And more garbage talk on the debt ceiling....blah blah blah and more blahhh blahhh

[OddTrader]

Fact Tank - Our Lives in Numbers
August 17, 2017

5 facts about the national debt
http://www.pewresearch.org/fact-tan...about-the-national-debt-what-you-should-know/

1. As of July 31, the federal government’s total debt stands at $19.845 trillion, according to the Treasury Department’s monthly reckoning. Nearly all of it is subject to the statutory debt ceiling, which is currently set at just under $19.809 trillion. As a result, as of the end of July there was just $25 million in unused debt capacity remaining.

2. The nation’s debt is now bigger than its gross domestic product, which was an estimated $19.23 trillion in the second quarter. Debt as a share of GDP rose steeply during and after the 2008 financial crisis. Since 2013 it has equaled or exceeded GDP, which had not been seen since the end of World War II.

...

BONUS FACT: Though many people may believe that “China owns our debt,” as of June (the latest month available), mainland China only held about 5.8% of the total debt, or about $1.15 trillion. (Hong Kong, a “special administrative region” of China, held another $202.6 billion.) China was the top foreign holder of Treasury securities, ahead of Japan, which held just under $1.1 trillion.

 

[DeltaRisk]

Shouldn't this be alarming to economists?
The very idea is quite disturbing when you think of common people.
Sure, they don't have access to a $10 million credit line but they do feel the same way. Ask any recent college grad about the debt they just incurred partying away four years, they'll tell you it wasn't worth it, once they've got to get a job as a Starbucks barista to make those payments.

But on the other hand, money is money and capitalism is capitalism.
You benefit on the slavery and hardship of others so you can buy a yacht.

 

[OddTrader]

https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt

Federal debt held by the public as a percentage of gross domestic product, from 1790 to 2013, projected to 2038.

 

[NeoTrader]

But on the other hand, money is money and capitalism is capitalism.
You benefit on the slavery and hardship of others so you can buy a yacht.

It's actually the other way around. What you wrote is a PERFECT description of Socialism.

 

[DeltaRisk]

It's actually the other way around. What you wrote is a PERFECT description of Socialism.

Ironically, it's also quite fitting for capitalism. Think hard about it.....
Slavery was replaced by the European plan,
where you are not responsible for feeding or clothing your workers.
How is it different than capitalism?

Social security is socialism, not capitalism.

 

[Sig]

It's beyond stupid to pass a bill spending money and then not "pay the bill".

Absolutely. Anyone who argues that a debt ceiling is the issue or solution and not the appropriations that incurred that obligation has zero understanding of the most basic of economics. One wonders if they're the same people who don't understand why they have bad credit because they think the way to control their personal debt is to stop making payments on their credit card while continuing to make charges to those cards.

 

[O(1)]

Milton Friedman - Deficits and Government Spending

 

[OddTrader]

I would be interested to know any projections of rating if not raised.

UPDATE 1-Fitch: U.S. 'AAA' rating at risk if debt ceiling not raised
https://www.reuters.com/.../usa...f...risk-if-debt-ceiling-not-raised-idUSL2N1L9109 - Cached
23 Aug 2017 ... Credit ratings agency Fitch Ratings onWednesday said a failure by U.S. officials to raise the federaldebt ceiling in a timely manner would ...

 

[Windlesham1]

Firstly nobody cares about debt and secondly at least 20% of the world's cash money is forged. Second, many nations use the $US as their home currency,qwith no checks on the actual notes. Third-you think they actually have a clue? Govenments can only ruin economies, they are incapable of growing them