Can the U.S. declare bankruptcy?

ph1l said:
I'm not a Trump fan, but is this identity theft or another vast right-wing conspiracy?:)
https://www.wusa9.com/article/news/...check/65-de8190fd-d0a2-4f35-90b1-5eb44026a3e2
VERIFY: Yes, Trump has never taken a presidential paycheck
4d38dfca-9033-4c67-9d50-737d08708ab2_1140x641.jpg

Credit: AP
Transportation Secretary Elaine Chao, center, and Under Secretary for Policy Derek Kan, left, is presented with a $100,000 check by White House press secretary Sarah Huckabee Sanders from President Donald Trump's quarterly salary donated to the Department of Transportation during the daily press briefing in the Brady press briefing room at the White House, in Washington, Tuesday, Feb. 13, 2018. (AP Photo/Manuel Balce Ceneta)
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It's sickening to realize how this clown, Donald Trump, ripped of the American People. The people and the check are real. Did it get credited to Treasury's General Account at the Fed? Who knows? Other Presidents have donated their salaries to charities. Trump is the only one who has claimed he donated his to the government. Maybe he did. The press seems to think so. If so, did Trump try to deduct his "contribution". The U.S. government is not a qualified charity. I hope he paid the gift tax. If not, he needs to go to jail. Actually he needs to be locked up in a dog kennel with the lights on 24-7 with only a porta- potty and no soap. Maybe some dogged reporter can get to the truth through FOIA.
 
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TimtheEnchanter said:
I'd say when the China issue gets very bad I would do just that! Fuck them and fuck the rest of the world. What are they going to do? For decades the west and east have been taking advantage of the US.
BTW, japan's deficit percentage of their GDP is worse than the US. They can follow suit. Hell, Russia did it...I would do this and local(US) bondholders could get some tax benefits, the outside world- Fuck them.

Of course, markets would crash, all sorts of havoc would spread like wildfire but from the ashes, the cleansed US would arise like a phoenix but of course, we would have to kill all the cadres of politkos who got us in this mess in the first place, reinstate the gold standard. That would happen somehow in the midst of the calamities that followed.
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This sounds like a lot of fun. I hope it happens.
 
piezoe said:
It's sickening to realize how this clown, Donald Trump, ripped of the American People. The people and the check are real. Did it get credited to Treasury's General Account at the Fed? Who knows? Other Presidents have donated their salaries to charities. Trump is the only one who has claimed he donated his to the government. Maybe he did. The press seems to think so. If so, did Trump try to deduct his "contribution". The U.S. government is not a qualified charity. I hope he paid the gift tax. If not, he needs to go to jail. Actually he needs to be locked up in a dog kennel with the lights on 24-7 with only a porta- potty and no soap. Maybe some dogged reporter can get to the truth through FOIA.
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The press HATES Trump, so if they say it happened......I would believe it because there is no way they would give credit for it otherwise.

Then there is that bit that it no longer matters, and you people need to move past it. Biden is going to be a fucking disaster. Focus on where the puck is going, not where it has been.
 
clockwork71 said:
The press HATES Trump, so if they say it happened......I would believe it because there is no way they would give credit for it otherwise.

Then there is that bit that it no longer matters, and you people need to move past it. Biden is going to be a fucking disaster. Focus on where the puck is going, not where it has been.
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I'm a former hockey player, and I very much like were the puck is going. You'll be on the wrong side of the rink, and the puck will come to me.
 
Nine_Ender said:
Actually, the US could pay it back. Would mean huge taxes for Americans for 10+ years though. It's no different then a mortgage on a house no need to pay it off; but growing the deficit during a strong economy ( like Trump did for 3 years ) is irresponsible. It's like giving your kids a $500K home with a $600K mortgage.
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Most Americans don't seem to understand that the US cannot go broke as the US is in reality the American population. If a country goes broke, the population goes broke.
 
piezoe said:
It's sickening to realize how this clown, Donald Trump, ripped of the American People. The people and the check are real. Did it get credited to Treasury's General Account at the Fed? Who knows? Other Presidents have donated their salaries to charities. Trump is the only one who has claimed he donated his to the government. Maybe he did. The press seems to think so. If so, did Trump try to deduct his "contribution". The U.S. government is not a qualified charity. I hope he paid the gift tax. If not, he needs to go to jail. Actually he needs to be locked up in a dog kennel with the lights on 24-7 with only a porta- potty and no soap. Maybe some dogged reporter can get to the truth through FOIA.
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Putin paid Trump enough for his services. So Trump didn't need that salary as President.
 
kmiklas said:
The U.S. debt is now about 23.3T.

It's never getting paid back.

Can the U.S. declare bankruptcy and pay 10c on a dollar?
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They are going to pay it back in useless dollars.
Meaning that, people who depend on the value of the USD (bond holders, Sos security recipients, etc ), are going to have no purchasing power on the dollars remitted to them.
It is called inflation.
If you don't see it already, you don't get out enough.
 
We actually did declare bankruptcy during the Great Depression under FDR, so there's a precedent for it.

We COULD do it now but it wouldn't make any sense. In fact, doing so would be denying the real root of the monetary issue(s).
 
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