reach the $3 trillion added to the national debt in 2017 and 2018.

When George Bush Jr. took office in 2001 the national debt was $5.6 trillion; it almost doubled in 8 years to approximately $10 trillion. When Obama left office in 2016 it had almost doubled again to $19.6 trillion.
Under President George Bush Jr. there were more than $4 trillion in tax cuts. The US army got several trillions additionally.
Obama cut another $300 billion in taxes in 2009 and then extended the Bush tax cuts, scheduled to expire in 2010, for two more years to 2012 (costing another $900 billion). Then came another $806 billion in tax cuts for business. In January 2013, Obama extend Bush’s tax cuts for another decade —costing a further $5 trillion until 2023.
Both Bush and Obama cut taxes by approximately $4 trillion each. And defense-war spending long term costs rose by $6 trillion in total. Roughly a $14 trillion increase to the $5.6 trillion debt of 2000.

To this Trump has since added another $3 trillion during, which adds up to the “current” $22.5 trillion.
The Treasury Advisory Committee recently warned the US Treasury that it will have to sell $12 trillion more US Treasury bonds, bills and notes, over the next decade, 2018-2028. That’s $12 trillion on top of $22.5 trillion national debt or a $34 trillion national debt by 2028!

In January 2018 the Trump tax cut provided $4.5 trillion tax reduction from 2018 to 2028, for businesses, multinational corporations, wealthy households, and investors. US multinationals alone get nearly half of that $4.5 trillion.
But starting this year, 2019, the middle class will begin paying for those tax reductions for corporate America, investors and the wealthy 1%. Already tax refunds for the average household are down 17%. The tax hike starts in earnest by 2022; middle class will pay $1.5 trillion in higher taxes by 2028.

Today’s $22.5 trillion, rising to $34 trillion, is just the US national government debt. Total US debt includes state and local government debt, household debt, corporate bond and business commercial & industrial loan debt, central bank balance sheet debt, and government agencies (GSEs) debt. Add these other forms of debt to the national debt makes the total debt in the US rises some $53 trillion. This lead to an estimated grand total US debt of more than $70 trillion by 2028 (the $900 billion a year in interest charges for the banksters is probably too low an estimate): https://www.counterpunch.org/2019/03/15/trumps-34-trillion-deficit-and-debt-bomb/
(archived here: http://archive.is/hzpeF)

Makes one wonder how its will all end.

But, neither Bush, Obama nor Trump write spending bills. That would be congress.

enhanced_deficit
07-22-2019, 08:42 PM
Drudge has been pushing quite a few anti-MAGA headlines (http://www.ronpaulforums.com/showthread.php?537060-Trump-has-not-built-a-single-mile-of-new-border-fence-after-30-months-in-office&p=6832257&viewfull=1#post6832257) lately but in following case might not be a bad thing as no one seems to care about big gummit debt/deficit spending anymore:




MORE SPENDING, MORE DEBT (https://www.wsj.com/articles/white-house-and-congress-near-agreement-on-spending-debt-ceiling-11563799484)
$320 BILLION BLOWOUT! (https://news.yahoo.com/trump-democrats-reach-two-budget-deal-raises-debt-235547956.html)
DEAL KEEPS LIGHTS ON (https://apnews.com/b72be6c420bb478ea469da72c73065e2) https://www.drudgereport.com/i/logo9.gif

brushfire
07-22-2019, 09:58 PM
We have to abandon responsible spending principles in order to save responsible spending.

Now blow on those flames, b!tches...


https://www.youtube.com/watch?v=jLz9qzvjAB0

r3volution 3.0
07-22-2019, 10:04 PM
Makes one wonder how its will all end.

The loot with which votes are purchased will run out and the government will collapse.

Badger Paul
07-23-2019, 12:06 AM
Enjoy the Budget Deal....

Anti Globalist
07-23-2019, 07:19 AM
22 trillion+ and it isn't going to be paid off anytime soon.

Occam's Banana
07-23-2019, 11:55 AM
22 trillion+ and it isn't going to be paid off anytime soon.

It's never going to be paid off.

