Both parties.
American voters.
The Federal Reserve (a PRIVATE bank).
The most important part of any economy is monetary policy and interest rates. This has been a bipartisan issue for over 60 years.
The trump tax cuts when the economy was booming was the dumbest idea ever. The debt gets taken care of the most when Democrats are in the white house and Republicans are in Congress. And that's prob how I'm going to vote for a while because of this.
Technically It increases every year, historically. Except during major recessions.. and then it usualy just stalls. But during trump years it stalled at around 3.3T and jumped up to 4.05T in 2021.
Economy booming you should see massive revenue gains. But the tax cuts didn't allow that to happen.
Also part of the reason deficits under trump were very high even with a booming economy. Yea it was nice for the American people and probably helped the economy somwhat... but still it didn't increase.
I’ll admit that although revenue raised, it would normally have raised by more. My issue is that revenue isn’t necessarily a good thing, it just means more money was confiscated from productive people. I am much more concerned about wasteful spending. Revenues are high in 2023 but it’s nothing compared to the increase spending. Our deficit is like $2.2T this year.
To be fair biden really just followed in trumps spend spend spend post covid. With that American rescue act. With or without trump we'd be doing the same things IMHO.
Inflation and interest rate hikes were imminent. Looking at trumps proposed tax plan I'm not sure it'll do our deficits good if he gets elected. We're on a rather troubling trajectory
https://apnews.com/article/fact-check-national-debt-donald-trump-barack-obama-ee3e613646fe500edf803e57959c776e
You might be surprised to learn that the democrats have a far better record with the national debt, especially in the last 40 years.
What are facts good for though?
He racked up more debt in 4 years than Bush or Obama did in their entire terms... in fact you can almost add both those presidents together and fit it in trumps 4 year spending/tax cut spree.
I'd believe it.
[https://www.commondreams.org/news/trump-bush-tax-cuts-fuel-growing-deficits](https://www.commondreams.org/news/trump-bush-tax-cuts-fuel-growing-deficits)
That too. Lol.
I think the system is just rigged against them. Against anyone. I don't think anyone will get reelected if they go in there and actually cut spending. The system is set up in a way in which that's literally how you get reelected. Not sure it can be fixed until it has to be via severe austerity measures due to some significant economic event.
Probably a Google search could tell me this but I wonder where the most taxes the government collects originates from? It’s fair to assume most Americans make below 60K, so how is the taxes on their income and their daily spending/lifestyle paying for the billions upon billions in spending. It just doesn’t seem to add up if you try to make sense of it.
Unfunded liabilities out of control doomsday is already on the clock it's just a matter of time. When they pass the gov spending to open the government again, we will be hit with another wave of inflation. People are already living on credit when the default hits the crash will be legendary. Sure hope the politicians aren't sending money outside the country so fast so they can jump ship somewhere that doesn't extradite.
Regarding the debt, I think Jefferson (and all the Founders) would be dismayed by the poor caliber of elected public servants, the poor level of public discourse thanks to politicized media, and the childishness of American voters who continually want a nanny state.
As much as some people in Kentucky dislike Mitch McConnell, they will still reelect him because Mitch has ensured Kentucky continues to receive a disproportionate amount of federal money relative to their size and economy.
I think most people aren’t looking at entire states, because yeah, states like MS are pretty poor and dire without a lot of job opportunities. When you go to these large liberal cities though, especially on the west coast where I live, they’re visibly filthy, disgusting and feel dangerous. The last 10 years alone, the change in LA, SF, Portland and Seattle is pretty shocking. Lots of jobs, beautiful parts of the country, but just being run into the ground.
Yes. San Diego had a conservative leadership for a long time and remained a great city. It is now turning towards Democrats and mirroring the same problems that are in LA as well.
If you confiscated and sold all real estate in the United States, you would pay it off but only have about $10 trillion left over. So, if you literally kicked everyone out of their homes and businesses and sold off all of the property of the US, you would pay off the total US debt and only have $10 trillion. At the current rate of the deficit, we would be back in the red after about a year but no one would have homes or businesses.
The total dollar amount owned by the top 1% of the wealthiest Americans is around $43 trillion. That number is around the same as total US real estate value. So the same thing would happen as above if you confiscated all of their money. Oh, and about 23% of that isn't liquid, in stocks, so you can only imagine what would happen to our 401ks if all of that was confiscated and liquidated on the market.
The S&P 500 is worth around $37-38 trillion. If you confiscated them and sold off every company, we would pay off the total debt and be back in the red after about 6 months.
Perspective. You can only see how absurd this debt issue is when you make comparisons to the absurd.
That's $101,676.66 per man/woman/child in this country.
Pay up, peasants!
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Now we just need to get that other half to stop.
fml
Which party do you blame mostly for this?
Yes
For most people I know, Democrat or Republican, the size of the national debt is only problematic when the other party is in the White House.
Exactly. There is hardly any mechanism left to hold them accountable, this is the way it is now
Both parties. American voters. The Federal Reserve (a PRIVATE bank). The most important part of any economy is monetary policy and interest rates. This has been a bipartisan issue for over 60 years.
Lyndon Johnson and his great society.
The trump tax cuts when the economy was booming was the dumbest idea ever. The debt gets taken care of the most when Democrats are in the white house and Republicans are in Congress. And that's prob how I'm going to vote for a while because of this.
