US hits $31.4T debit limit

3,350 Views | 53 Replies | Last: 1 yr ago by Fireman
will25u
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9:16a, 1/19/23
Things are fine.... Really!



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TexAgs91
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9:19a, 1/19/23
AG
Well at least this country will never be bankrupt. We'll just keep raising the debt limit.
"Freedom is never more than one election away from extinction"
Fight! Fight! Fight!
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javajaws
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9:19a, 1/19/23
AG
There will be a day in our future when we look back at that number and think that was the good old days.
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Moe Jzyslak
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9:19a, 1/19/23
AG
Oh sure, they'll just raise the limit. But when I want the limit raised on my maxed out $300 limit secured credit card, the bank says they can't do that.
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will25u
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In reply to TexAgs91 • 9:20a, 1/19/23
TexAgs91 said:
Well at least this country will never be bankrupt. We'll just keep raising the debt limit.
Must be nice. Out of money on your credit card? Just wave your hand and you get a bigger limit!
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No Spin Ag
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In reply to will25u • 9:29a, 1/19/23
will25u said:
TexAgs91 said:
Well at least this country will never be bankrupt. We'll just keep raising the debt limit.
Must be nice. Out of money on your credit card? Just wave your hand and you get a bigger limit!
No one ever said Washington was full of fiscally responsible people, at least when it comes to them getting theirs anyway.
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Krombopulos Michael
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In reply to javajaws • 9:32a, 1/19/23
javajaws said:
There will be a day in our future when we look back at that number and think that was the good old days.


This is exponential debt growth. That day in the future isn't too far off.
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9:33a, 1/19/23
Definitely Not A Cop
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9:33a, 1/19/23
AG
Could someone please explain what time period the debt limit operates on? Is it just the amount of debt that has accumulated from this point in the last year?
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Detmersdislocatedshoulder
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9:51a, 1/19/23
at this point it doesn't matter and they know it. in fact they are running it up as fast as they can on purpose at this point. have to destroy US currency to bring in the new one which they have stated they want to do. it will be a digital currency that will replace the US dollar as the world currency.

where it stands today. it is never being paid off.
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MouthBQ98
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9:54a, 1/19/23
AG
Soft default by devaluation of the currency. A hidden tax on everyone who saves or invests in anything valued in the US dollar.

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AgGrad99
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9:56a, 1/19/23
AG

The #1 priority of our government should be balancing our budget. It affects everything else, even our national defense.

We've had record tax receipts the past decade, yet somehow we're in a position that 'necessitates' raising the debt limit. It's shameful.
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Manhattan
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In reply to [removed post] • 9:59a, 1/19/23
ac04 said:
the whole concept of raising the limit is idiotic and its crazy that people just accept it. raising the limit is like if you came home from a vacation and found that a sewer line below your house had broken and your entire house was completely full of ****, and instead of cleaning the **** out you just raised the ceiling 8 feet.
No, it's more like you borrow enough money to buy a $200,000 house when you make $50k a year, and enough to buy a $1,000,000 house when you make $500k a year.
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Funky Winkerbean
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10:01a, 1/19/23
AG
Sounds like a good time to send some money to a foreign country.
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Aggie4Life02
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10:01a, 1/19/23
AG
Balanced Budget Amendment
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Swollen Thumb
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In reply to Manhattan • 10:16a, 1/19/23
AG
Agreed (hurt me to type that)....BUT, unlike your analogy, debt/GDP ratio has continued to increase which, at some point, is not sustainable, particularly in a higher interest rate environment.

In every situation, it is simply too easy to spend other people's money....especially when you get a cut of it like so many in the swamp seem to do (both sides).
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Fightin_Aggie
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10:32a, 1/19/23
AG
We pay $500bb in interest payments a year right now with mostly 0-3% interest

This is way out of hand
The world needs mean tweets

My Pronouns Ultra and MAGA

Trump 2024
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damiond
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10:33a, 1/19/23
limit is useless because politicians dont care
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LMCane
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In reply to No Spin Ag • 10:34a, 1/19/23
No Spin Ag said:
will25u said:
TexAgs91 said:
Well at least this country will never be bankrupt. We'll just keep raising the debt limit.
Must be nice. Out of money on your credit card? Just wave your hand and you get a bigger limit!
No one ever said Washington was full of fiscally responsible people, at least when it comes to them getting theirs anyway.
once the world moves away from the US Dollar as reserve currency

ballgame over

then it's Zimbabwe time.
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TxTarpon
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In reply to will25u • 10:37a, 1/19/23
But we were told that we were unpatriotic for not wanting to spend $2 trillion in debt spending to save the islamic republics of Afghanistan and Iraq.
Both parties tag team beat down us taxpayers.




