Trump’s nonsensical claim he can eliminate $19 trillion in debt in eight years

[CPUd]

Trump’s nonsensical claim he can eliminate $19 trillion in debt in eight years

Trump’s nonsensical claim he can eliminate $19 trillion in debt in eight years

By Glenn Kessler April 2 at 7:13 PM

Donald Trump: “We’ve got to get rid of the $19 trillion in debt.”

Bob Woodward: “How long would that take?”

Trump: “I think I could do it fairly quickly, because of the fact the numbers…”

Woodward: “What’s fairly quickly?”

Trump: “Well, I would say over a period of eight years. And I’ll tell you why.”

Woodward: “Would you ever be open to tax increases as part of that, to solve the problem?”

Trump: “I don’t think I’ll need to. The power is trade. Our deals are so bad.”

Woodward: “That would be $2 trillion a year.”

Trump: “No, but I’m renegotiating all of our deals, Bob. The big trade deals that we’re doing so badly on. With China, $505 billion this year in trade. We’re losing with everybody.”

— exchange during a Washington Post interview, March 31

Of all the wildly impossible assertions made by Donald Trump, the notion that he could eliminate the nation’s $19 trillion in debt in just eight years ranks near the top. Trump suggests he can manage this feat simply by cutting better trade deals.

If only it were that easy. As we have noted repeatedly, eliminating a trade deficit does not mean the money ends up in government coffers. (Morever, Trump is wrong to say the trade deficit with China is $505 billion; it’s $366 billion, according to the Census Bureau. The trade deficit with all countries is $531 billion.))

But here’s some basic math that shows why this is a fantastical notion.

...

https://www.washingtonpost.com/news...-eliminate-19-trillion-in-debt-in-eight-years

 

[Ronin Truth]

Gee, that would only leave ~$200 TRILLIONS, in debt, left to eliminate.

Maybe in his 2nd term.

LMAO!

(Default and total US government debt repudiation would do the trick, nicely.)

 

[acptulsa]

Gee, that would only leave ~$200 TRILLIONS, in debt, left to eliminate.

Maybe in his 2nd term.

LMAO!

(Default and total US government debt repudiation would do the trick, nicely.)

Sure. Screwing every U.S. citizen with savings bonds would be a much 'better deal'--for the government.

 

[Ronin Truth]

Sure. Screwing every U.S. citizen with savings bonds would be a much 'better deal'--for the government.

And even much more better for the tax (extortion) payers.

 

[FindLiberty]

Easy, 20 Trillion just goes away instantly the moment spending stops.

That money does not get "paid back", the spending just needs to STOP.
Sure, economic Armageddon and well, ...that will last for many decades.

....maybe cut all gov jobs, tear up gov pension contracts, slash spending,
pink slips, sell all overseas military bases and weapons to the highest bidder.

The future promises would need to go too:.
No more risk of SS collapsing if it's already gone.
Healthcare? Who has time for that when looking for work/food/water/shelter?
Not happy with those gubermint skools? POOF, no more.

Build a wall around D.C., lock all the politicians in,
cut the AC and let them use wind and solar for their
energy needs, take away their coercive power too.

Slash laws and regulations, all of them.
Liberty could start to grow back, but only
if the collectivist weeds can be "controlled". lol

Eight Months? It could be all done in eight weeks w/extra ammo.

 

[Ender]

Too bad Trump & the journalist know nothing of finance.

Get rid of the FED.
Get rid of fractionalized banking.
Bring back the gold standard.
Get fed gov out of business.
Let REAL capitalism exist again.

 

[Ronin Truth]

Too bad Trump & the journalist know nothing of finance.

Get rid of the FED.
Get rid of fractionalized banking.
Bring back the gold standard.
Get fed gov out of business.
Let REAL capitalism exist again.

Reestablish the Year of Jubilee!

"It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world." -- Thomas Jefferson

 

[spudea]

the trade deficit does affect the national debt. The US dollars sit in foreign banks, and they then buy US treasury bonds, now represent a debt obligation of the USA.

money is debt

 

[Ender]

the trade deficit does affect the national debt. The US dollars sit in foreign banks, and they then buy US treasury bonds, now represent a debt obligation of the USA.

money is debt

There is no REAL money- only key strokes. The dollars are worthless.

 

[Ender]

Reestablish the Year of Jubilee!

"It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world." -- Thomas Jefferson

AMEN.

 

[Zippyjuan]

Eight years- $19 trillion. All you have to do is raise taxes by about $3 trillion a year. No problem.

 

[CPUd]

Eight years- $19 trillion. All you have to do is raise taxes by about $3 trillion a year. No problem.

Trump says he won't raise taxes, instead he'll just get rid of the bad deals and make good deals.

 

[Ronin Truth]

[h=1]Economics Professor: “[We’ll Have] a Never-Ending Depression Unless We Repudiate the Debt, Which Never Should Have Been Extended In The First Place”[/h]Posted on July 20, 2011 by WashingtonsBlog


Preface: Regular debts which are knowingly and honestly incurred should be repaid. This essay focuses solely on debts which are involuntarily incurred by politicians at the expense of the American people – and which do not benefit the public, but only a handful of bankers and defense contractors – and debts based upon false promises.

http://www.washingtonsblog.com/2011/07/economics-professor-well-have-never.html

 

[Krugminator2]

Economics Professor: “[We’ll Have] a Never-Ending Depression Unless We Repudiate the Debt, Which Never Should Have Been Extended In The First Place”

For some reason this part of the quote got left out of title.

"We should write the debt off, bankrupt the banks, nationalize the financial system, and start all over again.

If we keep the parasitic banking sector alive, the economy dies. We have to kill the parasites and give a chance to the real economy to thrive once more and stop the financial [crooks] doing what they did this time around ever again."


https://en.wikipedia.org/wiki/Steve_Keen
"The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, "

 

[AngryCanadian]

Get rid of 800 bases around the world and watch the debt lower it self down.
Stop wasting on useless arming the rebels program.

 

[65fastback2+2]

he's just thinking he'll declare bankruptcy and write off all the debt like he usually does heh

 

[VIDEODROME]

He's gonna negotiate the debt away?

 

[Crashland]

Why would reducing the "trade imbalance" reduce the debt? He keeps talking as if just because we buy more from China than they buy from us, that this somehow contributes to our national debt?

 

[Ender]

He's gonna negotiate the debt away?

I'll take Shatner any day.

 

[Ronin Truth]

Get rid of 800 bases around the world and watch the debt lower it self down.
Stop wasting on useless arming the rebels program.

and the US runaway inflation skyrocket, before the ultimate inevitable FRN crunch collapse. Debt is not money.