U.S. Default: It's Not If But When

[Relentless]

Yap, yap, yap.. except whenever there's a suggestion of cutting military spending by a few % suddenly I can hear the flies fly, or is it the dogs barking?
Cut the US military budget by 20% for 10 years and put some teeth into the IRS ability to go after bs loopholes of corporations and billionaires and we should be well our our way to be deficit free in 10 years time.

Not that I disagree at all with going after the bs loopholes - but let's at least be realistic. 10 years wouldn't cover jack shit.

Feel free to disprove me with the math.

 

[David's faith]

America is insane anyways. What do their 2 billion $ aircraft carriers do? 1 of them starts a few fighters for Iraq, the ithers sit idle. So why have dozens of them along with enture carrier strike forces, but refuse to increase help for the homeles in their cities? A new anti submarine Aircraft - funded - meanwhile social security cuts under Trump. Insanity, pure insanity.

 

[VicBee]

Not that I disagree at all with going after the bs loopholes - but let's at least be realistic. 10 years wouldn't cover jack shit.

Feel free to disprove me with the math.

Clinton did it when no one thought it was possible then. The problem isn't the deficit, it's the will to reign in the deficit.
I did not hear a single Republican complain about Trump adding $7 billion to the deficit with his tax breaks for the wealthy. I do not hear a single Republican willing to cut military spending. I also do not hear a single Republican suggesting we should not only increase taxes on billionaires, but also after the many corporations that benefit from loopholes, from the tech industry to the traditional ones, like oil and farming. I only hear deficit when Democrats are in control.
Doesn't mean I support the spending requested by Democrats today, but I agree our infrastructure is developing world level, our social welfare is far below that of modern nations around the world and everyone should be outraged by union wages and packages that make America uncompetitive.

You're right, it's a huge deficit. If we could cut spending by 100 billion a year, it would take 30 years to eliminate... when do we start?

 

[Raheel Shaikh]

empire / superpower come and go


Persian empire
Han dynasty
Umayyad Caliphate
Mongol empire
Ottoman Empire
Spanish empire
Russian empire
British empire
US superpower
next China superpower?

Everything just comes and goes like a season

 

[Snuskpelle]

Defaulting when you control the world's reserve currency is enormously stupid. Can just print a few more trillion, few notice. US debts are written in dollars, hence dollar inflation will remove debt as a concern.

 

[morganist]

Defaulting when you control the world's reserve currency is enormously stupid. Can just print a few more trillion, few notice. US debts are written in dollars, hence dollar inflation will remove debt as a concern.

All they have to do is outgrow the debt. Read the article below.

https://morganisteconomics.blogspot.com/2021/09/beyond-budget-outgrow-government-debt.html

 

[schizo]

Defaulting when you control the world's reserve currency is enormously stupid. Can just print a few more trillion, few notice. US debts are written in dollars, hence dollar inflation will remove debt as a concern.

 

[Peter8519]

Subjective vs objective. Our quest should be the objective truth.
Question 5 is Japan and not China.
https://ticdata.treasury.gov/Publish/mfh.txt

As long as the US$ is still a global currency, the deficit can continue. Otherwise, US has to issue debt in foreign currency and that is a different ball game.

 

[xandman]

China holds our debt as a reserve because nobody will accept the Yuan as payment.

They need a big reserve to be able to buy oil, which a key commodity they cannot produce enough of.

There is no master-slave relationship here.

 

[SunTrader]

Clinton did it when no one thought it was possible then. The problem isn't the deficit, it's the will to reign in the deficit.
I did not hear a single Republican complain about Trump adding $7 billion to the deficit with his tax breaks for the wealthy. I do not hear a single Republican willing to cut military spending. I also do not hear a single Republican suggesting we should not only increase taxes on billionaires, but also after the many corporations that benefit from loopholes, from the tech industry to the traditional ones, like oil and farming. I only hear deficit when Democrats are in control.
Doesn't mean I support the spending requested by Democrats today, but I agree our infrastructure is developing world level, our social welfare is far below that of modern nations around the world and everyone should be outraged by union wages and packages that make America uncompetitive.

You're right, it's a huge deficit. If we could cut spending by 100 billion a year, it would take 30 years to eliminate... when do we start?

I don't know how many times I've had to make this point before .................. but the DEBT is 20 something trillions and ongoing. The DEFICIT is year to year.

Clinton, with help from Social Security one time surplus and the Congressional Repuglicans took care of the deficit (again year to year), for about a year or two. Unfortunately the debt was still higher when he left office compared to when he came in - just like every other President since Ike - including Clinton.

President I Love Debt "Billionaire" was especially adept at adding to the debt. Must of killed McConnell FLMMFAO

Reps, the cut gubmint party, grew at a faster rate than ever.

Remember debt not deficit matters.