US national debt reaches $35 trillion

7,985 Views | 116 Replies | Last: 3 days ago by boognish_bear
boognish_bear
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3:33p, 7/29/24
It's hard to even conceive of that much money. The national debt now seems like this fictitious imaginary almost comical number.

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GrowlTowel
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3:35p, 7/29/24
Boom!
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STxBear81
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3:39p, 7/29/24
Is that all?
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Johnny Bear
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3:40p, 7/29/24
More and more it seems like we talk about $trillions like not all that long ago we talked about $billions. And yes, the average person can't wrap their head around how much money $1 trillion dollars is, let alone 35 times that number.

That said if you want to watch it go to $70 trillion in the next 4 years then vote for Kamala and give her dim majorities in both the House and Senate.
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KaiBear
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3:41p, 7/29/24
Now increasing another trillion dollars every 100days.

Yet our politicians and ignorant masses pretend there are no consequences to such insanity.
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EatMoreSalmon
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3:48p, 7/29/24

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historian
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12:04a, 7/31/24
https://usdebtclock.org/
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Redbrickbear
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In reply to KaiBear • 12:10a, 7/31/24
KaiBear said:
Now increasing another trillion dollars every 100days.

Yet our politicians and ignorant masses pretend there are no consequences to such insanity.

The chickens always come home to roost eventually.

The Founding Fathers warned against it

"I am not among those who fear the people. They, and not the rich, are our dependence for continued freedom. And, to preserve their independence, we must not let our rulers load us with perpetual debt. "
- Thomas Jefferson, 1816

Benjamin Franklin warned: "Think what you do when you run in debt; you give to another power over your liberty."

John Adams, our nation's second president, once observed: "There are two ways to enslave a nation. One is by the sword. The other is by debt."
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historian
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7:24a, 7/31/24
And this is a bipartisan problem. It has been for decades. Very few people in Washington have made any effort to address it.
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KaiBear
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In reply to historian • 7:58a, 7/31/24
historian said:
And this is a bipartisan problem. It has been for decades. Very few people in Washington have made any effort to address it.


Because to fix the debt debacle requires both the drastic reduction of social programs along with significantly higher taxes.

Either of which would result in the immediate reelection defeat of any member of Congress who voted for such actions. And every politician in DC instinctively knows this.

Buy tangible assets fellas. As the dollar is going to be devalued soon enough.

This train is unstoppable now.

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hodedofome
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8:46a, 7/31/24
Japan's debt to GDP is over twice what it is in the US. UK is a little bit less than the US.

People have been talking about the debt for decades. It will be ok until it isn't, and nobody really knows where that point is.
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KaiBear
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In reply to hodedofome • 8:56a, 7/31/24
hodedofome said:
Japan's debt to GDP is over twice what it is in the US. UK is a little bit less than the US.

People have been talking about the debt for decades. It will be ok until it isn't, and nobody really knows where that point is.


Just look at what's occurring in Argentina.
We are on a similar road.
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ScottS
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10:13a, 7/31/24
Will Biden address this?
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hodedofome
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In reply to KaiBear • 10:47a, 7/31/24
We are nothing like Argentina. Many people have made the mistake comparing the US to Argentina, Venezuela, Weimar Republic, Zimbabwe, and our personal finances.
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Redbrickbear
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In reply to hodedofome • 11:58a, 7/31/24
hodedofome said:
We are nothing like Argentina. Many people have made the mistake comparing the US to Argentina, Venezuela, Weimar Republic, Zimbabwe, and our personal finances.


Not yet....but things can change fast.

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Osodecentx
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In reply to hodedofome • 12:00p, 7/31/24
hodedofome said:
Japan's debt to GDP is over twice what it is in the US. UK is a little bit less than the US.

People have been talking about the debt for decades. It will be ok until it isn't, and nobody really knows where that point is.
That which cannot be sustained will cease
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Redbrickbear
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In reply to hodedofome • 12:01p, 7/31/24
hodedofome said:
We are nothing like Argentina. Many people have made the mistake comparing the US to Argentina, Venezuela, Weimar Republic, Zimbabwe, and our personal finances.

Interesting enough the USA and Argentina had a lot in common in the late 1800s and early 1900s

Lots of European immigrants, similar GDP to France, industrializing fast, etc.

Could have even been a competitor to the USA in the Western Hemisphere

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Guy Noir
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12:16p, 7/31/24
The debt level is already affecting the USA Operations with the interest payments reaching almost 1 trillion per year. I think the USA will hit the wall in the next few years and be unable to pay bills. Inflation will be a bigger problem.
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Redbrickbear
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In reply to Guy Noir • 12:26p, 7/31/24
Guy Noir said:
The debt level is already affecting the USA Operations with the interest payments reaching almost 1 trillion per year. I think the USA will hit the wall in the next few years an be unable to pay bills. Inflation will be a bigger problem.

Congress: "Lets print a lot of money, while we insider trade on stocks and get rich, and then let hyperinflation crush the middle and working class"

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hodedofome
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12:44p, 7/31/24
The US is the reserve currency of the world (for now at least). Our debt is denominated in dollars, and we repay our debt in dollars. We have monopoly control over our currency and can print an unlimited supply of it. The only real constraint is inflation.

There's only a few other countries even similar to us, but none are the reserve currency. All other countries have additional constraints.

When Japan starts having issues with their debt, then maybe we'll find out what the limit is.
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Redbrickbear
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In reply to hodedofome • 12:49p, 7/31/24
hodedofome said:
The US is the reserve currency of the world (for now at least). Our debt is denominated in dollars, and we repay our debt in dollars. We have monopoly control over our currency and can print an unlimited supply of it. The only real constraint is inflation.






