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

All you need to know....Spending going up up and away....
https://infogram.com/fy2023-yir-spending-deficit-chart-1h0n25yepm10l6p

 

Uh No the deficit has not gone down any year under Biden, why spread a lie?

 

The liberal fantasy that if we taxed 1% of the population at a 90% tax bracket, that everything would be peachy is kind of funny if it doesn't betray economic principles. Let me simplify: There aren't enough trillionaires and off shore bank accounts to fund big fat Uncle Fed.

 

Louis XVI wound up losing his head for that kind of profligacy.

 

Uh, oh, another one who doesn't know the difference between the debt and the deficit. And then, one is supposed to have rational voting and rational discussions...

It's impossible. Voters want their cake and eat it, too. That's why the debt will continue going up -- until it can't. When that happens, we will be in big trouble. My prediction, it will happen at the same time when oil prices will go through the roof, because EVERYONE finally realizes that the oil fields are running on low. That's the problem when basing the whole economy on non-renewable energy sources. At one point, the party will be over. And the hangover will be worse than anyhting we can imagine.

 

Everyday for at least the last 7 our 8 decades has had a national debt that was the highest it's ever been. It only goes up. A month ago when the debt was a little lower than this, it was still the highest it's ever been. The same was true a month before that, and a month before that, and a month before that.....

 

The deficit has gone down, the debt probably will never go down. Since Reagan took debt growth from a manageable linear growth to exponential growth we have been doomed to increasing debt. That is because when the money supply is expanded the new money is created as debt, but the interest on the debt is NOT created. So to keep the system working and the principal and interest paid new debt must be created. But by decreasing spending and not decreasing taxes President Biden has been able to decrease the deficit.

I'm actually excellent at math, and I try to never lie.

 

What's funny about that claim is before Regan drastically dropped the tax rate we had manageable linear debt growth. Since then we have had unmanageable exponential debt growth. Of course Reagan also spent U.S. into debt by increasing the debt, exponentially, more than all other President's before him combined. Since he was the first to do it he looked like a hero rather than the debt scoundrel he was. It doesn't matter now, since Regan we have had exponential debt growth and probably always will.

 

No. One party tried to make 5% of the people pay 80% of the tax while giving a basically free ride to 50% of the population.

 

I could support a flat tax like

I would prefer a flat tax, one where everyone pays the same % for every dollar they earn over the poverty line, it is the only fair system, for both rich and poor and everyone in-between alike

all income needs to be treated as income, no caps, everyone pays the same 35% across the board for every dollar earned over the poverty line

a flat tax that taxes nobody for any money made under the poverty rate (rich or poor) and then everyone is taxed equally for every dollar earned over that

so if the poverty line is 20k, and you earn 50k, you pay taxes on 30k

if you earn 500k, you pay tax on 480k

 

It was both parties until Regan turned everything upside down. Go back in history and you'll see, Regan's Administration is when unmanageable debt growth began.

 

Oh no another that skips posts guy I guess; deficit was addressed literally by me in the post right above the one you responded too. To your point though, yes, our idiot President most definitely has issues understanding the difference.
Fact check: Biden makes false claims about the debt and deficit in jobs speech | CNN Politics

 

Hilarious, running a deficit well over a trillion and claiming you cut it once covid spending rolled off. Gotta love a good lefty laugh.

 

What's hilarious is if it were tRaitor tRump in the same situation you'd be screaming to the house tops how wonderful it is.

 

Is there anything KJP won't blame on republicans? I swear, if she missed her period she'd blame the GOP.

Biden admin shifts blame as national debt reaches historic high of $34 trillion

White House press secretary Karine Jean-Pierre blamed Republican tax cuts for the record level of debt

https://www.foxnews.com/politics/bi...tional-debt-reaches-historic-high-34-trillion

 

The big issue is that people think it's a party issue. Republicans and dems spend money.

 

Here we go strait to 'trope heaven' as usual.

Prove your assertion! Where are the figures and supporting financial/economic analysis that support your allegation. We'll wait.

 

agreed 100%. Presidents get blamed because they have to sign those bills to allow that spending.

 

It’s almost like 5% of the population (it’s actually like .5%) hold 50% of all wealth. But they don’t make “income” so escape the tax burden.

How do you expect people that can barely afford food to pay more in taxes and why should people flying between their yachts to their third home be paying a lower percentage?

How does that math work out in your head?

 

I think that it is high time for Americans to become aware of how President Abraham Lincoln saved USA taxpayers FOUR BILLION dollars in interest payments through his creative and rather brilliant Greenback Monetary Policy Experiment......

http://www.cidpusa.org/lincoln_JFK.htm

Now you might want to take a look at something that happened in Canada back in 1974....
.....
......

http://www.politicalforum.com/index...from-the-ottawa-swamp.551407/#post-1070261992

 

Why is it unsustainable? We are paying our bills as they come due, including interest on that debt. Besides, about a quarter of that debt is intergovernmental holdings so it isn't like we really owe it. It is accounting trickery that allows the current politicians to bind future politicians' hands on certain programs like social security.

 

He had a pandemic.

Obama didnt, and yet grew it by like double lol.

 

If it wasn't growing, you'd have a point.

It is growing at an alarming rate and that, without a doubt, is unsustaintable.

 

The national debt only became a problem during the Reagan administration, with the illusion that tax cuts generate more revenue than tax increases.

When the Second World War ended in 1945 the American national debt as a percentage of gross domestic product (GDP) was 114%.

During President Carter's last full year in office, in 1980, this had declined to 32%.

https://www.thebalancemoney.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287

During this time the national debt as a percentage of GDP had declined during Republican and Democrat administrations. It had declined during the wars in Korea and Vietnam. Also, during this time the top tax rate never got below 70% and was often much higher.

https://www.irs.gov/pub/irs-soi/02inpetr.pdf

Ronald Reagan cut the top tax rate to 28%, while raising military spending from $143.69 billion in 1980 to $309.66 billion in 1988.

https://www.macrotrends.net/countries/USA/united-states/military-spending-defense-budget

This increase was unnecessary because the United States was at peace, the Soviet Union was losing its war in Afghanistan, and the Soviet government was imploding from within.

President's George W. Bush and Donald Trump also cut taxes for the rich, while raising military spending. As a result the national debt as a percentage of GDP was 129% during Trump's last year in office. After two years of President Biden this declined to 123%.

Now Republicans are using the rise in the national debt, for which they are responsible, in efforts to cut domestic spending programs they have never liked, but for which there is broad popular support.

There is also broad popular support for tax increases for rich people and corporations.

https://www.google.com/search?q=pol...ArCAgYQABgeGA3CAggQABgWGB4YDw&sclient=gws-wiz

 

Absolutely correct!!!
With a little help from the covid which SHUT THE WHOLE WORLD DOWN!! Something that has NEVER happened in history.

Also, which biden (conveniently) has no interest in trying to find where, when, or WHO this unprecedented virus originated.

Let’s not forget the cities that ONLY DEMOCRAT leaders allowed to burn.