Sooner or later, though, it is going to be written off ...

enhanced_deficit
08-02-2019, 12:33 AM
Afghanistan's security forces lost 42,000 troops in the last year in a crackdown on 'ghost soldiers'

Idrees Ali, Reuters
August 01, 2019 at 07:37 AM
news
Soldiers with 2nd Kandak, 2nd Brigade, Afghan National Army (ANA) 215th Corps wait for the order to move during a military operations on urban terrain (MOUT) exercise at Camp Shorabak

(U.S. Marine Corps/Sgt. Luke Hoogendam)
WASHINGTON (Reuters) - There has been a sharp drop in the size of Afghanistan's National Defense Security Forces in the past few months due to changes in the way troops are counted and an effort to reduce the number of so-called "ghost" soldiers, a U.S. government watchdog said on Thursday.

The Special Inspector General for Afghanistan Reconstruction (SIGAR) said in a report that ANDSF personnel size had gone down by nearly 10 percentage points in the most recent quarter compared to the previous trimester.

https://taskandpurpose.com/afghan-se...s-sigar-report (https://taskandpurpose.com/afghan-security-forces-ghost-soldiers-sigar-report)



State Department wasted $100M on Afghan camp despite early warnings: Report



lee ferran Aug 1, 2019

The U.S. State Department spent over three years and more than $100 million on a project to rebuild a base in Afghanistan that was never rebuilt, even though the department was warned it was a bad idea from the start, according to an incisive new government watchdog report.
https://abcnews.go.com/Politics/stat...ry?id=64683930 (https://abcnews.go.com/Politics/state-department-wasted-100m-afghan-camp-early-warnings/story?id=64683930)

enhanced_deficit
03-18-2020, 10:39 PM
There are rumors in media that GOPA wing leadership is planning to make a big play that would sharply spike debt and cut through debt ceilings.



Donald the debt junkie (http://www.ronpaulforums.com/showthread.php?544208-Donald-the-debt-junkie&)


He comes from socialism background, to be fair.

r3volution 3.0
03-18-2020, 10:51 PM
22 Trillion Dollars*

And a year later we're at $23.5 trillion, with multi-trillion dollar deficits far as the eye can see

AZJoe
03-25-2020, 07:54 PM
https://scontent-lax3-2.xx.fbcdn.net/v/t1.0-9/90229661_3159904044054576_398814320755998720_n.jpg ?_nc_cat=107&_nc_sid=110474&_nc_ohc=atgEBnKQEW4AX8H3UI_&_nc_ht=scontent-lax3-2.xx&oh=6cd16b8531433113e9075fdecfdb14e9&oe=5EA00B5E

enhanced_deficit
03-27-2020, 11:11 AM
https://scontent-lax3-2.xx.fbcdn.net/v/t1.0-9/90229661_3159904044054576_398814320755998720_n.jpg ?_nc_cat=107&_nc_sid=110474&_nc_ohc=atgEBnKQEW4AX8H3UI_&_nc_ht=scontent-lax3-2.xx&oh=6cd16b8531433113e9075fdecfdb14e9&oe=5EA00B5E

Yea that curve probably won't be flattened anytime soon.

enhanced_deficit
04-02-2020, 11:20 PM
National Debt Could Surpass $25 Trillion Amid Spending to Combat Coronavirus

By Jason Lemon On 3/23/20

The national debt is projected to reach or even surpass $25 trillion as the federal government attempts to combat the fall-out from the coronavirus pandemic with trillions of dollars in economic stimulus.
States and municipalities across the country have shuttered restaurants, bars, gyms, cinemas, schools, and public gatherings, while ordering all non-essential workers to stay home in a bid to curb the rapid spread of the COVID-19. Due to the uncertainty, the stock market has tanked and unemployment has surged (https://www.newsweek.com/michigans-unemployment-claims-have-surged-2100-one-week-1493742), with millions of workers expecting to go without paychecks for at least the next few weeks.
In an effort to address the economic and public health concerns, Congress is currently working on a massive stimulus package to the tune of $1.3 to $1.4 trillion (https://thehill.com/policy/finance/488795-kudlow-coronavirus-stimulus-package-will-be-more-than-2-trillion), according to President Donald Trump's economic adviser Larry Kudlow. In total, the White House has hinted at $2 trillion or more of economic stimulus.
The stimulus spending will come as the U.S. was already planning for a budget deficit of about $1 trillion in the current fiscal year. As the national debt already stands at about $23.5 trillion, CNBC reported (https://www.cnbc.com/2020/03/22/government-budget-deficit-is-about-to-explode-to-fight-the-coronavirus.html) on Monday that the ballooning debt could grow to $25 trillion or higher in the coming months.

https://www.newsweek.com/national-debt-could-surpass-25-trillion-amid-spending-combat-coronavirus-1493758

enhanced_deficit
04-10-2020, 01:14 PM
Make that $24T.
The Bi-partisan Big Spending era is upon us and "no one has seen anything like this before".

