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At $23 Trillion, the U.S. National Debt Already Exceeds the Size of the U.S. Economy
Remember the last time the deficit hit $1 trillion? It was 2012, and the country was just beginning to climb out of the worst recession in decades. Now fast forward to today. The Congressional Budget Office -- Washingtons trusted fiscal watchdog expects the federal government to hit that trillion-dollar mark this year. Thats nothing to celebrate.
Now fast forward to today. The Congressional Budget Office -- Washingtons trusted fiscal watchdog expects the federal government to hit that trillion-dollar mark this year.
Thats nothing to celebrate. In fact, its dangerous. At $23 trillion, the national debt already exceeds the size of the U.S. economy. This years deficit simply pours more gasoline on an already raging fiscal fire.
All of this is happening while America is experiencing one of the longest economic expansions in the countrys history with unemployment at historic lows, wages rising (especially for those with lower incomes), and an economy that continues growing and expanding despite headwinds.
Thats exactly the problem. It is simply unprecedented for the American nation to shoulder such high levels of deficits and debt at a time of relative peace and economic prosperity.
Way back in the 1960s, economist Milton Friedman wryly observed, "We are all Keynesians now." But even John Maynard Keynes wouldnt have countenanced todays deficit spending. According to Keynes, governments should be accumulating surpluses during economic boom times to help counteract business cycle contractionsnot expand government spending, regardless of season. The latter is a recipe for fiscal collapse.
Now fast forward to today. The Congressional Budget Office -- Washingtons trusted fiscal watchdog expects the federal government to hit that trillion-dollar mark this year.
Thats nothing to celebrate. In fact, its dangerous. At $23 trillion, the national debt already exceeds the size of the U.S. economy. This years deficit simply pours more gasoline on an already raging fiscal fire.
All of this is happening while America is experiencing one of the longest economic expansions in the countrys history with unemployment at historic lows, wages rising (especially for those with lower incomes), and an economy that continues growing and expanding despite headwinds.
Thats exactly the problem. It is simply unprecedented for the American nation to shoulder such high levels of deficits and debt at a time of relative peace and economic prosperity.
Way back in the 1960s, economist Milton Friedman wryly observed, "We are all Keynesians now." But even John Maynard Keynes wouldnt have countenanced todays deficit spending. According to Keynes, governments should be accumulating surpluses during economic boom times to help counteract business cycle contractionsnot expand government spending, regardless of season. The latter is a recipe for fiscal collapse.
https://nationalinterest.org/blog/buzz/23-trillion-us-national-debt-already-exceeds-size-us-economy-118416
What ever happened to the facial conservatives and why have the disappeared in the last 3 years.
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At $23 Trillion, the U.S. National Debt Already Exceeds the Size of the U.S. Economy (Original Post)
Mr. Sparkle
Feb 2020
OP
Don't worry, Repubs will start caring again when Dems re-take the White House
Blue_Tires
Feb 2020
#4
safeinOhio
(32,635 posts)1. Going to need a bigger umbrella..
to keep all that trickle down raining down on us from those tax cuts. Pay for themselves, as I recall.
C_U_L8R
(44,986 posts)2. The Trump Deficit
Isn't this how he bankrupted unbankruptable casinos?
global1
(25,224 posts)3. You Beat Me To It With Your Reply....
1,000 % ++++
Blue_Tires
(55,445 posts)4. Don't worry, Repubs will start caring again when Dems re-take the White House