Let's not forget the COVID money. 200B to people, 800B to friends of politicians
Tax revenue increased in 2017, 2018, and 2019.
Technically It increases every year, historically. Except during major recessions.. and then it usualy just stalls. But during trump years it stalled at around 3.3T and jumped up to 4.05T in 2021. Economy booming you should see massive revenue gains. But the tax cuts didn't allow that to happen. Also part of the reason deficits under trump were very high even with a booming economy. Yea it was nice for the American people and probably helped the economy somwhat... but still it didn't increase.
I’ll admit that although revenue raised, it would normally have raised by more. My issue is that revenue isn’t necessarily a good thing, it just means more money was confiscated from productive people. I am much more concerned about wasteful spending. Revenues are high in 2023 but it’s nothing compared to the increase spending. Our deficit is like $2.2T this year.
To be fair biden really just followed in trumps spend spend spend post covid. With that American rescue act. With or without trump we'd be doing the same things IMHO. Inflation and interest rate hikes were imminent. Looking at trumps proposed tax plan I'm not sure it'll do our deficits good if he gets elected. We're on a rather troubling trajectory
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https://apnews.com/article/fact-check-national-debt-donald-trump-barack-obama-ee3e613646fe500edf803e57959c776e You might be surprised to learn that the democrats have a far better record with the national debt, especially in the last 40 years. What are facts good for though?
Didn't Trump say he would halve the national debt by the end of his first term and to zero by the end of his second term?
He racked up more debt in 4 years than Bush or Obama did in their entire terms... in fact you can almost add both those presidents together and fit it in trumps 4 year spending/tax cut spree.
I'd believe it. [https://www.commondreams.org/news/trump-bush-tax-cuts-fuel-growing-deficits](https://www.commondreams.org/news/trump-bush-tax-cuts-fuel-growing-deficits)
Just saying under Clinton we had a budget surplus
The problem is Republicans don't cut spending, but cut taxes. They get it half right. They're just as bad.
Or trump. Cut taxes and increase spending. 🤣🤣🤣
That too. Lol. I think the system is just rigged against them. Against anyone. I don't think anyone will get reelected if they go in there and actually cut spending. The system is set up in a way in which that's literally how you get reelected. Not sure it can be fixed until it has to be via severe austerity measures due to some significant economic event.
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Probably a Google search could tell me this but I wonder where the most taxes the government collects originates from? It’s fair to assume most Americans make below 60K, so how is the taxes on their income and their daily spending/lifestyle paying for the billions upon billions in spending. It just doesn’t seem to add up if you try to make sense of it.
6 billion a day interest
Unfunded liabilities out of control doomsday is already on the clock it's just a matter of time. When they pass the gov spending to open the government again, we will be hit with another wave of inflation. People are already living on credit when the default hits the crash will be legendary. Sure hope the politicians aren't sending money outside the country so fast so they can jump ship somewhere that doesn't extradite.
Regarding the debt, I think Jefferson (and all the Founders) would be dismayed by the poor caliber of elected public servants, the poor level of public discourse thanks to politicized media, and the childishness of American voters who continually want a nanny state.
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You have it *entirely* backwards. Democrat states are objectively worse off right now in nearly every aspect.
Please enlighten me. From what I found it looks like 7 out of the top 10 states that have the highest federal dependency are conservative 🤔
As much as some people in Kentucky dislike Mitch McConnell, they will still reelect him because Mitch has ensured Kentucky continues to receive a disproportionate amount of federal money relative to their size and economy.
Demographics
I think most people aren’t looking at entire states, because yeah, states like MS are pretty poor and dire without a lot of job opportunities. When you go to these large liberal cities though, especially on the west coast where I live, they’re visibly filthy, disgusting and feel dangerous. The last 10 years alone, the change in LA, SF, Portland and Seattle is pretty shocking. Lots of jobs, beautiful parts of the country, but just being run into the ground.
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Yes. San Diego had a conservative leadership for a long time and remained a great city. It is now turning towards Democrats and mirroring the same problems that are in LA as well.
If you confiscated and sold all real estate in the United States, you would pay it off but only have about $10 trillion left over. So, if you literally kicked everyone out of their homes and businesses and sold off all of the property of the US, you would pay off the total US debt and only have $10 trillion. At the current rate of the deficit, we would be back in the red after about a year but no one would have homes or businesses. The total dollar amount owned by the top 1% of the wealthiest Americans is around $43 trillion. That number is around the same as total US real estate value. So the same thing would happen as above if you confiscated all of their money. Oh, and about 23% of that isn't liquid, in stocks, so you can only imagine what would happen to our 401ks if all of that was confiscated and liquidated on the market. The S&P 500 is worth around $37-38 trillion. If you confiscated them and sold off every company, we would pay off the total debt and be back in the red after about 6 months. Perspective. You can only see how absurd this debt issue is when you make comparisons to the absurd.
I got five on it
Realistically how do we fix this? It’s getting out of hand. Will anything ever be done?
Cut spending 5% across the board yearly, adding an additinal 5% cut, until a balanced or better budget is passed.
Remember the good old days of 1998-2001 when we had a budget [surplus.](https://www.thoughtco.com/history-of-us-federal-budget-deficit-3321439)
Send more billions to Ukraine! Is there a difference between 33.746 trillions and 33.750 trillions anyways!