Federal Debt Tops $24 Trillion for First Time; GAO: 'The Current Federal Fiscal Path is Unsustainable'

By Terence P. Jeffrey | April 9, 2020


https://cdn.cnsnews.com/styles/article_medium/s3/2020-04/peltrumpget.png

(CNSNews.com) - The debt of the federal government topped $24 trillion for the first time on Tuesday, when it climbed from $23,917,212,663,857.59 to $24,011,523,316,653.36, according to data released by the Treasury Department.
On Wednesday, it continued climbing, ascending to $24,111,832,049,884.90.
The federal debt's climb from the $23-trillion threshold to the $24-trillion threshold was the fastest climb from one trillion-dollar marker to another in the history of the federal debt—taking only 159 days.

cnsnews.com/article/washington/terence-p-jeffrey/federal-debt-tops-24-trillion-first-time-gao-current-federal

Pauls' Revere
04-10-2020, 05:01 PM
Now at 24 Trillion.

https://decrypt.co/25041/us-debt-hits-24-trillion-as-bitcoin-marches-on



The US national debt has broken $24 trillion.
It has increased $8 trillion in the last year.
In contrast, Bitcoin has a fixed supply.
The US national debt has surpassed $24 trillion—the largest nominal amount it’s ever been—according to the US Treasury. This is $8 trillion more than it was in March 2019.

enhanced_deficit
04-22-2020, 10:41 PM
US Debt approaching $25T.

Jeff: (01:36:07 (https://www.rev.com/transcript-editor/shared/ix4Q3uRjNqIfQYTY1-5iSRnnxxmZCeinGLt5lvNEaATRKTn93Z29Ny_5fCZKicvyjgu5 cEq7jPN9U0oe25nI-TG9EEI?loadFrom=PastedDeeplink&ts=5767.21))
Are you concerned, sir, about the growing US national debt as a result of these stimulus packages?



Donald Trump: (01:36:12 (https://www.rev.com/transcript-editor/shared/ix4Q3uRjNqIfQYTY1-5iSRnnxxmZCeinGLt5lvNEaATRKTn93Z29Ny_5fCZKicvyjgu5 cEq7jPN9U0oe25nI-TG9EEI?loadFrom=PastedDeeplink&ts=5772.98))
Oh, we have no choice. Do we have a choice? I’m always concerned about everything. We had to fix this problem. This was… We were attacked. This was an attack. This wasn’t just OG, and this wasn’t the flu, by the way. They like to say the flu. Nobody has ever seen anything like this. 1917, was the last time. We were attacked… We had the greatest economy in the history of the world, we had the greatest economy… Better than China, better than any place, they will tell you that. I dealt with them for a long time and they will you, the greatest economy, we built it in the last three years, three and a half years, we built it. And then one day, they came and they said, “You have to close it.” I said, “You got to be…” These people right here, they said, “You have to… They came into my office, into The Oval Office, and they said, “We have to close the economy.” I said, ” Let’s explain this. Explain this to me.” The greatest ever in history, and we had to close it.

https://www.rev.com/blog/transcripts...cript-april-22 (https://www.rev.com/blog/transcripts/donald-trump-coronavirus-press-conference-transcript-april-22)

Anti Federalist
04-23-2020, 11:29 AM
LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

B and C on the way.

enhanced_deficit
04-24-2020, 10:57 AM
B and C on the way.


US, Chinese warships enter South China Sea as tensions rise over oil dispute April 23, 2020
https://nypost.com/2020/04/23/us-chinese-warships-enter-south-china-sea-over-oil-dispute/

Hopefully peace will prevail. And the only taxpayers funded war will be against the invisible-enemy aka COVID-19.

Sammy
04-24-2020, 11:04 AM
Its now 24.6 Trillion.
https://www.usdebtclock.org/

enhanced_deficit
04-24-2020, 09:25 PM
Its now 24.6 Trillion.
https://www.usdebtclock.org/

Yep, it could be over $25 pretty soon way Dems-GOP-GOPA leaders are working as a team to get stimulus spending #4.5 done next.

enhanced_deficit
05-10-2020, 10:50 PM
With Tea Party in forced quarantine (apparently), the debt is ballooning unchecked under the bipartisan leadership of DGTvsg/GOPA, Pelosi, Hillary Clinton:

US national debt hits a record $25 trillion

Trump pledged to remove the national debt within eight years of office. Four years in, it has risen by $5 trillion. And it shows no signs of slowing down.