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ScottS
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1:11p, 7/31/24
Biden will get the US debt back to 0
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J.R.
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1:24p, 7/31/24
we can blame them all , Trump, Biden, Congress let this **** go on. Inflation much?
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hodedofome
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1:27p, 7/31/24
I highly recommend this paper to explain how the US works. Most don't understand it correctly. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1905625
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muddybrazos
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1:45p, 7/31/24
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world -- no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.

Woodrow Wilson -1919


We have no control and we never really have.
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geewago
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2:28p, 7/31/24
If God almighty came down and handed us enough money to pay off the debt who would get the checks?

Bank of America? Wells Fargo? China? Somalia? Trump? Exxon? Just curious. I've never really heard this explained to my satisfaction. Seems to me most every time I hear about the government being broke and needing more money they just "pass a new budget" and then they have all they need. Does this not mean that they just have the treasury print another half trillion or so and then carry on. Doesn't legal counterfeit money have the same affect on the value of my dollar as illegal money does? Isn't most of this self inflicted? We seem to owe ourselves more than anyone else, thus the government is simply using us as collateral. They are borrowing from our own federal piggy bank to continue operation. They kept printing money in Zimbabwe to stay afloat and now the people worked for 5 million a day just to have enough to buy supper for the family..
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KaiBear
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In reply to hodedofome • 3:17p, 7/31/24
hodedofome said:
We are nothing like Argentina. Many people have made the mistake comparing the US to Argentina, Venezuela, Weimar Republic, Zimbabwe, and our personal finances.
Ever been to Argentina ?

The similarities are striking.

Except their people are slimmer and far better dressed .
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hodedofome
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In reply to KaiBear • 4:02p, 7/31/24
KaiBear said:
hodedofome said:
We are nothing like Argentina. Many people have made the mistake comparing the US to Argentina, Venezuela, Weimar Republic, Zimbabwe, and our personal finances.
Ever been to Argentina ?

The similarities are striking.

Except their people are slimmer and far better dressed .
Please read the paper I posted. Argentina owes debt denominated in other currencies which it doesn't control. Therefore, they are susceptible to the economy and inflation that is completely different from the US. The US has debt denominated in US dollars, and repays that debt in dollars. It doesn't pay the debt in Euros or Yuan or Yen.

All the hyperinflation events in history have come from countries owing debt in someone else's currency.
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KaiBear
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In reply to hodedofome • 5:38p, 7/31/24
hodedofome said:
KaiBear said:
hodedofome said:
We are nothing like Argentina. Many people have made the mistake comparing the US to Argentina, Venezuela, Weimar Republic, Zimbabwe, and our personal finances.
Ever been to Argentina ?

The similarities are striking.

Except their people are slimmer and far better dressed .
Please read the paper I posted. Argentina owes debt denominated in other currencies which it doesn't control. Therefore, they are susceptible to the economy and inflation that is completely different from the US. The US has debt denominated in US dollars, and repays that debt in dollars. It doesn't pay the debt in Euros or Yuan or Yen.

All the hyperinflation events in history have come from countries owing debt in someone else's currency.


You seriously don't believe the United States doesn't face the threat of hyperinflation with a 35 trillion dollar debt ?

A debt we have zero political will to stop ?
A debt adding another trillion dollars every 100 days ?
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hodedofome
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7:09p, 7/31/24
Please read the paper I posted. It explains all this better than I can.

Japan has a higher debt to GDP to the US and they haven't failed yet. Hyperinflation is a rejection of a currency and we'll experience high inflation well before hyperinflation.
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Harrison Bergeron
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7:30p, 7/31/24
Here is why we have $35T national debt:

://reason.com/2024/05/30/7-5-billion-in-government-cash-only-built-8-e-v-chargers-in-2-5-years/

In 2021, the Infrastructure Investment and Jobs Act included $7.5 billion to build 500,000 public charging stations for electric vehicles (E.V.s) across the country in an effort to boost a switch to the use of clean energy.

As Reason reported in December, not one charger funded by the program had yet come online. Now, six months later, the number of functional charging stations has ticked up to eight.

The government is a big, bloated mess. No one has the political will to cut entitlements and reduce the deficit.
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Osodecentx
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In reply to hodedofome • 7:46p, 7/31/24
hodedofome said:
Please read the paper I posted. It explains all this better than I can.

Japan has a higher debt to GDP to the US and they haven't failed yet. Hyperinflation is a rejection of a currency and we'll experience high inflation well before hyperinflation.


"Yet"
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boognish_bear
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8:28p, 7/31/24
I think they are fine with the way things currently operate

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historian
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In reply to ScottS • 9:23p, 7/31/24
ScottS said:
Will Biden address this?

Biden doesn't know who he is or where he is. The answer is no.

The Leftists don't even know what a woman is. They don't care because they use our money to buy votes. Even worse, they might be trying to destroy our economy. Whether it's Cloward-Piven, Alinsky, or another radical Marcost ideology they might see a decimated US as a country they can control even more.
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historian
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In reply to hodedofome • 9:27p, 7/31/24
hodedofome said:
The US is the reserve currency of the world (for now at least). Our debt is denominated in dollars, and we repay our debt in dollars. We have monopoly control over our currency and can print an unlimited supply of it. The only real constraint is inflation.

There's only a few other countries even similar to us, but none are the reserve currency. All other countries have additional constraints.

When Japan starts having issues with their debt, then maybe we'll find out what the limit is.

That's Weimar Republic & Zimbabwe kind of thinking. Whether or not the dollar is the reserve country, inflation has an impact and it's devastating. Anyone who has paid attention over the past few years to the price of gas, eggs, housing, and almost everything else sees that clearly.
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