Under current law—which assumes, among other things, that the 2017 tax cuts will expire in 2025 and not be extended—the national debt will double from 78 percent of gross domestic product (GDP) this year to 160 percent of GDP by 2050. | If we do not change course, our once great nation will be destroyed by an economic collapse because of the $22 trillion dollar government debt that has grown wildly out of control. The rest of the $27 trillion national debt is owned by either the American people or by the U.S. government itself. I don’t, but it’s flattering that you want me to care what you think. At a time when legacy publications are increasingly seen as playing for one political "team" or the other, this type of editorial decision will not do anything to fix that perception. Literally NOBODY would even notice these entire agencies didn’t exist anymore. Twitter Permanently Bans Trump. The other problem is that the national debt isn't just getting bigger—it's getting more expensive too. U.S. National Debt Hits Record $22 Trillion Federal deficits are now expected to average $1.2 trillion, or 4.4 percent of gross domestic product — far higher than the average over the past 50 years. It’s the most-financially rewarding I’ve ever done. I’ve been framing the debt issue around the interest payments for a few year now. Its constitutionality was upheld by the Supreme Court in an 8-1 decision in 1884 – see Juilliard v. Greenman. After that, the rate declined slightly, then leveled out. That excludes that there will ALSO be real economic growth in there, making the debt less of an actual issue. Just won’t happen. Also, look at the New Green Deal. Originally appeared in the Washington Times. On tuesday I got a gorgeous BMW after having earned $8699 this last month. | Finally, Barr does not answer the ultimate question: What would make his “debt-free” money valuable? Basically government can only issue bonds as a way of accruing debt. At a certain point, the investors will demand that we get our fiscal house in order. In quick succession Bush Jr, Obama, and now Trump are just blowing money on their own partisan agendas, and not fixing the problem, because the public doesn’t care. I’d explain it in more detail but then I’d have to kill you. Alphabet troll programmer must have gotten an alert to update script. That unpossible. Unfortunately, there's little reason to expect Congress or the current president to take meaningful steps to defuse the long-term debt crisis before we hit the next milestone along the road—which won't take long at the rate we're going. It wouldn’t be the first time’s he’s dodged his promises: Poor poor-troll troll, hates citations and doesn’t show them. Matthew Cage - December 19, 2020. The second thing we can do to lower our national debt is embrace the Green New Deal, which will create millions of new jobs, soften your hands while you do the dishes, and lower the amount of money we spend on energy, making our economy more competitive and creating more jobs while at the same times creating more jobs. The future is already here. We may not need to worry too much about this, but someone will. You just showed up like yesterday and I’ve been hanging around here for many years, and this is exactly how they talk about it. As the debt continues to skyrocket, it can no longer be ignored. Less messy. The ribbon of dollar bills will reach from where you are standing to the orbit of Uranus. Editor's Note: We invite comments and request that they be civil and on-topic. Some on here just want to tot the liberal line “it’s the Republican fault”. In fact no tax cut EVER added a $1 to any deficit or debt. WhatsApp. | AOC believes in “modern monetary theory”, although I doubt she really has a deep understanding of all that MMT describes and suggests. At their debt level, every time their economy grows in ways that would normally require an interest rate increase to reallocate capital, the increase in interest rate strangles the change. That’s a drop from the previous rate of 15 percent. Pinterest. That works out to about $66,000 for … Poorly-maintained lc1789 troll hasn’t been updated in ages. According to Mr. Rector, able-bodied recipients of cash, food and housing should be required to work or prepare for work as condition of receiving aid. That does not cure the constitutional objection (for all who can ascertain what the objection is), but it does establish a system that, at least for now, works. I know this is true because Alexandria Occasio-Cortez said so, and she makes heart hands and dances, so we know we can believe her. Why Do Hillary Clinton, Jimmy Carter, Harry Reid Get a Pass? years ago. . Not that republicans are off the hook for what they have contributed. It can continue forever as long as the economy gradually stops even trying to grow. As Sen Everett Dirksen once said: “A billion here, a billion there, pretty soon we’re talking about real money”. “Those tax cuts were defensible in many ways?the reduction in the corporate tax rates makes America competitive with the rest of the world?but it is undeniable that they added to the debt.”. Cut it by 1/2 and it will be even sooner…, Start working at home with Google. STOP DEMONIZING TAX CUTS. Multi-trillions in tax cuts, an unfunded new drug benefit, unfunded wars on top of those tax cuts, and promises given out like candy on Halloween. Larger than others, and I mean Huge! One billion dollars would reach 333 feet high. There’s the “fuck you, cut spending” across the board option. Most headlines focus on how much the United States owes China, one of the largest foreign owners. . Say, can you cover this debt for us? However, there is not enough gold or silver in the surface of the earth to pay off $20 trillion. Apologies). Any new revenue is simply spent right away. Take a minute and just scroll through the comments. If converted into cash, current means-tested spending is five times what’s needed to eliminate all poverty in the United States. Ed Feulner The national debt of over 22 Trillion dollars would reach over 1,408 miles high. What happened, did your mom’s basement flood out? I can only deal with so much Stupid each day. It’s worth noting that Japan’s debt-to-GDP ratio is around 236% – and they have not experienced hyperinflation or a collapse in their currency yet. 2 trillion more in debt for a tax break for the wealthy who don’t need it in a good economy. 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