I pay particular attention to interest spending and war department spending. Right now there’s only about a 20 billion difference.
Looking at the top four items…the Feds spend ALL REVENUE on old people, poor people, killing people (social security/medicare/medicaid/war dept) and interest on borrowed money previously spent.
While all with a few brain cells know that this debt creation that is totally non productive, will destroy
everything; in my life of nearly 75 years no one in political leadership has made any attempt to correct this madness. They force it on other countries gleefully.
I'm your age. I have to believe that the people who are in charge of all this have no friggin' clue that they have no figgin' clue. It's frightening, the number of people who think that you can legislate prosperity.
I've said many times, you can print money, but you can't print prosperity.
This is all predictable. Greed (ultimately, the LOVE of mammon* is the root) is like a cancer, it spreads before it kills. It wants to spread using false ideas such as 'democracy' to entice then entrap other humans into thinking they are 'free' but in fact, will be enslaved in debt.
When mere humans move away from using God-given resources designed for the good of all into a level of greed only seen at the end stages of the fall of empires, it implodes. It must and it will.
Do not fret. Out of the darkness, the Light will shine.
* mammon is not merely money. it's power, prestige, pride. We, who have hopefully grown in wisdom in accordance to the gray hairs on our heads, must be mindful of how we contribute to this mess. Be kind and generous to those younger than us, they only know a world quite different than the one we were raised in and will suffer the most from this cycle.
I don't believe any politician or electable political candidate presently has the will to implement sound fiscal measures. Not in the US. The country is far too disunited on a macro level and on the micro level, too many are counting on govt itself for their financial means of survival. There is no way of escaping a very very hard landing. Wish that weren't the case. Now I have to get back to work on my time traveling device. It's the only sensible way to escape the coming 💩
John Mauldin did a few newsletters this last year where he ran through various methods to pay down the debt and he couldn't find any combination of cutting spending, productivity, raising taxes, etc. that really worked. The time to implement those policies was 2000-2010 when we could still get a handle on it. Default (which would cause global default?) and inflation are the two escape hatches, Trump's people talk about devaluing the dollar as well.
Mr. Karl Denninger has written on this with the most sense of anyone I've read for the past 17 years. Our beloved politicians love creating spending programs with no source of revenue. This is essentially what they've since with Medicare and especially Medicaid for which there is no funding. If the insurance industry is removed from the middle of common medical procedures and free competition exists, it will go a long way to solving the debt problem.
Like wise philosophers have said, charitable impulses have no limits; by extension, the government’s savior complex is unlimited as well.
I’ve said to anyone who will listen that if with a wave of a magic wand the government could tax 100% of annual productivity, it would still find a way to spend beyond its means.
Anyone who argues it’s a revenue problem is either in government, benefits from government spending, is tremendously intellectually dishonest, or (as is most likely) a combo of these.
I look at the spinning numbers on USDebtClock.org
I pay particular attention to interest spending and war department spending. Right now there’s only about a 20 billion difference.
Looking at the top four items…the Feds spend ALL REVENUE on old people, poor people, killing people (social security/medicare/medicaid/war dept) and interest on borrowed money previously spent.
We are screwed.
While all with a few brain cells know that this debt creation that is totally non productive, will destroy
everything; in my life of nearly 75 years no one in political leadership has made any attempt to correct this madness. They force it on other countries gleefully.
I'm your age. I have to believe that the people who are in charge of all this have no friggin' clue that they have no figgin' clue. It's frightening, the number of people who think that you can legislate prosperity.
I've said many times, you can print money, but you can't print prosperity.
This is all predictable. Greed (ultimately, the LOVE of mammon* is the root) is like a cancer, it spreads before it kills. It wants to spread using false ideas such as 'democracy' to entice then entrap other humans into thinking they are 'free' but in fact, will be enslaved in debt.
When mere humans move away from using God-given resources designed for the good of all into a level of greed only seen at the end stages of the fall of empires, it implodes. It must and it will.
Do not fret. Out of the darkness, the Light will shine.
* mammon is not merely money. it's power, prestige, pride. We, who have hopefully grown in wisdom in accordance to the gray hairs on our heads, must be mindful of how we contribute to this mess. Be kind and generous to those younger than us, they only know a world quite different than the one we were raised in and will suffer the most from this cycle.
Love one another.
Ron Paul?
50,000 in yearly income
70,000 in yearly spending
20,000 grand added to 340,000 debt
How long could you do this in your personal life?
Q: Can you print money, borrow from the Fed and control the world’s largest economy (or at least one of them) in your personal life?
A: No? — a few years until personal bankruptcy.
B: Yes? - a few centuries to work it out.
“Unsustainable” has no time frame specified.
I don't believe any politician or electable political candidate presently has the will to implement sound fiscal measures. Not in the US. The country is far too disunited on a macro level and on the micro level, too many are counting on govt itself for their financial means of survival. There is no way of escaping a very very hard landing. Wish that weren't the case. Now I have to get back to work on my time traveling device. It's the only sensible way to escape the coming 💩
Rand Paul had a penny plan prior to Covid…cut 1% off spending per year for about 5 years and the budget/spending would be balanced.
Nobody/few wanted to do it and the plan went nowhere.
John Mauldin did a few newsletters this last year where he ran through various methods to pay down the debt and he couldn't find any combination of cutting spending, productivity, raising taxes, etc. that really worked. The time to implement those policies was 2000-2010 when we could still get a handle on it. Default (which would cause global default?) and inflation are the two escape hatches, Trump's people talk about devaluing the dollar as well.
Mr. Karl Denninger has written on this with the most sense of anyone I've read for the past 17 years. Our beloved politicians love creating spending programs with no source of revenue. This is essentially what they've since with Medicare and especially Medicaid for which there is no funding. If the insurance industry is removed from the middle of common medical procedures and free competition exists, it will go a long way to solving the debt problem.
Get re elected, nothing else matters.
Like wise philosophers have said, charitable impulses have no limits; by extension, the government’s savior complex is unlimited as well.
I’ve said to anyone who will listen that if with a wave of a magic wand the government could tax 100% of annual productivity, it would still find a way to spend beyond its means.
Anyone who argues it’s a revenue problem is either in government, benefits from government spending, is tremendously intellectually dishonest, or (as is most likely) a combo of these.
We should have just supported https://vivek2024.com/america-first-2-0/
I hadn't paid much attention to Ramaswamy's campaign. My mistake. Thanks for this link.
“It means passing the burden of the state on to the next generation, making the unborn poorer before they see the light of day.”
Giving their propensity for murdering the unborn, a little crippling debt sounds almost civil.