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1939
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In reply to TxTarpon • 10:39a, 1/19/23
AG
TxTarpon said:
But we were told that we were unpatriotic for not wanting to spend $2 trillion in debt spending to save the islamic republics of Afghanistan and Iraq.





Why does your graph end in 2008?
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captkirk
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10:40a, 1/19/23
AG
We can never pay this back. What happens when our lenders realize this?
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damiond
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10:42a, 1/19/23
william clinton surplus was a gimmick
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LMCane
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In reply to Definitely Not A Cop • 10:43a, 1/19/23
Definitely Not A Cop said:
Could someone please explain what time period the debt limit operates on? Is it just the amount of debt that has accumulated from this point in the last year?
that would be the deficit

the debt is since the USA was an independent nation. so every year, it has been growing for the last century


since 1790 when it started at basically zero to 30 trillion today

looks like 1988 is when it really took off

US National Debt Clock
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AggieVictor10
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10:44a, 1/19/23
AG
Where is the Debt???
hard times create strong men. Strong men create good times. good times create weak men. and weak men create hard times.

less virtue signaling, more vice signaling.

Birds aren’t real
Lol,lmao
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LMCane
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10:47a, 1/19/23


notice we just passed the percentage of national debt to GDP

that we had AFTER A SECOND WORLD WAR where we had 45 fleet carriers, 16 million men in the military, 407.000 killed in action, 20,000 tanks, 40,000 planes.

but at least we stopped a virus that killed some people over the age of 80 in the past two years.
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damiond
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10:52a, 1/19/23
look at that spike where the ppp was the greatest handout in american history

eta
11.5M
Loans Approved
968,532
Organizations approved for loans between $150,000 and $10 million
$793B
Amount Approved
$742B
Amount Forgiven
Includes any accrued interest

application search
https://projects.propublica.org/coronavirus/bailouts/
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Outdoorag011
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11:20a, 1/19/23
The crazy thing is our interest payments on the debt have been "relatively" low because we financed it at low rates. What happens when treasuries mature and have to roll over to higher rates??
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TheEternalPessimist
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In reply to will25u • 11:21a, 1/19/23
will25u said:
Things are fine.... Really!



Congrats everyone! We did it!
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Manhattan
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11:21a, 1/19/23
The bigger issue is that we don't have much to show for the debt, we have crumbling infrastructure, water, power, highways, almost no HSR.

We should spend an additional 5% of GDP every year on infrastructure.
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fixer
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11:30a, 1/19/23
Mmt says there is no actual debt limit as long as the mechanics of taxation stay in place.

Lmao.
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Dan Scott
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In reply to Manhattan • 11:38a, 1/19/23
AG
Manhattan said:
The bigger issue is that we don't have much to show for the debt, we have crumbling infrastructure, water, power, highways, almost no HSR.

We should spend an additional 5% of GDP every year on infrastructure.



Bingo. I pay taxes, I hate it but I understand I have to. It's in my best interest for there to be roads, military, and services for people who need them. My beef is in the last 15 years the debt has gone up $20T. Basically in 15 years we ran up the debt in the same amount of time the previous 240 years. I can't see where all that money is going. I can't name a single thing government does or has provided me the that is better today than it was 15 years ago.
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Dan Scott
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11:45a, 1/19/23
AG
In the last 15 years, the share of debt for every person in this country is $60K. When I paid $60K over $4K/year over the past 15 years i expect something for it. Nothing is better. Schools suck, airports suck, public transport suck. WTF did we spend the money.

It's all fake. Government spends money, that money boosts corporate profits, which allows corporates to expand giving us jobs. It's a perpetual machine.
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Tony Franklins Other Shoe
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In reply to captkirk • 11:49a, 1/19/23
AG
captkirk said:
We can never pay this back. What happens when our lenders realize this?

Person Not Capable of Pregnancy
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YouBet
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In reply to fixer • 11:53a, 1/19/23
AG
fixer said:
Mmt says there is no actual debt limit as long as the mechanics of taxation stay in place.

Lmao.
I was going to say there is no debt limit, in effect. They vote to raise it every time we hit it so what's the f'ing point of it all?

The annual debt limit crisis is 100% theater....until suddenly it's not.
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