The Budget and National Debt

1,648 Views | 23 Replies | Last: 1 yr ago by AzAg80
Central Committee
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5:39p, 6/29/22
AG
Prescient Op-Ed in the WSJ about the looming impact on the federal government caused by financing the national debt.

https://www.wsj.com/articles/high-interest-rates-will-crush-the-federal-budget-inflation-debt-spending-costs-recession-economy-11656535631?mod=opinion_major_pos4

We are on the verge of a massive budget blowout as Treasuries paying 1% are replaced with new debt paying triple. In a year or so we will be spending more on interest expense than on the military.

And we can thank the dems and RINOs for this mess. We may finally, as a nation, be forced to live with balanced budgets again.

And props to Team Transitory for your excellent analysis on inflation and why it doesn't matter / won't last.
We may not always get what we want. We may not always get what we need. Just so we don't get what we deserve.
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Marcus Brutus
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5:42p, 6/29/22
Every 1% increase in rates is about $250 billion in interest expenditure. That means more borrowing to cover services or less defense , welfare, etc... spending.
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Marcus Brutus
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5:43p, 6/29/22
Libs dgas, especially FJB. Obsessed with Trump.
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Yesterday
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5:43p, 6/29/22
AG
Democrats certainly have the majority to blame but let's not forget the two very expensive wars and Trump giving away trillions while shutting down our economy. His biggest mistake.

Both Trump and Bush panicked when they were told the economy would **** the bed after 9/11 and Covid so they opened the flood gate of cash and debt.
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Fightin_Aggie
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5:44p, 6/29/22
AG
Who could have seen this coming?

Oh I know, everyone. The politicians were drunk on spending and power and did not care.

The world needs mean tweets

My Pronouns Ultra and MAGA

Trump 2024
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The Debt
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5:45p, 6/29/22
You rang?
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TyHolden
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5:46p, 6/29/22
AG
Stop Having Kids!!!!
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LOYAL AG
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5:46p, 6/29/22
AG
The current debt has been growing pretty much unabated since the mid-60's. Since Nixon's second term it has doubled about every 8 years regardless of who holds the White House or Congress. Plenty of blame to go around for sure. It is worth noting that we've spent roughly the entire amount of the debt on entitlements since the mid-60's.

70% of spending is entitlements
15% is defense

Nothing else registers in terms of where we can cut.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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Marcus Brutus
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5:47p, 6/29/22
Modern Monetary Theory.

It's like trying to defy the law of gravity. You eventually come crashing back to earth.
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Central Committee
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In reply to Marcus Brutus • 5:50p, 6/29/22
AG
Marcus Brutus said:
Modern Monetary Theory.

It's like trying to defy the law of gravity. You eventually come crashing back to earth.


And like the communists, the MMT proponents will be back in 5 years saying 'if we just tweak our approach a little it will work this time. I promise.'

But it never has, and never will.
We may not always get what we want. We may not always get what we need. Just so we don't get what we deserve.
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Engine10
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5:50p, 6/29/22
AG
In a macro class right now and professor (former economist at fed and other big banks) poses the question: "Backed by the full faith and credit of the United States Government. What does this mean to the world today and in the future?"

Best answer was no one really knows, but probably looks like a carrier strike group on your doorstep.

Tough times ahead.
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CDUB98
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5:54p, 6/29/22
AG
Woah unto us for having to live through the eventual crash of this ponzi scheme. It's going to be bad, really bad when it does.

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PCC_80
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6:04p, 6/29/22
AG
Quote:
we've spent roughly the entire amount of the debt on entitlements since the mid-60's
This should be repeated often. So many irresponsible and short sighted decisions over 50 years.

Not sure how we address the problem though. Going to be very ugly and painful what ever we do.
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Tom_Fox
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In reply to LOYAL AG • 6:24p, 6/29/22
LOYAL AG said:
The current debt has been growing pretty much unabated since the mid-60's. Since Nixon's second term it has doubled about every 8 years regardless of who holds the White House or Congress. Plenty of blame to go around for sure. It is worth noting that we've spent roughly the entire amount of the debt on entitlements since the mid-60's.

70% of spending is entitlements
15% is defense

Nothing else registers in terms of where we can cut.
Then this should be an easy solution. Cut entitlements. All.Of.Them.
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Central Committee
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6:40p, 6/29/22
AG
To paraphrase former SecDef under President Nixon, someone needs to stand outside of every federal government agency and fire every third SOB that walks out the door.

And defund the departments of education and energy entirely. Transfer nuke regulators to DOD.
We may not always get what we want. We may not always get what we need. Just so we don't get what we deserve.
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AlaskanAg99
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6:48p, 6/29/22
AG
We've run out of road.
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Bird Poo
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6:49p, 6/29/22
AG
This nation will not survive should we continue this path. Other countries recognize this and are preparing for the US dollar to lose its reserve status.
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Sid Farkas
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6:53p, 6/29/22
AG
helloooo Argentina
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I Sold DeSantis Lifts
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7:12p, 6/29/22
1. Don't blame just the libs. Every single politician in DC for the past 50 years is culpable. Rush used to talk about weak conservatives accepting a liberal premise and attempting to apply a conservative solution. See, Bush wanting to privatize Social Security. These ****ers have padded their wallets and destroyed our nation.

2. I'm not sure it even matters anymore. We need the US govt to come out and say "hey ****ers! We're not paying this back."
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YouBet
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7:46p, 6/29/22
AG
Well, the good thing is that math no longer matters in our new left wing world. You can make it mean whatever you want to.

We are good. Y'all need to quit crying about it.
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91AggieLawyer
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In reply to I Sold DeSantis Lifts • 7:49p, 6/29/22
AG
CM Trump Voter said:
1. Don't blame just the libs. Every single politician in DC for the past 50 years is culpable. Rush used to talk about weak conservatives accepting a liberal premise and attempting to apply a conservative solution. See, Bush wanting to privatize Social Security. These ****ers have padded their wallets and destroyed our nation.

2. I'm not sure it even matters anymore. We need the US govt to come out and say "hey ****ers! We're not paying this back."

We could tell China we're not going to pay back any of the debt they hold due to Covid. However, that would make the ability to borrow more nearly impossible. We'd have to actually balance the budget.

I know this is somewhat hyperbolic, but, seriously, what is wrong with that plan even though it would never happen? (We'd still pay back domestic and other foreign debt).
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LOYAL AG
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In reply to Bird Poo • 7:56p, 6/29/22
AG
Bird Poo said:
This nation will not survive should we continue this path. Other countries recognize this and are preparing for the US dollar to lose its reserve status.


This is where you go off the deep end. The trade based world order crumbles when the dollar collapses. Global reserve is mostly irrelevant when there's no global trade.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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geoag58
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In reply to YouBet • 8:00p, 6/29/22
AG
YouBet said:
Well, the good thing is that math no longer matters in our new left wing world. You can make it mean whatever you want to.

We are good. Y'all need to quit crying about it.


Then our currency is worthless. And that is the only thing holding this house of cards together.
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AzAg80
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8:12p, 6/29/22
AG
No worries, team Biden/Schumer/Peloski are on it. They will spray down this dumpster fire with jet fuel and toss in some hand grenades for good measure.

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