By Daniel Phillips
May 7, 2020

In brief



The US national debt just crossed $25 trillion for the first time in history.
The national debt is now just inches away from breaking the record for highest debt to GDP ratio in US history.
There are growing suggestions that the US should shirk its debt obligations to China.


The United States national debt has just crossed the $25 trillion threshold after adding $7 trillion in the last five years.

Since the start of the 2019/2020 fiscal year (beginning October 1, 2019), the US national debt has ballooned by more than 10% alone, climbing from $22.7 billion to its current value of $25 trillion, or $25,057,924,023,406.80 to be precise.

ecrypt.co/27675/us-national-debt-hits-a-record-25-trillion

Anti Globalist
05-11-2020, 08:23 AM
Now we're at 25 trillion and will probably hit 30 trillion by the end of Trump's presidency. Massie even said that if this lock down continues, we could be at 40 trillion by the end of the year.

enhanced_deficit
05-11-2020, 10:15 AM
Now we're at 25 trillion and will probably hit 30 trillion by the end of Trump's presidency.

You have to admit that globalist neocons got game; they took global wars bloodshed to new highs after installing a 'Nobel Peace Prize winner' in the White House and took debt spending to record highs after installing a Tea Party 'extreme spending cutter' as VP (who reports to a democrats funding former democrat/reality TV star).

Mike Pence: “I was Tea Party before it was cool” https://media.gettyimages.com/photos/rep-mike-pence-rind-speaks-to-the-crowd-at-the-tea-party-patriots-picture-id111308848?s=612x612
(https://www.gettyimages.com/photos/tea-party-crowd)
(https://www.gettyimages.com/photos/tea-party-crowd)

enhanced_deficit
06-11-2020, 12:44 PM
H/T Drudge:

FEDERAL DEBT TOPS $26 TRILL
(https://www.cnsnews.com/article/washington/terence-p-jeffrey/federal-debt-tops-26-trillion-first-time-jumps-2-trillion-just)
SPENDING SMASHES RECORDS (https://www.cnsnews.com/article/washington/terence-p-jeffrey/federal-spending-and-deficit-set-records-through-may)




Not too worried about this though, just one small bucket in the small gummit ocean:

Donald Trump Jr. cost taxpayers more than $75,000 to take a father-and-son trip to Mongolia last August to hunt an endangered argali sheep
9 June 2020

https://www.dailymail.co.uk/news/art...-Mongolia.html (https://www.dailymail.co.uk/news/article-8402971/Don-Jr-cost-taxpayers-75-000-hunting-trip-Mongolia.html)

enhanced_deficit
09-12-2020, 01:36 PM
Another big play thanks to big-gummit big-spender progressive socialism synergy between improperly labeled GOPA wing and Democrats.


Federal Spending Tops $6 Trillion for First Time; Deficit Tops $3 Trillion for First Time (https://www.cnsnews.com/article/washington/terence-p-jeffrey/federal-spending-tops-6-trillion-first-time-deficit-tops-3)

By Terence P. Jeffrey | September 11, 2020

https://cdn.cnsnews.com/styles/article_medium/s3/2020-09/pelget1.png
(Photo by Doug Mills-Pool/Getty Images)
(CNSNews.com) - Federal spending has topped $6 trillion for the first time in any fiscal year in the nation’s history and the federal deficit has topped $3 trillion for the first time, according to the Monthly Treasury Statement for August that was released today. (https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0820.pdf)
There is still another month left in fiscal 2020, which runs through the end of September.



Rand Paul: Republicans should apologize to Obama for complaining about spending (http://www.ronpaulforums.com/showthread.php?548391-Rand-Paul-Republicans-should-apologize-to-Obama-for-complaining-about-spending&)

Firestarter
10-16-2020, 09:47 AM
On the campaign trail, Donald Trump promised to get rid of the US national debt (in 8 years). Even before the coronavirus “pandemic” was started the US debt continued to balloon; since then it has literally skyrocketed.
If you think things are bad now, just wait until the bubble of everything explodes!

In 1980, US public debt was $863 billion. It took 192 years and 39 presidents to get there…
According to the US Debt Clock, today the US national debt exceeds $27 trillion.
https://www.globalresearch.ca/wp-content/uploads/2020/10/Screen-Shot-2020-10-15-at-9.21.55-PM.png

From 2007 to 2010, the Fed funnelled $29 trillion in “secret bailouts”…
In 2020, the Fed handed out over $9 trillion to fund BlackRock’s bailout plan.

