The Economy Isn't Strong If It Takes Borrowing 900 Billion To Keep It Afloat - Sorry

[PaulX2]

I am sick of hearing "how strong" the economy is. Sure it has been worse, but we are saddling our kids with 900 billion in new debt to keep it "going along" just this year. It can't be good in my opinion. Next year it will be worse.

I wish someone would say it.

We did get a little wage growth eaten up by inflation so after 40 years, we still haven't got a raise.

The economy for the 99% sucks.

Agree?

[roamer65]

1. The best is yet to come.

A fiscal and currency crisis.

[Wellstone ruled]

2. Second greatest Wealth Transfer since 2009

and the latest numbers are going to move it to number 1. Hey Donnie,you tired of winning yet?

[WhiteTara]

10. I remember the great wealth transfer

of the 80s.

[Wellstone ruled]

11. This one makes others look like a

accounting error. This one is just beginning with 1.5 trillion this year alone,and the Legislation is written for ten years forward . The numbers reported are not real,the deficit is running about 20% than the Cooked Numbers being thrown out lately.

Just the Fed Auctions alone are showing th.e real hard numbers and it ain't looking good for us

[WhiteTara]

12. I haven't been feeling good about

any of this since the r's started blocking Obama so hard that it was impossible and of course the blatant campaign and the whisper campaign destroyed us in 2016 and here we are in hell.

[Hoyt]

3. Agree, but show me a candidate who will run on raising taxes.

Someone might have guts to say we have to repeal trump tax cut on portion affecting wealthy and corporations. But only doing it on wealthy and corporations won’t do what is needed.

[manor321]

4. No. This is not a valid economic analysis.

And the deficit, while not a trivial matter, is not some all encompassing horror.

The supposed "crisis" of the deficit is GOP propaganda. It is not that important compared to a large number of other economic factors, including wealth distribution.

[dawg day]

5. Deficits when used to finance stimulus might be good

as when Obama went into deficit to stimulate the economy after Bush left it in a total disaster.

But just to fund a tax cut for rich people?
That's like borrowing money to gamble and lose in Vegas.

That's not trivial, especially when McConnell is talking about CUTTING SOCIAL SECURITY, MEDICARE, AND MEDICAID to "cut spending".

This is the GOP thing. They create larger deficits, and then use that as an excuse to try to cut our social programs. Bush did that too-- fortunately his "privatize SS" initiative went nowhere.

[sinkingfeeling]

8. Disagree completely.

[DFW]

6. This is pure Trumponomics

Trump says he is a billionaire.

If you claim assets of ten billion dollars and liabilities of twelve billion dollars, ARE you a billionaire? Only as long as your creditors don't call in their debts. Of course, those creditors have those debts on their books as an asset, so none of them want to call them in at once, because there would be two billion dollars of someone holding the bag somewhere. There are few things more detrimental to advancing in a career of banking than presiding over a two billion dollar loss that you knew was there for a long time. So no one wants to make the first move.

So it is with our national economy. Trump, Ryan and McTurtle borrowed $900 billion, started spreading it around to people they like, and suddenly say the economy is booming. But it's only booming until that debt is called. And of course, no one wants to call it. Yet. But if Russia, China and Saudi Arabia suddenly want to get paid, Trump will have to sell off Maine in order to pay up--or else declare that the United States is bankrupt. That would not exactly count as a stabilizing factor in the world economy.

Even the usual Republican electoral fraud would not save them in the first election held after declaring that all US Government bonds held by the public are now worth exactly zero. But they are no fools (as opposed to people who vote for them). They'd already be gearing up to bash Democrats for their usual round of desperate damage control, which they always prefer to leave to us, and then blame us for it.

[uponit7771]

7. K&R, I don't know how many people this has to be told to; Red Don spike what was already organic ...

... growth that was kick started by low interest rates.

Once the rates come up then the equity spike wont be there, there will but cuts to keep profits then the downturn cycle begins.

[Wellstone ruled]

13. As we knew,it was baked into the cake

and had a carry forward if no new Stimulus was added. Now the new GOP Tax give away(stimulus)is causing the original Obama Cake to go bad and Inflation or Trumpnomics will cause a recession . Shades of1991 with no wage growth to offset interest rate inflation and unaffordable Consumer goods and services.

[uponit7771]

14. +1 just what Putin ordered

[spinbaby]

9. And we have a president who doesn't pay his bills

How soon before he tries some excuse for not paying for Medicaid or treasury bonds?

[Quixote1818]

15. EXACTLY! I have been making the exact same argument! Thank You! nt