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Sun May 17, 2020, 11:53 AM

Am I wrong in thinking US debt is racing towards 30Trillion with the current stimulus monies added??

This from the worlds greatest dealmaker being handed an incredibly prosperous economy after a near worldwide financial collapse??

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Reply Am I wrong in thinking US debt is racing towards 30Trillion with the current stimulus monies added?? (Original post)
NoMoreRepugs May 2020 OP
jimfields33 May 2020 #1
sandensea May 2020 #2
roamer65 May 2020 #3
safeinOhio May 2020 #4
Doodley May 2020 #5
roamer65 May 2020 #11
AlexSFCA May 2020 #6
onenote May 2020 #7
Newest Reality May 2020 #8
Jeebo May 2020 #9
stopbush May 2020 #10

Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 11:55 AM

1. We haven't given States their cut yet

We’ll be lucky it’s only 30 trillion.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 12:00 PM

2. It would in most countries - but hard-currency issuers (like the U.S.) have A LOT of latitude

The reason? The Fed can emit almost unlimited dollars to cover any deficit, any contingency.

They can do this because of the implicit faith in the dollar - which is global and (knock wood) unshakeable.

That really is our biggest resource: not oil; not gas; not copper - but global faith in the good old dollar itself. Accepted everywhere you go.

And thank goodness - or, given 40 years of runaway GOP deficits, we'd be in an Argentina situation by now.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 12:03 PM

3. I'd say near $40 trillion in the next five years.

The Federal Reserve balance sheet has already topped $7 trillion.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 12:10 PM

4. What would you expect when you elect

the King of Bankruptcy?
This is the DU member formerly known as safeinOhio.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 12:18 PM

5. They printed the money. Remember who keeps blaming China for quantitative easing? Trump.

Now we are the king of QE and it will catch up if infections soar over the next several months, while other nations have it under control, because our economy will be in the pan. The dollar will collapse.

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Response to Doodley (Reply #5)

Sun May 17, 2020, 03:08 PM

11. The Federal Reserve isn't even shackled by the printing press anymore.

All they do is type the amounts they desire on a keyboard and presto...new created “money”.

The only thing that now shackles the Fed is the fear of hyperinflation.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 12:31 PM

6. that's a very generous estimate

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 12:38 PM

7. Given the rate at which the national debt has been increasing the past couple decades

it seems like a reasonable projection.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 01:16 PM

8. Maybe...

Considering that I, and many others are in the economy where we don't really see much of booty from the stash, I give it little attention and lose no sleep over it.

It is more about who gets the money and how it is used. It is almost like a closed system, as in we walk up and the sign is changed to, "CLOSED!"

Look at the little green nod we received with the last stimulus in comparison to the giant corporate feast of great bounty from a horn of plenty of socialism for you guys.

Maybe we just might get another pittance so we can get all haughty and carefree enough to pay a few bills or...gulp...the RENT! Wow.

Now, what it does to "fiscal conservatives", (where did they go, Libertarian Island?) is another matter.

I know it is devil may care, but money is an abstraction and if it is misused and used as a barrier in a democracy, then let it go up to a trillion trillion. We already are up to our ears for generations servicing our debt. There is no forecast of solvency this century, if ever. The economy and banks are all about debt, anyway.

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Response to NoMoreRepugs (Original post)

Sun May 17, 2020, 02:27 PM

9. One thing I never have understood about the national debt:

Whom do we owe the money TO? If there is a debt, that means there is somebody who owes the money and will have to pay it, and somebody else to whom that money will be paid, when the debt is paid off or paid down.

And doesn't mean that much of that debt cancels out? Because many or perhaps even most of those individuals or government or corporate entities to whom the debt is owed and will be paid are also individuals or government or corporate entities who also share the debt.

If Bob's share of the national debt is -- and I'm not going to try to do the math here, so I'll just pull some figures out of the air for purposes of illustrating my point -- if Bob's share of the national debt is one part out of 330 million parts, and if that comes to $30,000, let's say, but Bob is also owed $10,000 for an income tax refund, and if he also gets $10,000 from a federal grant for something or other, and if he sells some U.S. savings bonds that he's been holding on to for a long time and gets another $10,000 for those, then that adds up to $30,000 that he gets from the federal government, and that's his share of the national debt, which cancels out his share of the national debt, doesn't it?

What I'm saying is, everybody always moans about the deficit and the debt, but nobody ever acknowledges the fact that the existence of a debt includes the existence of a debtor. Aren't we in a closed global economy and everything ultimately adds up to zero?

-- Ron

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Response to Jeebo (Reply #9)

Sun May 17, 2020, 03:02 PM

10. See here:

https://www.investopedia.com/updates/usa-national-debt/
This is the DU member formerly known as stopbush.

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