DawgTalkers.net Forums DawgTalk Palus Politicus National debt tops $22 trillion for the first time as experts warn of ripple effects

https://news.yahoo.com/national-debt-tops-22-trillion-214033190.html

WASHINGTON – The national debt surpassed $22 trillion for the first time on Tuesday, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.

The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.

The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.

“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.

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For Americans, the growing debt should be a concern, experts said, because over time it can push up interest rates for consumers and businesses. The higher rates can ripple through the economy, nudging up rates for mortgages, corporate bonds and other types of consumer and business loans.

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A big national debt can also make it harder for the government to increase spending to combat the next recession or devote more money to retraining workers and helping the poor, among other programs.

President Donald Trump is pictured during a White House meeting at the Roosevelt Room.
President Donald Trump is pictured during a White House meeting at the Roosevelt Room.
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Peterson attributed the growing national debt to "a structural mismatch between spending and revenues." The biggest drivers are the aging population, high healthcare costs, and growing interest payments, combined with a tax code that fails to generate sufficient revenue, he said.

The debt eclipsing $22 trillion “is another sad reminder of the inexcusable tab our nation’s leaders continue to run up and will leave for the next generation,” said Judd Gregg and Edward Rendell, co-chairmen of the nonpartisan Campaign to Fix the Debt, a project of the nonpartisan Committee for a Responsible Federal Budget.

With deficits rising and gross debt scheduled to jump by more than $1 trillion annually, Congress must take action to put the country on a more sustainable path, Gregg and Rendell said.

“The fiscal recklessness over the past years has been shocking, with few willing to step up with a real plan,” they said. “We need responsible leadership to fix the debt, not a worsening of partisanship.”

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i'm posting this because conservatives said they cared mainly about this issue.

well:



thats disturbing.

This is only the beginning. Trump's great big heist is only two years in.

his homeboys, his family, and his business made a crap ton of money with the tax cuts, so i guess thats a win at least.

We also know that many tried to sell access to the POTUS and Government, lots of regulations cut, lots of backroom deals at Mar-a-lago... We will never know how deep this heist has gone, not in our lifetimes.

Everything Trump does in regards to money feels like you are watching a 3 card monte game.

neither side will talk cuts, they only talk about more spending.

Exactly. The difference isn't spending or not spending.. it's spending on what.

Agreed. Rand Paul talked about this once.

One of the most honest assessments ever. "You get something, I get something", that's how they negotiate. Not, "You take away that, and I'll take away this"

/jk

Government budget cuts aren't even budget cuts, they have 1 mill in the budget, and say they we need 1.5 mil this year, then negotiate on 1.3 mil, and claim they cut the budget by 200,000.

I woke up this morning and there was a smell of Winning in the air......

President Barack Obama's administration racked up nearly as much debt in eight years than in the entire 232-year history of the country before he took office. He entered with $10.6 trillion in total debt and left with the country owing $19.9 trillion. That's an average tab of $1.16 trillion a year.

Under President Donald Trump, the debt also has climbed. The $2.06 trillion increase works out to about $991 billion a year, or slightly less than the pace Obama had set.

And after all - they both entered office under identical economic climates right? So very fair and balanced ...

You really don't understand how a federal deficit affects the national debt, do you?

Yes I do and you have to compare it to current GDP levels.

Stop trying to cover for that buffoon Obama.

You just casually ignore facts.

The federal deficit that Obama was handed was about $1T from GWB (the REAL buffoon in all of this). You can't just change that deficit overnight. However, it was gradually reduced over 8 years and was trending in the right direction. Yes, more and more was added to the debt (don't forget interest) but at least the deficit was going down.

Trump has now reversed gears. The deficit has ballooned WAY up again which means that the debt will be going up even faster (again, factor in interest).

Wasn't this a feeding frenzy point of conservatives during the election cycle? Now? Crickets.

You take "average" debt added per year without considering the rate at which it is currently accelerating. Doesn't that concern you? Give Trump 8 years of this acceleration and you'll see his avg yearly addition to the debt be WAY worse than Obama.

Don't let math get in your way though.

Just stop already.

