US national debt tops $21.5 TRILLION.

[moon]

Soaring by $38,000 per second: US national debt now exceeds $21.5 trillion



The latest data from the US Treasury Department shows America’s gross national debt ballooned by $1.2 trillion to a breathtaking $21.52 trillion on September 28, the last day of fiscal year 2018.

https://www.rt.com/business/440190-u...al-debt-soars/

Doesn't one trillion equal one thousand billion dollars ?

That's quite a lot , isn't it ?


How's Kavanaugh's pecker coming along ?

[moon]

How much is it today- at thirty-eight thousand bucks per second ?


Oh yeah- what's the pecker news ?

[Cancel 2020.1]

"Quickly and easily"

[Oneuli]

Doesn't one trillion equal one thousand billion dollars ?

That's quite a lot , isn't it ?


How's Kavanaugh's pecker coming along ?

We know what it takes to lower the debt. Between 1946 and 1981, federal debt as a share of GDP fell from 118.9% to just 31.7%. And we did it a second time, too. Between 1993 and 2001, it fell from 64.9% to just 54.6%.

The secret is to keep military spending from growing too much, and to avoid reckless upper-class tax cuts. Do those two things, and the nation will tend to grow its way gradually out of debt.

Unfortunately, we also get periods like 1981-1993, and again following 2001, when we go the opposite way: we vastly bloat our military budget, and slash tax rates for the rich to rock-bottom levels. That results in an explosion of debt: a greater than doubling in that first era from 31.7% to 64.9%, and a near doubling in the latter era from 54.6% to 107.2%.

There's no big mystery here. We know what works to lower debt and what drives it up. It's just a question of whether we're willing to act on that knowledge.

[Micawber]

Thanks Trump

[reagansghost]

Doesn't one trillion equal one thousand billion dollars ?

That's quite a lot , isn't it ?


How's Kavanaugh's pecker coming along ?

this can't be, the Repukes are fiscal conservatives

[PoliTalker]

Funny how the explosion of the debt almost exactly mirrors the explosion of wealth inequality.

Correlation?

[Micawber]

I recall 14 trillion and was like, OK well, we owe about a year of GNP. Lets suck it up and all work for a year for free and pay it all off!

OK now it's up to 1 year and 1/2 GNP.


Thanks Trump. Thanks for the leadership and solving the problems and winning. It's was sooooooooooooooooooooooooooooooooo EZ, right?

[Micawber]

Funny how the explosion of the debt almost exactly mirrors the explosion of wealth inequality.

Correlation?

Make the case, I guess. It sounds complicated. Submitted as to an association.
So how does the expanding debt of the US government make the poor poorer and the rich richer.
How is that a wealth extraction scenario? Why is the loss visited on the poor more in their total government and
private enterprise position and conversely, enriches the wealthy? If it is causative, can we
just soak the rich and make in kind grants to the poor and middle and that would make the national debt be paid off?

That's over my head.

[Lightbringer]

Funny how the explosion of the debt almost exactly mirrors the explosion of wealth inequality.

Correlation?

It makes a lot of sense. Debt usually "explodes" in downturns and the poor usually suffer more than anyone else in those downturns.

[Irish Exit]

Make the case, I guess. It sounds complicated. Submitted as to an association.
So how does the expanding debt of the US government make the poor poorer and the rich richer.
How is that a wealth extraction scenario? Why is the loss visited on the poor more in their total government and
private enterprise position and conversely, enriches the wealthy? If it is causative, can we
just soak the rich and make in kind grants to the poor and middle and that would make the national debt be paid off?

That's over my head.

New government debt is how money supply gets expanded. That money has to pool somewhere. Fiat currency is debt-backed instruments. While the DNC minions would never agree, it is actually better the money gets trapped at the top rather than spread throughout the lower classes.

[PoliTalker]

Hello Micawber,

Make the case, I guess. It sounds complicated. Submitted as to an association.
So how does the expanding debt of the US government make the poor poorer and the rich richer.
How is that a wealth extraction scenario? Why is the loss visited on the poor more in their total government and
private enterprise position and conversely, enriches the wealthy? If it is causative, can we
just soak the rich and make in kind grants to the poor and middle and that would make the national debt be paid off?

That's over my head.

To me, the case makes itself.

The wealth of the super-rich has shot up over recent decades just as the national debt has. The super-rich have an outsized influence on government policy. Basic logic.

[reagansghost]

Doesn't one trillion equal one thousand billion dollars ?

That's quite a lot , isn't it ?


How's Kavanaugh's pecker coming along ?

How's Trump's trillion dollar deficit spending coming along?

[Micawber]

Hello Micawber,



To me, the case makes itself.

The wealth of the super-rich has shot up over recent decades just as the national debt has. The super-rich have an outsized influence on government policy. Basic logic.

OK you have a hypothesis to hang your hat on. Otherwise its a coincidence aka an association. Interesting to test it in ways like amount of money from 1 percent paid to lobbyists
causing law passage of law that greases the economic skids to increase revenue of such and such business interest. The simple example is a tax cut to the 1%. More complicated

would be a law that increases costs of necessities to consumers and adds profit to suppliers. One point that requires no proof is the proposition that poor people don't hire lobbyists.
Their interests can only be lobbied by interest groups and voting en masse for Democrats.

[PostmodernProphet]

so Trump increased the national debt by $1.5 trillion over two years......half the rate of Obama.....bad news for Thingie.....he's got a permaban bet riding his prediction that Trump would double the national debt....that means he has to hit $40T......he had better pray Trump gets re-elected....