for fun lets see some guesses as to when you think the US Debt will hit 20 trillion.
My guess is Sept 15th
[quote=“Dennis3450, post:1, topic:109869, full:true”]
for fun lets see some guesses as to when you think the US Debt will hit 20 trillion.
My guess is Sept 15th [/quote]
I’ll take that bet.
I’ll say: Not Sept 15th - 
what a laugh it would be if you are wrong 
Rising national debt isn’t necessarily a bad thing. 
A sovereign government deficit is simply the mirror image to the non-government (private) sector’s saving.
Yes, and if I took $1000 cash advance against my credit card every month , only being required to pay back the interest, I would feel my personal finances are much improved. The debt based Keynesian economic system we have is not a good thing, debt is to our economy as cocaine is to the drug attic, it may make you feel good in the short term but there will be long term consequences.
bottom line , debt like drugs, tends to be abused
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There’s a big difference between you, a private citizen, vs. a sovereign government who can issue its own currency. Your credit card has a credit limit. At that point, you can’t get any more cash advances. The government has no such limit.
What economic system would you consider “good”?
credit card limits can be raised just as the government can raise it’s debt limit, and with the creation of cryptocurrency private citizens can indeed issue there own currency. back to the debt issue. Chart below should scare any sane person with the most elementary understanding of economics. this raise in personal debt and decline of savings is not sustainable, This will lead to a massive global financial crash the likes non of us has ever seen, it could be next year or 20 years from now , but it is going to happen
solution to this mess will be in my next post
Any updates? 
Here is a list of 12 things off the top of my head, it would likely require a second American Revolution to enacted them but the US and World would be a better place in the end
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Here is a short video to explain Item #11 on my list, Negative Income Tax with Universal Basic Income
not that i have anything interesting to add to this debate of the “always legendary speed of USA making debts since 1945” but one thing id like to mention off topic since someone mentioned it:
the keynesian system has been abolished long time ago. we are not on the keynesian system since the 1970ies. if we were then some things that are normal today would not be possible.
its been replaced by Hayek’s interpretations (Nobel price awarded for this work) of the Austrian School economic model:
I must disagree, this is what Wikipedia says about Fed Chairwomen Janet Yellen
"Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle."
and if you look up Ben Bernanke you will see he too is a Keynesian
What economic courses have you taken? I’m not talking about any books that you read. I mean actual tuition paid classes of economics.
Back to your debt issue… It’s better to compare your family and the government, rather than your self and the government. Say you borrow from your significant other, how much debt does your household have? What ever you borrowed! However, your household also owns the debt, so it equals out. It’s the same with the (and most) governments. Which is why Japan’s 200% debt to gdp isnt a big deal. Guess who owns that debt? The Japanese!
Also, look up the trilema of central banking.
I am self educated on matters on economics, and real world experience of the evils of personal debt.
Not sure what good paying tuition to a college would do as most economic professors in American schools these days are pure Marxist, and they would be just as opposed to our central banking system as I am.
The American government is not borrowing from it’s self, it is borrowing from the Federal Reserve Bank,
From Wikipedia "Federal Reserve System considers itself “an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress”
Bank of Japan works very differently from the US Federal Reserve
US currently spends about $250 billion a year just to pay the interest on the debt, this is money going to holders of our dept including foreign governments, this is money that could and should be used for our neglected infrastructure
Debt is never a good thing, but when governments acquire debt with no intention of ever paying it back, it becomes criminal
You do realize that if you can borrow at 1% interest and grow at >1%, then you should do it, right? There’s an opportunity cost in not borrowing when it is feasible. Why do you think companies are willing to take on debt? To grow. It’s the same for countries. And also, the federal reserve is not some foreign entity so the debt is still locally owned. Debt is only a problem if you stop growing and cant pay it back.
Also, most economic professors are Marxist? Source? That sounds ridiculous. Almost all economists agree on the same things dude…
Andrew, I feel we are going in circles here,
Your 1% interest is great for large corporations , but it comes at the expense of the middle class, in the past we could expect our savings to earn 5% or more on long term CD’s, this is how the middle class built wealth and continued to live well into retirement. Today retirees are lucky to get 1% on their savings, as a result they are burning through their savings, and will either die broke or worst, out living their money and become a burden to their children, not to mention no inheritance to pass down.
Bottom line, your artificially low interest rates are sucking the life out of the middle class, and your debt based Keynesian economics will crush future generations as they will feel to full burden our debt with no benefits
1% is also great for middle class who want to borrow money to own a home so when they retire they will have fewer costs…
US Debt tops $20 trillion , when did this happen, I have been so busy with the hurricane I completely missed it
[quote=“Dennis3450, post:1, topic:109869, full:true”]
for fun lets see some guesses as to when you think the US Debt will hit 20 trillion.
My guess is Sept 15th[/quote]
[quote=“Clint, post:2, topic:109869, full:true”]
I’ll take that bet.
I’ll say: Not Sept 15th - [/quote]
[quote=“Dennis3450, post:18, topic:109869, full:true”]
US Debt tops $20 trillion, when did this happen, I have been so busy with the hurricane I completely missed it[/quote]
Not Sept 15th – I win –
Clint, congrats on your bold prediction, but it does not answer my question, not only are we above $20 trillion but we are 16% of the way to the next trillion, was there a lump some payment for some new war or weapons system.
last two presidents have each doubled the national debt, l hope we are not looking at this clock to hit $40 trillion in 8 years