Reagan budget director David Stockman described the BlackRock and Vanguard owned and controlled Federal Reserve as:

a rogue institution that comprises a clear and present danger to the future of prosperity and liberty in America.
Wall Street speculators and US politicians don’t grasp the danger of “the most egregiously inflated financial bubble ever.
(W)e’re on the cusp of a economic crisis that could eclipse anything we’ve seen before. And most people won’t be prepared for what’s coming. https://www.globalresearch.ca/us-greatest-depression-unfolding/5726677

enhanced_deficit
10-16-2020, 12:14 PM
On the campaign trail, Donald Trump promised to get rid of the US national debt (in 8 years). Even before the coronavirus “pandemic” was started the US debt continued to balloon; since then it has literally skyrocketed.
If you think things are bad now, just wait until the bubble of everything explodes!

In 1980, US public debt was $863 billion. It took 192 years and 39 presidents to get there…
According to the US Debt Clock, today the US national debt exceeds $27 trillion.
https://www.globalresearch.ca/wp-content/uploads/2020/10/Screen-Shot-2020-10-15-at-9.21.55-PM.png

From 2007 to 2010, the Fed funnelled $29 trillion in “secret bailouts”…
In 2020, the Fed handed out over $9 trillion to fund BlackRock’s bailout plan.

Reagan budget director David Stockman described the BlackRock and Vanguard owned and controlled Federal Reserve as:
https://www.globalresearch.ca/us-greatest-depression-unfolding/5726677

They don't call him 'king of debt' for nothin:



Rand Paul: Republicans should apologize to Obama for complaining about spending (http://www.ronpaulforums.com/showthread.php?548391-Rand-Paul-Republicans-should-apologize-to-Obama-for-complaining-about-spending&)

Trump's Crazy Military Budget
cato.org
Mar 11, 2019 — Trump's Crazy Military Budget ... Pentagon officials had reportedly anticipated a budget of $733 billion,..

Donald Trump Has Added Trillions to the US Military Budget
jacobinmag.
Sep 14, 2020 — Though it did fall gradually between 2010 and 2015, military spending has been steadily rising since 2016 — from $586 billion in 2015 to some ...

enhanced_deficit
10-24-2020, 12:47 PM
This among other things may also help explain recent sharp spike in debt under Trump-Pelosi watch:

US Hospitals Received Up to $306,000 for Each New COVID Case (http://www.ronpaulforums.com/showthread.php?549800-US-Hospitals-Received-Up-to-306-000-for-Each-New-COVID-Case-German-Anti-Lockdown-MD-Arrested&)

enhanced_deficit
12-23-2021, 05:31 PM
Steadily approaching $30T:

https://www.usdebtclock.org/


Thank you Congress for taking on this challenge promptly:


US debt limit could be reached by Dec. 21, analysis shows

US could breach debt limit as soon as Dec. 15, according to bipartisan analysis

By Megan Henney FOXBusiness

Congress faces Dec. 15 debt ceiling deadline

The U.S. government could run out of cash to pay its bills in just a few weeks if Congress fails to raise the federal debt ceiling, according to a new analysis from a Washington think tank.
The forecast from the Bipartisan Policy Center shows the "X Date" – the day when Treasury Secretary Janet Yellen runs out of maneuvering room to prevent the U.S. from broaching the debt ceiling – will take place sometime between Dec. 21 and Jan. 28.

"Those who believe the debt limit can safely be pushed to the back of the December legislative pileup are misinformed," Shai Akabas, the center's director of economic policy, said in a statement. "Congress would be flirting with financial disaster if it leaves for the holiday recess without addressing the debt limit."

The U.S. has never defaulted on its debt before, although it came close in 2011 when House Republicans refused to pass a debt-ceiling increase, prompting rating agency Standard and Poor's to downgrade the U.S. debt rating one notch.
If the U.S. failed to raise or suspend the debt limit, it would eventually have to temporarily default on some of its obligations, which could have serious and negative economic implications. Interest rates would likely spike, and demand for Treasurys would drop; even the threat of default can cause borrowing costs to increase.
Once the U.S. runs out of money, Treasury would be unable to meet about 40% of all payments due in the several weeks that follow, according to the analysis.

foxbusiness.com/economy/us-debt-limit-reached-dec-21-bipartisan-policy-center