What do you do when you’re so far in debt that your annual interest payment amount is so high that it’s getting close to your annual income?
Why, all you need to do (according to the U.S. government) is borrow (and spend) more and go deeper into debt.
We all know what happens in the end:
After decades of irresponsible, profligate federal spending by Congress and presidents, and the Federal Reserve printing money like we may run out of ink any day, our economy now has an entrenched addiction to easy money and Congress has the same addiction to spending whatever it wants, regardless of revenues. There is never even a serious discussion about living within its means.
Read the whole thing, although you probably don’t need to.
If they were actively *trying* to bankrupt the country, what would they be doing differently?
We need (after the Purge), some kind of balanced-budget amendment coupled with a Constitutionally mandated cap on spending. Something like “Congress may spend no more than an amount equaling 3% of the average Gross Domestic Product of the prior 10 years”. And defenestrate anyone who recommends deficit spending.
You mean I’m not supposed to pay off my Visa card with my master card this month, and then next month pay off the Mastercard with my diners club card? – rinse and repeat?
It’s the Obama banking system. Or the Al Gore fuzzy math calculator – liberalism and RINO republicanism – “SPEND YOUR WAY OUT OF DEBT”
Soon enough only Elon Musk will be able to afford a loaf of bread… Ya got change for 30 trillion?
At some point, which we have perhaps already passed, it’s going to be reasonable to disown the entire thing.
GeekwithA.45,
You’re right. And then what will happen? the world economy will crash further than 1929. Will the ChiComs get mad and go to war or demand that the US government hand over national parks, national resources etc?
JQ
The Chicoms have no capacity to make actual war against us, or enforce their will upon us, except through our own traitorous elites. If they want our national parks, well, as a famous Greek once said, “molon labe, y’all.”. 😉
A crashed world economy would disconnect, and it would all go local, you’d have to rebuild from first principles, which is pretty much what you have to do when your house of cards collapses.
The gov’t debt is well over $200,000 trillion, an amount that can never be repaid, and thus, will not be repaid. What happens after that is anyone’s guess. My suggestion is that all individuals consider only themselves in that regard (I didn’t spend that money nor did I hire anyone to do so) and set yourself up in all ways so as to buffer whatever the future might hold.
Agreed. For poor and middle class – take some of your money and purchase things that don’t go bad right away or even not at all. Buy things like Paper towels, canned foods, seeds for a garden, a couple of propane tanks filled up along with a gas grill. Tooth brushes, toothpaste, clothes , extra shoes boots etc. all this stuff will see higher costs (inflation) and once you have it , you’ll have a buffer.
When shortages come, you’ll have some of what you need. You won’t need to leave your house and deal with the shit heads at the stores who didn’t buy ahead.
If you are upper middle class or wealthy , invest in a 2nd home, a 3rd vehicle, more guns, gold and silver etc.
Keep some money in the bank of course and always pay your bills so you keep your house and electricity etc. don’t go into debt like the govt if you can help it.
Just realize inflation, shortages of goods, and laborers to do things will be way out of whack in the near and not so near future.
The shit has been brewing for a while , but this dementia patient RUINING not running the show, along with his prostitute side kick have seriously butt fucked the country.
“Joeflation.”
We’re going to relearn the difference between “currency” and “money”, and it will hurt.
My thoughts on a balanced budget amendment that the pols would take seriously:
1. Budget process must BEGIN w/estimating fed income for the year;
2. The budget cannot exceed this estimate, UNLESS the pols (and any party that the majority of the members vote for the excess) have to pay out a percentage of campaign contributions and funds at a rate from 3x-5x the pctg. of excess, a 10% overspending creates a 30-50% deduction from ALL campaign contributions and campaign funds, including ‘in kind’ donations. Such in kind donations have to be paid by the contributor.
3. There is a quarterly reckoning for income, so that the above penalty is increased and applied if the budget is not properly adjusted for shortcomings.
4. The ONLY way to avoid the penalties is if an excess of a 4/5 supermajority votes to certify the budget.
Balanced budget at this point? No offense but BWA HA HA HA.
we would have to more than balance. We would have to live way below our means to even touch interest on the debt.
The dollar is ink on paper. The value is perceived. And the rest of the world is slowly but surely realizing that the perceived value is amounting to snake oil from the Washington district of corruption crew.
There’s a balanced budget only if someone else much later is willing to bite the bullet and say, “Austerity.” Democrats all say, “Party! Here’s some money to spend !”
Charlatans.
Forgot to add:
5. All of the ‘budget buster’ campaign fees will be used to pay down the national debt.
Democrats get money from big corporations. Many small businesses were shut down and went out of business by design during Covid 19.
We are sometimes forced to do business with the big box corporate assholes.
Now. The dems and even the rinos get money that was ours – in the form of bribes – I mean – donations from our corporate friends.
And the bribes – sorry – I mean donations – are not buying things that help us little peasants.
Debt is only a problem for those who hold the note. Hyper inflation will cancel all that out anyway, when they start adding zeros to the currency.