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

https://www.foxbusiness.com/politics/us-national-debt-tops-34t-first-time-history

This is seriously unprecedented and is unsustainable. At the currently rate of spending under this administration, the US will have added a total of $12 trillion (Biden currently has added $9.4 trillion) to the national debt before the end of his first term.

The trajectory is Weimar Republic esque and can't be sustained. Our economy will fold harder than the Soviet Union at this rate of increase.

 

Obama really had our debt take off under him. He didn't even have a pandemic of any significance.

 

Soon as we go full on digital dollars there will be an awakening.. The full manifestation of the beast will reveal itself and we/mankind will bow to it or starve..

 

Everyone keeps saying we need to cut back on spending, but no one really does anything.

 

about 1\4 of our debt occurred under Trump in only 4 years

 

Great! Did you vote for GWB's and Trump's tax cut? If yes, you are in part to blame for the current trajectory of spending without paying for it.

 

The debt seems to have grown to a level that is out of control, and I don't see any way to stop it. We aren't going to get spending under control, are we? I think we are entering a level of debt and spending that can't be controlled even if the government wants to tackle the debt. At this point, I'm actually curious about what the government will do when the consequences catch up to us. We're not going away. None of this is going away.

 

We wouldn’t have debt if we hadn’t cut taxes? Prove it

 

• Donald Trump, Barack Obama, and George W. Bush had the biggest budget deficits in U.S. history.
• The deficit topped $1 trillion in 2020.
• The deficit declined to about $900 billion by 2022 under Joe Biden's administration.

Donald Trump spent 1/4 of our entire 248 year history of debt on his 4 years

You Trumpers may want to sit this one out

 

You seem to think we have a revenue problem. We have a Kardishian spending habit on a Honey Boo Boo budget.

 

Every man, woman, child, and other owes $102,440.50
How many families of 4 can pay their fair share ($409,762.00)?

 

The deficit has INCREASED $9.7 trillion since Biden has taken office? Are you still trying to use that play on words that Biden "reduced" the deficit, when the COVID spending expired, which merely reduced the rate of increase?

Least I remind you that the $34 trillion historical deficit has occurred under Biden, Not Trump... Not Obama... Not GWB... but Biden! You can try and and steer blame, but spending is out of control and one party needs to find a way to stop this out of control spending.

 

It is the establish politicians who are mainly Boomers who keep ignoring the debt. Sadly I am a Boomer.

 

During his first two and half years as president, the national debt under Biden increased by over $4.8 trillion. To be exact, between January 20, 2021 and July 20, 2023, the total national debt under Biden rose from $27,751,896,236,415 to $32,592,226,328,901.[1]

The first year of a presidents term has literally no effect on the economy because the economy lags by 12-16 months. It was at $32 trillion before his policies even took effect. But you knew that. BUt if you want to debate it, please show us all exactly what policy enacted by the Biden administration added that $4.8 Trillion in his first six months (hint, It was Trumps spending)

I am in no way defending government spending, but blaming Biden for money spent by the Trump administration is beyond disingenuous

 

As always the republicans only solution to the debt is to make it harder to pay off. It’s like working fewer hours to get your wife to stop charging stuff.

 

In practical terms, the Natiinal Debt doesn't even matter anymore.
People were freaking out over it being "unsustainable" when it hit $10 Trillion.
At this point, it is out of control with no end in sight.
It doesn't matter who is in the White House.

 

Blaming any POTUS for spending is disingenuous. Congress has a much bigger impact and that can be spread across Polosi during Trump's spending and the Republicans during Biden's spree.

 

Not sure boomers alone are responsible or mainly, but tough choices are needed, and it seems no one is willing to bite the bullet and put cut backs into effect.

 

We have both a revenue problem and a spending problem. But, as long as both sides play their usual games, i.e. the GOP denying that there is a revenue problem, and the Dems denying that there is a spending problem, the problem won't be tackled.

Now, I have said before, it we REALLY wanted to address the debt problem, it would require a pact by moderate Republicans and Democtrats. The pact would be: No new tax cuts and no new spending for 10 years, no matter who is in office. Then, in a 10 year period, one can RESPONSIBLY reduce the deficit in baby steps, i.e. grow mandatory spending at a rate slightly less than GDP growth and freeze discretionary spending. And, yes, that would include the military.

But, let's see your "solution". And, no, "just cut spending" isn't a valid answer.

 

How about you cut up your wife's credit card to get her to stop her dam spending?! Again, we have a massive spending problem... I've also advocated for a flat or consumption tax with no loop holes... Democrats won't touch that either, as their donors will lose their proverbial heads.

 

How about we cut spending and get a flat tax or consumption tax with zero loop holes?

 

Uhhhh...2008 worldwide recession?

 

How much was the debt reduced under Trump? Republicans claim they cut the debt, but how much was the debt reduced when Republicans controlled all 3 chambers?

 

"When Trump entered office in January 2017, the national debt was nearly $19.9 trillion, according to U.S. Treasury data.

"The debt did lower slightly during the first few months of Trump's presidency, between the first and second quarters of 2017, but then continued to rise for the next three years, hitting just over $26.9 trillion by the end of the fiscal year in 2020."

https://www.newsweek.com/trump-national-us-debt-1774764

Under Trump the national debt rose by about $7 trillion or 25%.

 

A flat tax is not a serious proposal for deficit reduction. I see, however, that you only have tired, old RW talking points, rather than actual ideas.

As to zero loopholes, I doubt there would be anyone against this. However, what happened when the GOP had all three branches of government and peddled their "your return will fit on the back of a postcard" propaganda? That didn't happen and will never happen, since they have to pander to their rich donors. And that's where the flat tax proposal originates from, not from the background of deficit reduction.