And 3 Trillion of that was Covid stimulus, Pretty significant percentage considering the short time frame.
US national debt reaches $35 trillion
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Last: 3 days ago by boognish_bear
huge
Which is why I said the real constraint is inflation.historian said: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.
Ahh yeah! What's a few more trillion as long as we can keep putting tax dollars into all these companies that politicians own stock in. More proxy wars! Slava Ukraiiine!!!
Inflation is how the wealthy keeps paying a $40,000/yr worker near that same $40,000 forever, just the illusion of increases via pay raises in inflated dollars.
Over the the last 4 years, the average Joe's salaries are just not keeping up. Will be a long long while before their salaries can catch up to the recent inflation.
Over the the last 4 years, the average Joe's salaries are just not keeping up. Will be a long long while before their salaries can catch up to the recent inflation.
The rug gets pulled out when we can no longer afford to pay the interest on the debt.hodedofome said: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.KaiBear said:Ever been to Argentina ?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.
The similarities are striking.
Except their people are slimmer and far better dressed .
All the hyperinflation events in history have come from countries owing debt in someone else's currency.
As a country we need to fight efforts to replace the dollar as the world reserve currency. It allows us to get away with things other countries can't do. I seem to recall reading our oil and gas is cheaper also because oil is traded in dollars as well.
hodedofome said:Which is why I said the real constraint is inflation.historian said: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.
The only difference between inflation in hyper inflation is a matter of degree.
We are almost there already. If I'm not mistaken, interest on the debt is the single largest item in the budget. This cannot be sustained.
historian said:hodedofome said:Which is why I said the real constraint is inflation.historian said: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.
The only difference between inflation in hyper inflation is a matter of degree.
Most economists define hyperinflation as being over 50% in a month.
Read this: THIS IS WHY OIL WILL REMAIN PRICED IN US DOLLARS https://www.adamtownsend.me/oil-dollar/BearFan33 said:The rug gets pulled out when we can no longer afford to pay the interest on the debt.hodedofome said: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.KaiBear said:Ever been to Argentina ?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.
The similarities are striking.
Except their people are slimmer and far better dressed .
All the hyperinflation events in history have come from countries owing debt in someone else's currency.
As a country we need to fight efforts to replace the dollar as the world reserve currency. It allows us to get away with things other countries can't do. I seem to recall reading our oil and gas is cheaper also because oil is traded in dollars as well.
We're absolutely going to face major economic problems and lower buying power, but the rest of the world is reliant on the dollar. Without it, they collapse too. China is not going to eat our lunch as they're reliant on export to the US, without that it's fatal to them.
Never bet against or short America. Our People Operating System is transforming.We lead the world by years in new patents filed and high yield innovation, we pay top dollar to carry risk, our laws favor entrepreneurs, our markets are liquid more than any country.
Yes but it's still inflation.
boognish_bear said:
I think they are fine with the way things currently operateBREAKING: Nancy Pelosi and her husband has purchased 10,000 shares of Nvidia, $NVDA, at about $1.3 million.
— unusual_whales (@unusual_whales) July 31, 2024
She also sold 5,000 shares of Microsoft, $MSFT. pic.twitter.com/R6CWui46lO
You are looking at the face of one of the all time great traders right there.
She might only have a BA from Trinity Washington University and then moved to California where she spend the next 50 plus years in politics....but her real passion and skill has been in Stock Market trading.
She is a natural at picking winners and losers
Insider trading helped immensely
https://www.forbes.com/sites/investor-hub/article/what-is-autopilot-investment-app/#:~:text=Is%20Autopilot%20safe%3F,you%20allocate%20for%20portfolio%20investments.
Copy your favorite politicians portfolio and you too could average >50% returns year after year.
I haven't signed up (yet) but this is legitimate as far as I can tell.
when I looked a while back the Pelosi portfolio was very popular.
