U.S. national debt tops $34 trillion
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- Опубликовано: 28 июл 2024
- Both houses of Congress passed a stopgap bill that would extend funding for the federal government until March. This marks yet another stopgap bill that gives more time for Congress to come to a more permanent consensus on long-term funding plans. It seems, however, to have little effect on the overall markets, raising questions about whether or not investors truly care about fears of a shutdown.
American Action Forum President Doug Holtz-Eakin joins Yahoo Finance to discuss the recent measures taken by Congress, what they mean for investors, and what it means for the federal government's handling of its financials.
Holtz-Eakin lays out what should concern investors most: "The major concern should be that if the government gets shut down, the rating agencies take this as another piece of evidence that the US is unable to manage his finances and you get another... negative watch, downgrade to the credit rating. That's a big deal, and investors should care about that. The larger issue here is the capacity of our political system to manage the federal finances."
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Never put a bunch of lawyers in charge of your finances.
Trump: $19T(2016) to $26T(2020)
Biden: $26T(2020) to $34T(2024)
American always overspends no matter who is in charge
100% true.....eventually the house of cards will collapse
It's always been that way... No party is better than the other... And people always harp on how great Reagan was!?!?!? He wasn't no better....
We spend money on everyone who is not U.S Citizens... UKRAINE, ISRAEL, TAIWAN, ILLEGALS and LEGALS... INTERNATIONAL CORPORATIONS and an Endless BLACK BOX of Money for a MILITARY to Protect their interests.....The MIDDLE CLASS and WORKING POOR PAYS For it All!
Next stop, 50 trillion !
TODAY THEY ARE PAYING 1 TRILLION DOLLARS IN INTEREST
@@rp7r54 And have a deficit of 1,7trillion dollars, that they need to borrow every year. So in two years they will be over 37trillion in debt, if not more.
If it counts, the TOTAL debt is almost reaching 100 trillion.
>Since that speech by President Nixon in August of 1971 the US dollar to Gold link has been severed. This allowed US Federal Governments to spend in huge deficits each year since then except for a brief period in the mid-nineties. The effect of this has been that the US dollar has continually been devalued. A US dollar today is worth about three cents compared with a US dollar of the 1971, a factor of roughly thirty times.
>This devaluation of the US dollar is the real source of inflation. The reason is simple: it takes more of these devalued dollars to buy anything. The factor clearly, again, is thirty times. Look at the prices of things in 1971 and today. Just about everything is more expensive by a factor of thirty times. The increase in prices is simply the reaction to this devaluation of the dollar. Wages and salaries have not kept pace with this.
>The bottom line is that over eighty percent of all new wealth created since 1971 has ended up in the hands of one percent of the population, offshore and not taxed. The Federal government has replaced that lost taxation with public debt. In 1971 it was possible to purchase a very modest home for $10,000 but today that same house costs $300,000. More to the point: in 1971 a single-family income could buy that house, whereas today it takes two household incomes plus debt to support a family income.
Thank you for reading. Please comment.
U.S. national debt to other countries -
Japan - about $1 trillion
China - about $900 billion
England - about $600 billion
Nearly all of U.S. debt is owed to Americans in the form of Social Security and other guaranteed government programs that citizens paid into. But propaganda would have one believe foreign countries own most of the debt when right now foreign countries combined only own about $7 trillion of it. Still a lot of money and both parties should balance the budget WHOEVER IS IN CONTROL OF CONGRESS AND THE WHITE HOUSE.
It's ok.. Keep printing
All the best for further trajectories on Debt Ceilings.
"Fiscal Discipline" - sadly most politicians don't understand that phrase and you're going to need to use smaller words if you want politicians to understand you. What you've got to do is explain it like they're toddlers with learning disabilities: "If you waste the money people give you, that makes people sad :(. If you borrow money, that means you have to pay it back, and when you can't pay it back or you make new money so you don't actually have to pay them back what they gave you, that makes those people sad :(. And If you borrow and waste people's money too much, they won't want to be your friend :(."
Compound interests works both ways…it can make you rich or make you poor. While GDP grows with leverage, eventually you only have money to pay the interest on the debt. Know this and one may or may not think different.
Its around a trillion a year now - we're already past that point.
we will just devalue the US dollar and make the debt affordable…same old song and dance. Plus conflict can make us hold our position as head dog…the end is always near but who knows when eh! @@mscolli3
No wonder there is no recession!
1st class country, 3rd class wealth
3rd Class Wealth!
They have many times more wealth than they have debt.
@@Fissan_Poulsen now it nearered half of their Wealth.
That fine brown sugar 😚😙😘😘
Thank you Joe Biden!
Joe? Thank you Nixon
Yup the debt levels since 2021 have gone through the roof.
Bad bad news for everyone else
It’s every president and fed chairman ☕️
FYI. Biden raised it by $4.8 trillion. Trump raised it by $8.4 trillion.
@@hyakushiki23If you look at the factual numbers, Trump added twice as much to the national debt than Biden has.
For all the debt worriers just remember, Biden raised it by $4.8 Trillion. Trump raised it by $8.4 trillion.
Wrong. Quit spreading misinformation. Biden raised it over 6 trillion since he took office in January 2021. There's still 1 year before his term is over so by that rate it will be the same amount as Trump.
Then there is the little itty bitty issue over the initially necessary lockdowns, the stimis, the expansion of mediaid & all the bailouts as a result of Rona. After the vaccines were available & generally deployed, there was a much lower material need for fisical deficits.
That's a blatant lie
@norm2264 You're referring to me or to him.
@norm2264 Yes, there were a lot of lies, but the presumption, at least initially, was that the lockdowns were necessary & effective, as that was the default option. How necessary & effective is now very debatable. Yes, the vaccines were not as safe & effective as advertised as promoted. In fact, there is emergent evidence that the operationally deployed vaccines now have an overall cost benefit profile of being negative & should not be generally administered.
Actually, when they were initially, after the vaccines were first deployed, the claim was that they stopped transmission & prevented infection. They were lying as the evidentiary data from the actual doubled blinded controlled trials most absolutely certainly did not support the hypothesis that it stopped tranmission & prevented tranmission.
Yes, there were lies by Fauci & Pfizer & all the ppl in the CDC that did parse through the trial data results. Active lies & passive lies by not telling the truth as they were duty & ethically bound to by oath. The world luck out, it did work to some limited extent against covid intially for those that were yet to be infecte who were also elders like over 65 years old & those younger with factors like being grossly overweight, with asthma, etc.
Also, the production Mrna Pfizer/Moderna vaccines was not the same product as that used in the trials & were possibly much less dangerous. Pfizer & Mordena did do a bait & switch in that trial & production vaccines were of vastly different quality, as in production deployed EUA & later fully approved vaccines were off inferior quality as they had very much more in the 1 to 2 Magnitude scale of DNA fragments than was generally considered to be acceptable & safe.
80 million people voted for this
who cares f---k it
what national debt lmfaoo all they do is turn on the printers why do you think crypto will BOOM!!!
Thank you Joe Biden!