National debt hits $21 trillion

[enhanced_deficit]

I thought debt would decrease under GOP cut-spending/small gummit regime:

Saturday, March 17, 2018

National debt hits $21 trillion

Federal borrowing has been on the rise again since February, when Congress passed legislation to suspend the debt ceiling. (Mark HumphreyAP)






The national debt exceeded $21 trillion for the first time on Thursday, a little more than six months after it hit first $20 trillion on Sept. 8.
The national debt was $21.031 trillion on Thursday. The government releases total debt figures each business day, but it lags by one day.
Federal borrowing has been on the rise again since February, when Congress passed legislation to suspend the debt ceiling. That move allowed the government to borrow as much as it needs to fund the activities approved by Congress.

https://www.washingtonexaminer.com/news/national-debt-hits-21-trillion




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[enhanced_deficit]

Very concerned that this could spark Tea Party 2.0 movement since leaving massive debts for our grand childrens is highly unacceptable.

Tea Party Revolts Against Obama's Budget as Debt Exceeds $19 Trillion
thefiscaltimes
Feb 4, 2016 - But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn't welcome to testify because the administration wasn't serious about addressing the mounting national debt – which reached an historic $19 Trillion




Related

Mike Pence: “I was Tea Party before it was cool”

 

[kcchiefs6465]

So what, if he gets elected another term we are going to hit 30 trillion?

Does anyone not understand why this is not sustainable?

 

[acptulsa]

I thought debt would decrease under GOP cut-spending/small gummit regime:

No doubt it would. Must be why we can't have nice things like that.

 

[Anti Federalist]

I thought debt would decrease under GOP cut-spending/small gummit regime

LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

 

[acptulsa]

LOL - What in the world gave you that idea?

That said, who cares?

At $21 trillion, this is now purely academic, this debt will never be paid, it can't be paid.

There are only three options:

A - Kick the can down the road indefinitely, or at least until that becomes impossible, which then leaves only options B and C.

B - Default and tell all our debt holders to pound sand.

C - War.

There's a fourth option, and it's far more likely than the other three. We can print 21 trillion FRNs, and use those to pay off the bonds.

Of course, we had better be ready to insist on getting our pay in bitcoin or silver or whatever we can get, because by that time a loaf of bread will cost $175,000 FRNs.

 

[Anti Federalist]

There's a fourth option, and it's far more likely than the other three. We can print 21 trillion FRNs, and use those to pay off the bonds.

Of course, we had better be ready to insist on getting our pay in bitcoin or silver or whatever we can get, because by that time a loaf of bread will cost $175,000 FRNs.

Yes, you are absolutely right, I had forgotten about Option D - Inflate and pay back in worthless FRNs and/or 0 and 1s.

Then again, that's just another way skinning the cat, another way of carrying out Option B.

Which, of course, leads to Outcome C

All we gotta do is print up one of these, and poof, no more debt and plenty left over.

 

[oyarde]

I am going to party like it is 1989 . Going out for a steak .

 

[TheCount]

Now that the national debt is a patriotic, military growing, pro-American debt, it's a good thing rather than a bad thing like it was when it was an anti-American, Muslim debt.

 

[oyarde]

Now that the national debt is a patriotic, military growing, pro-American debt, it's a good thing rather than a bad thing like it was when it was an anti-American, Muslim debt.

It is a horrible thing but it is not going anywhere .

 

[oyarde]

There's a fourth option, and it's far more likely than the other three. We can print 21 trillion FRNs, and use those to pay off the bonds.

Of course, we had better be ready to insist on getting our pay in bitcoin or silver or whatever we can get, because by that time a loaf of bread will cost $175,000 FRNs.

Ya , in preparation I have pretty well given up luxuries like bread , cigarettes , donuts , candy and such . I just dehydrate my own fruit , grow my own veggies and eat meat . I just invested all those other FRN's in Ammo .

 

[fedupinmo]

Prophecy...



Maybe if we spend just one more...

 

[kcchiefs6465]

If interest rates go to five percent, what then?

What about fifteen percent?

Then the train ride ends. If you are dependent on government for anything, Social Security, housing, etc. you should really start considering other options as this show will fall apart if the Federal Reserve cannot keep interest rates near zero. Which they can't, forever.

 

[Kilrain]

If interest rates go to five percent, what then?

What about fifteen percent?

Then the train ride ends. If you are dependent on government for anything, Social Security, housing, etc. you should really start considering other options as this show will fall apart if the Federal Reserve cannot keep interest rates near zero. Which they can't, forever.

Forever is a long time. But we all know interest rates cannot be raised in any meaningful way in the foreseeable future, because it would tank literally everything. Ten years ago, the interest rate on our mortgage was 6 %. It's now 1.5 %. If mortgage interest rates shot back up to 6 %, it would mean that people would have to spend a huge percentage of their incomes just paying interest, because housing prices have been inflated by the low cost of borrowing. Which would mean they wouldn't spend it at restaurants or buying various widgets, which would mean that a lot of businesses would have to cut back/shut down, which would cause unemployment and people unable to pay their mortgages. The end result would be a negative feedback spiral killing the entire economy.

I think "the plan" is to keep things going until we hit a wall. Because our only options are collapse now or collapse later. And no one in power wants collapse now, even if it would be a smaller collapse than the one waiting down the road...

 

[Anti Globalist]

And this just had to happen on my birthday.

 

[kcchiefs6465]

And this just had to happen on my birthday.

Cheers. Happy Birthday.

 

[timosman]

Forever is a long time. But we all know interest rates cannot be raised in any meaningful way in the foreseeable future, because it would tank literally everything. Ten years ago, the interest rate on our mortgage was 6 %. It's now 1.5 %. If mortgage interest rates shot back up to 6 %, it would mean that people would have to spend a huge percentage of their incomes just paying interest, because housing prices have been inflated by the low cost of borrowing. Which would mean they wouldn't spend it at restaurants or buying various widgets, which would mean that a lot of businesses would have to cut back/shut down, which would cause unemployment and people unable to pay their mortgages. The end result would be a negative feedback spiral killing the entire economy.

I think "the plan" is to keep things going until we hit a wall. Because our only options are collapse now or collapse later. And no one in power wants collapse now, even if it would be a smaller collapse than the one waiting down the road...

 

[Madison320]

Forever is a long time. But we all know interest rates cannot be raised in any meaningful way in the foreseeable future, because it would tank literally everything

I agree. We passed a key "milestone" maybe five years ago or so where we physically can't raise rates because we can't afford the interest on the national debt. So far we've been lucky, but at some point we're going to have to fight price inflation and then we're screwed.

 

[Madison320]

Now that the national debt is a patriotic, military growing, pro-American debt, it's a good thing rather than a bad thing like it was when it was an anti-American, Muslim debt.

Yup. There's 3 groups. Those that always think debt is bad, those that think only democratic debt is bad, and guys like you who only think republican debt is bad.

 

[Zippyjuan]

Yup. There's 3 groups. Those that always think debt is bad, those that think only democratic debt is bad, and guys like you who only think republican debt is bad.

Who was that who recently voted to add another $1 trillion or more to the debt by passing the tax cuts? Deficit hawks?