US national debt tops $34T for first time in history

America is now paying more for interest on debt than defense

 

Both parties spend, only one tries to pay for at least some of it.

 

A flat tax is merely a starting point to ensure all contribute to the system.. Not merely a select few. The progressive tax system has shown to be extremely flawed and places the majority of the burden on the middle class. Even when Democrats had all three branches of government and even saw an increase in tax receipts, spending still out soared any increase in those receipts. Any serious discussion of tax increases need to be followed with reduced spending, something that both parties seem to lack any interest in.

And you do realize that Democrats have the same rich lobbyist that write the tax code?! Just like when the tax rate was 70% for the wealthy.. That was a mere "feel good" policy that had an astonishing amount of tax loop holes that ended up netting even less receipts..

 

Democrats are merely the other side of the same coin. For every dollar that they receive, they then find a way to spend 10 times it's amount.

 

They didn't.. I'm not here to say they did. Republicans are as much at fault as Democrats... I'm here to say that this is 100% unsustainable and we can't tax our way out of it as it stands. To think we could merely increase taxes to solve the problem is beyond disingenuous!

 

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https://www.usnews.com/opinion/econ...arack-obamas-real-economic-record-isnt-pretty

They almost got something done 12 yrs ago, but that has since gone away.

 

Deficits are always a concern for Republican's ... when Democrats hold the Presidency.


Yet Bill Clinton was the only President in this century to hand off a budget surplus, which Dubya spent us out of with two unfunded wars. And managed to hand off the worst economy in 80 years to President Obama who, in spite of the Treasury and FED (not because of them) manged to hand off a recovering economy to tRaitor tRump who passed tRickle Down 2.0 and exponentially grew the debt, which President Biden is, again, working to get under control. :rollseyes:

It was actually Reagan the first took the deficit exponential and increased it with Trickle Down 1.0 more than ALL previous Presidents combined. As, did tRaitor tRump, increase the deficite AGAIN more than ALL previous Presidents combined, including Reagan, with his tRicle Down 2.0.


Republican's Always complain about "broken government" and even when it's doing pretty good they get in power and do their best to prove themselves right ... by breaking it.

 

And republicans cut that dollar into 50 cents and spend just as much

 

Perhaps, but thinking we can cut taxes to solve it is clinically insane

 

The deficit increased under the Trump administration by $7.3 trillion in his 5 years. Under Biden, it has soared by $9.6 trillion in a matter of 3 years...

 

Tax receipts were up prior to COVID.

 

Increasing taxes with no plan to cut the rate of increased spending is also clinically insane... would you not agree?

 

Source? I have seen different numbers.

 

The Boomers were the first generation to be introduced to credit cards. Boomers are comfortable with debt.

 

Well credit cards started in 1958. The oldest boomer was 12. One has to borrow to get a house or a car, certainly in today's world.

 

That's not true and come's from "funny math" used by Kevin McCarthy comparing "projections" to reality.

https://www.snopes.com/news/2023/02/09/joe-biden-increase-national-deficit-800-billion/

 

yup

whether they enter congress from the right or left of the aisle, they all swim in the same cesspool and enrich themselves and their friends.

 

While Biden has been president for 3 years, trump wasn’t for 5….

 

Pardon.. I said $7.3 trillion, but Trump added $7.8 trillion to the nation debt and currently Biden has added $6.4 trillion in his three years, meaning by end of his term, he will add $8.6 by the end of his 4 year term.

https://fred.stlouisfed.org/series/GFDEBTN#0

 

You got the funny math right.. The $34 trillion is realized public debt.. Not projections. When Biden claimed he reduced the debt, that was funny math, as the expiring COVID funds merely reduced the rate of growth. The national debt has NOT been reduced under this administration.

 

I was wrong and corrected it.

 

And Biden has done more than that without the ENTIRE country having to be bailed out due to covid shut downs, can you at least admit that?

 

The deficit has ... considerably.

 

To commemorate this historic event in or nation's decline, as well as your priceless pearl of wit, I hope you don't mind if I quote you in my signature.