Copy your favorite politicians portfolio and you too could average >50% returns year after year.
I haven't signed up (yet) but this is legitimate as far as I can tell.
when I looked a while back the Pelosi portfolio was very popular.
Trump had to deal with the Covid lock down economy, 3 trillion debt. Biden still gonna surpass Trump.
Even with Covid spending removed Trump spent a decent chunk. Although....a lot of Trump's spending was bi-partisan approved where Biden's was not.
https://www.crfb.org/papers/trump-and-biden-national-debt
-President Trump approved $8.4 trillion of new ten-year borrowing during his full term in office, or $4.8 trillion excluding the CARES Act and other COVID relief.
-President Biden, in his first three years and five months in office, approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion excluding the American Rescue Plan.
-President Trump approved $8.8 trillion of gross new borrowing and $443 billion of deficit reduction during his full presidential term.
-President Biden has so far approved $6.2 trillion of gross new borrowing and $1.9 trillion of deficit reduction.
-Debt held by the public rose by $7.2 trillion during President Trump's term including $5.9 trillion in the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden's term so far.
-President Trump's executive actions added less than $20 billion to ten-year debt on net. President Biden's executive actions have added $1.2 trillion to ten-year debt so far.
-The President's budget was on average 39 days late under President Trump and 58 days late under President Biden.
https://www.crfb.org/papers/trump-and-biden-national-debt
-President Trump approved $8.4 trillion of new ten-year borrowing during his full term in office, or $4.8 trillion excluding the CARES Act and other COVID relief.
-President Biden, in his first three years and five months in office, approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion excluding the American Rescue Plan.
-President Trump approved $8.8 trillion of gross new borrowing and $443 billion of deficit reduction during his full presidential term.
-President Biden has so far approved $6.2 trillion of gross new borrowing and $1.9 trillion of deficit reduction.
-Debt held by the public rose by $7.2 trillion during President Trump's term including $5.9 trillion in the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden's term so far.
-President Trump's executive actions added less than $20 billion to ten-year debt on net. President Biden's executive actions have added $1.2 trillion to ten-year debt so far.
-The President's budget was on average 39 days late under President Trump and 58 days late under President Biden.
U.S. government: pic.twitter.com/bSx04eOHoh
— Not Jerome Powell (@alifarhat79) August 3, 2024
I guess what is good for the government is good for the people
JUST IN: 🇺🇸 U.S. credit card debt hits all-time high of $1.14 Trillion!
— Radar🚨 (@RadarHits) August 8, 2024
Probably nothing... 👀 pic.twitter.com/TAByFaIMUd
In less than 100 days…..the US federal deficit will increase by another trillion dollars.
KaiBear said:
In less than 100 days…..the US federal deficit will increase by another trillion dollars.
It's just Monopoly money to them now
boognish_bear said:KaiBear said:
In less than 100 days…..the US federal deficit will increase by another trillion dollars.
It's just Monopoly money to them now
It's incredible to watch this economic suicide escalate beyond all control.
Going to result in a 3-12 year depression.
The problem with the debt is that the number is so large it's incomprehensible.
$34,000,000,000,000
The calculator built into your phone doesn't even go that high.
Most people would think someone with 3.4M dollars is rich.
$3,400,000
Most people would think someone with 3.4 Billion dollars is wealthy beyond all measure.
$3,400,000,000
Most people would say "NO ONE NEEDS 3.4 Trillion dollars"
$3,400,000,000,000
Now multiply that times 10!
When numbers get that large even very smart people can't comprehend them. There's no scale. If you put that on a graph and start at $340,000 then 3.4m, 3.4B, 3.4T and 34T you don't even see anything on the scale until 3.4B and it's a tiny little sliver. Here's the 5 second worthless graph. In fact I moved the chart over and lost the 3.4B sliver.
There's just no way to get the average person to realize how big of an issue this is.
$34,000,000,000,000
The calculator built into your phone doesn't even go that high.