In debt-to-GDP terms, the public debt rose from 75 percent when Trump took office to 76.4 percent as of the third quarter of 2018. As a contrast, that level rose from 47.5 percent at the start of Obama's term to 75 percent when he left.

Those are the facts. Stop trying to cover for the idiot.

I am not about to get into teaching the board a lesson on economics when I can better spend my time beating a road kill with a stick, telling it to look both ways before crossing the street in the future.

No politician this day and age will ever take realistic action against our debt...the hard reality of the situation necessitates pretty extreme action that will bring about massive hardships.....what politician in his right mind is going to campaign on 4 years of poverty, hunger, and hell....no one....

So they will continue to kick the ball down the line until someone is forced to deal with it....

Well not entirely ... simply not giving away a $1.7 trillion tax cut that did nothing to stimulate the economy would have saved ... roughly ... $1.7 trillion? Maybe it's just me but $20.3 Trillion would be much better than $22 trillion Nat. Debt?

That's a good one! How about a lesson in false equivalency?

I just spent two years teaching you all how foolish it is to believe in the Russian Collusion BS and only now is the dim bulb beginning to flicker.

Atleast Mexico is paying for the wall.

You have a powerful imagination. Shame it is so misplaced.

Maybe you weren't copying and pasting the right articles???

The three of you should cut the masks off your pointy klan hats, write DUNZ on them with a marker, then sit in a corner.

issme a Klan member

Don't bring facts to this board...

Hey I found the clown that flew out of your ass when you tried to sell that, he's in the White House.

Well it started out as a good thread, that I found informative, because I find the debt and deficit vs GDP and all that, somewhat confusing.

But the usual bickering has started and turned this into another piss-in-the-wind thread.

40 had taken a brief vacation and the discussions were getting much better. He's back now.

If, and it's a huge IF that is true, how do you explain all the witches Mueller and the SDNY has caught colluding with Russians and lying about it?

How do you explain the Millions of Dollars the NRA received from Russian Oligarchs and the millions spent to elect Trump?



Look, In the end, Trump might have insulated himself well enough.. We won't know that for a while. Long while.

But no way, NO WAY, is he NOT involved...

Right now, I'm just letting the Mueller and SDNY teams do their jobs

I'm concentrating on doing what I can that Trump simply Doesn't win another election in 2020.

And yet socialists want more government programs and spending.

Republicans with Democrats in the presidential office.... We need to be fiscally conservative and balance the budget...

Republicans with a Republican in the presidential office.... [crickets]

The truth is that both parties are totally irresponsible when it comes to deficit spending... they use it to keep the economy going at a faster pace. or believe that it will. The biggest lie in the world is that the Republican party is fiscally conservative.

As they say... to say that they spend like a drunken sailor is an insult to the drunken sailors.

The national debt should be the #1 topic or near the top at all times.Part of the problem is the current size of government and people wanting to expand it to solve problems that are not the government's responsibility.

To solve the issue I wish we could immediately dismiss every single member in congress and replace them with ordinary Americans. Just imagine the impact that would have.

People tend to not be as careful if the money they're spending is someone else's.

Like a millennial bartender who graduated from a state school?

Sure, if the person can provide a different type of perspective we should listen to them. They might have something to bring to the table because they're from another walk of life. Its valuable since they could bring up a way of looking at things you never thought of. This way there are more ideas, people can weigh in, talk, and compromise on certain things. If everyone were the same that would be a bad thing.

Most members of congress and the government don't behave like regular rational people from what I've seen. Most of them have hidden agendas and do not operate with the best interest of the American people.

Props to you for talking about AOC like that.

100% agree and like this TB and CHS.

Yet the gop sheep want to spend billions on a useless wall trump said the Mexicans would pay for.

Being an ordinary American does not mean they will be any more fiscally responsible. AOC wants to spend like a teenager that got a hold of her parents credit card.

So over dramatic... AOC the she devil

Those darned demonic socialists, thank Trump almighty they are not in power doing good things for average people! We must protect the mega rich and big corps at all cost! smh

SOCIALIST is the GOPer 2020 smear campaign word of choice, because Nazi's like Trump called themselvs 'National Socialist'. Only an imbecile would believe that 'socialist' is a derogative term in today's america, case in point: Trump.