Don’t cry for me Argentina...
Why does Congress “warn” us _after_ they inflict their damage?
Well, if the “rich” would just pay their “fair share”, we could pay for everything with no debt!!!!!
I remember the good old days when a $1T debt was shocking. But back then, the debt/GDP ratio was only about 33%. Now it’s, what, nearly 200%?
One of the tools in the marxist muslim alliance’s toolbox is bankruptcy.
That was one of Obama’s goals.
Now we face another attack in a different form.
Where’s the $7 trillion figure coming from?
We have the copy machines. They are top of the line and can certainly handle the job. The question, however, is:
Do we have enough trees?
If the Democrats win in November, it will exceed $40 trillion as they bail out the Democratic cities and states. Serious inflation is on the horizon as the economy begins to open. The price of gold will parallel reliable polls. If Biden really appears to be winning , gold prices will continue to rise. If unimaginable disaster occurs and the creepy, demented corrupt Biden is actually elected, the price of gold will exceed $2,000/ounce by the inauguration.
> we’ll probably be paying at least as much interest as — $600 billion a year — as we spend on the military <
That’s the key point right there. The Europeans addressed that problem by simply downsizing their militaries. But we cannot afford to do the same.
Side comment #1: Thank goodness Trump is president now.
Side comment #2: Red China can go to hell.
Maybe we should get back to an economy based more on production and less on the parasitic “service industry.”
Communism is coming. The current economy produces $21 trillion per year. A third of that is now outlawed, and we reasonably can expect half of the total economy to vanish in the depression as other sectors contract. For example, construction workers legally may build a theater, but with operation of a theater outlawed, no one can afford to construct one. So they too lose their jobs. And so too do the manufacturers who otherwise made equipment with which to construct such theater. We’ll presume that our president does an optimal job of managing the economy under the circumstances, and place future gross domestic product at $10 trillion.
After current bailouts, federal spending jumped from $4.4 trillion last year to more than $7 trillion. Congress never reduces spending, so expect this to continue or even to increase. Total gross domestic product includes government spending. State and local spending constitute roughly $4 trillion of the economy today. We can expect some reduction in this spending if only because state constitutions require balanced budgets, but many entities will raise taxes, perhaps doubling the current rates. Lawmakers especially will raise property taxes because they do not depend on the capacity of the property owners to pay. As a result, vast hordes of homeless persons will lack property entirely, for whatsoever they acquire, the government will tax away. The property taxes can drive the effective total tax rate above 100% of income, thus depriving the multitudes of any assets. In Illinois particularly, government spending on pensions cannot be reduced as a matter of constitutional law, so taxes must increase, swallowing the entire private economy and private invested wealth.
No one will lend to the feds at some juncture, especially with a collapsing birthrate and economy and with no apparently payback prospects from a collapsed or outlawed private economy. So, Congress must raise taxes to sustain spending. Expect federal tax rates above 80% with progressively fewer exemptions, mostly trained ever more narrowly at a few oligarchic sponsors in exchange for gigantic bribes.
Nevertheless, that calculation leaves little room for any private economy, and most of that economy will operate underground under increasingly severe repression. Expect government to expropriate private assets to meet its expenses.
Welcome to communism, where the private sector is effectively outlawed or taxed unto oblivion.
Cloward-Piven baby!
-Fiat currency
-Debt held by Fed Reserve, a private bank
-Fed recently placed under Dept of Treasury (where it belongs)
-Chairman of Fed is now Donald Trump
-Expect debt forgiveness when we are place under gold backed currency 2021
Regardless of who is elected they spend more than ‘we’ take in. Trump has signed off on this largesse. He brags via tweets at the amount of money we ‘spend’, ie paid leave for federal workers. The r’s only cry about spending when they aren’t in charge.
Would someone ask Brian Williams if 10 Trillion would make us all millionaires?
Massie has a great bill to loosen up the monopoly that ‘big meat’ has on supplying local needs. There is no reason mom and pop shops should not be able to sell locally to insitutions any more than milk vendors or local produce growers.