Most people would think someone with 3.4M dollars is rich.
$3,400,000
Most people would think someone with 3.4 Billion dollars is wealthy beyond all measure.
$3,400,000,000
Most people would say "NO ONE NEEDS 3.4 Trillion dollars"
$3,400,000,000,000
Now multiply that times 10!
When numbers get that large even very smart people can't comprehend them. There's no scale. If you put that on a graph and start at $340,000 then 3.4m, 3.4B, 3.4T and 34T you don't even see anything on the scale until 3.4B and it's a tiny little sliver. Here's the 5 second worthless graph. In fact I moved the chart over and lost the 3.4B sliver.
There's just no way to get the average person to realize how big of an issue this is.
Very true. People have no concept of size beyond certain measures. Even using an extreme analogy such as if you lined up 35 Trillion $1 bills it would extend from the Sun to beyond Neptune and almost Pluto doesn't register. 3.4 Billion miles of debt.nein51 said:
The problem with the debt is that the number is so large it's incomprehensible.
$34,000,000,000,000
The calculator built into your phone doesn't even go that high.
Most people would think someone with 3.4M dollars is rich.
$3,400,000
Most people would think someone with 3.4 Billion dollars is wealthy beyond all measure.
$3,400,000,000
Most people would say "NO ONE NEEDS 3.4 Trillion dollars"
$3,400,000,000,000
Now multiply that times 10!
When numbers get that large even very smart people can't comprehend them. There's no scale. If you put that on a graph and start at $340,000 then 3.4m, 3.4B, 3.4T and 34T you don't even see anything on the scale until 3.4B and it's a tiny little sliver. Here's the 5 second worthless graph. In fact I moved the chart over and lost the 3.4B sliver.
There's just no way to get the average person to realize how big of an issue this is.
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
That, and my broker doesn't go under and take all my money.
hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
I can change the base currency of my broker.nein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
Im just saying if you can't buy anything then it's best not have debt and own everything you need.Osodecentx said:Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
If money is worth nothing, how will you get food?Doc Holliday said:Im just saying if you can't buy anything then it's best not have debt and own everything you need.Osodecentx said:Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
Hunting, fishing, farming and trading.Osodecentx said:If money is worth nothing, how will you get food?Doc Holliday said:Im just saying if you can't buy anything then it's best not have debt and own everything you need.Osodecentx said:Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
Probably labor for food as well.
So, barter economy?Doc Holliday said:Hunting, fishing, farming and trading.Osodecentx said:If money is worth nothing, how will you get food?Doc Holliday said:Im just saying if you can't buy anything then it's best not have debt and own everything you need.Osodecentx said:Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
Probably labor for food as well.
Will the cities be habitable?
Probably not.Osodecentx said:So, barter economy?Doc Holliday said:Hunting, fishing, farming and trading.Osodecentx said:If money is worth nothing, how will you get food?Doc Holliday said:Im just saying if you can't buy anything then it's best not have debt and own everything you need.Osodecentx said:Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
Probably labor for food as well.
Will the cities be habitable?
AgreedDoc Holliday said:Probably not.Osodecentx said:So, barter economy?Doc Holliday said:Hunting, fishing, farming and trading.Osodecentx said:If money is worth nothing, how will you get food?Doc Holliday said:Im just saying if you can't buy anything then it's best not have debt and own everything you need.Osodecentx said:Doc Holliday said:If that ever happens just make sure you have assetsnein51 said:hodedofome said:
I am long/short US stocks, bonds, dollar and gold based on the trend. So in a way I don't really care what happens when all this unfolds, as long as there's a trend to ride.
That, and my broker doesn't go under and take all my money.
Won't matter when your money is worth nothing.
Don't the assets need to be liquid? If we're into barter economy, what do you have to barter?
Probably labor for food as well.
Will the cities be habitable?
Definitely not
Many American cities are barely habitable now.