usn ret Loc: SoCal High Desert

The national debt is approximately 29 trillion $$$$$$

This should help put into perspective


1 MILLION seconds ago was 11 days ago


1 BILLION seconds ago was 11 years ago


1 TRILLION seconds ago was when Neanderthals 1st painted their caves

ANON


put this on every bulletin board and telephone in America

Yes I know this will get to the attic....

lesdmd Loc: Middleton Wi via N.Y.C. & Cleveland

You have conclusively proven that the national debt is a big number and completely ignored that many economists maintain it is entirely manageable when considered in terms of the National Product.

wilpharm Loc: Oklahoma

MANY economists do NOT agree!!!

lesdmd Loc: Middleton Wi via N.Y.C. & Cleveland

Using capital letters will not make your argument more persuasive.

https://www.cnbc.com/2020/09/21/national-debt-krugman-reich-booth-duflo-oneill-spriggs-moyo-el-erian.html

Of course you have your contingent of conservative economists who are still preaching from the church of trickle down. Besides, my main point was that large numbers prove nothing.

wilpharm Loc: Oklahoma

liberal economists make your point a joke!!!

lesdmd Loc: Middleton Wi via N.Y.C. & Cleveland

I seriously doubt you have done any research and would rather rely on your built in biases. I have not seen any evidence that spending alone is a major concern as long as other indicators of economic health look good…and one of those indicators is unemployment.

DennyT Loc: Central Missouri woods

I have been hearing about the “ national debt “ for 50 years” from which ever party is not in power at the time.
The interest we pay on the debt is far far less than the other two categories- discretionary or supposed mandatory ( only mandatory cause politic made a law which could just as easily be unmade)

I don’t worry about the debt. I suspect I will be dead 50 years and people will still be talking about it.
Most don’t have a clue. One poster recently claimed China owned the majority of our debt.
There are lots and lots more important things to worry about than the debt.
- militaristic hegonomy around the world
- free trade with all
- investment in our strengths
- a culture of honesty not lies
- a culture of service before self

We could be so great but .....
Self

lesdmd Loc: Middleton Wi via N.Y.C. & Cleveland

Well said! 👍🏻👍🏻👍🏻

Old Coot

It,s only manageable if we pay for it with increasing taxes

lesdmd Loc: Middleton Wi via N.Y.C. & Cleveland

Nope! From an article in Investopedia

KEY TAKEAWAYS
Rather than raise taxes, governments often issue debt in the form of bonds to raise money.
During times of financial malaise, governments can buy back the very bonds that were issued, which was the policy called Quantitative Easing in the U.S. after the 2007-2008 financial crisis.1
Tax hikes alone are rarely enough to stimulate the economy and pay down debt.
There are examples throughout history where spending cuts and tax hikes together have helped lower the deficit.
Bailouts and debt defaults can also help a government solve a debt problem, but these approaches have notable drawbacks as well.

And, from the same source, a fair takes-away

The Bottom Line
The national debt level is one of the most important public policy issues. When debt is used appropriately, it can be used to foster the long-term growth and prosperity of a country. However, the national debt must be evaluated in an appropriate manner, such as comparing the amount of interest expense paid to other governmental expenditures or by comparing debt levels on a per capita basis.

It is not all “doom and gloom” but neither is it reason for celebration. Nuance in complex issues should always be considered.

boberic Loc: Quiet Corner, Connecticut. Ex long Islander

Our national debt is a disgrace. And our politicians do nothing to reduce it. Their voters are responsible. It's the reason for China's stranglehold in us. It must be reduced. But those spineless politicians won;t

lesdmd Loc: Middleton Wi via N.Y.C. & Cleveland

I see that you are a regular contributor to the attic. Your quiet corner of Connecticut must be so insulated that few of the comments on this topic have penetrated your sanctum.

DennyT Loc: Central Missouri woods

China holds less than 4% of the debt .

pendennis

We should be looking at rampant inflation because the debt has increased so radically because of "COVID" spending, and this is a knock on both parties. We should also be looking at prime rates of over 8%. But since the Fed acts as a central bank and a non-market entity, they are able to "hide the weenie" as far as inflation and high interest rates go.

You probably remember the late Seventies and the so-called "Misery Index", a combination of the inflation and unemployment rates (oxymoronic on its face), but a political rationality to display the general malaise of the U.S. at the time.

The Fed gets away with this facade because all countries around the world will buy U.S. debt. As long as U.S. debt has cachet no consequences will be felt. Also, other countries with central banks also do the same. So, as long as everyone stays in line, then the Fed can continue its sleight-of-hand routine.

Short term, it's sometimes necessary to raise debt ceilings to meet true crises, whether natural or man-made. The problem is that things never go back to pre-crises levels. Governments grow, as with the Great War, WWII, the Great Depression, etc. The only time when government growth ever came close to coming back to pre-crisis levels was after The Great War, when Harding and Coolidge did pay down the National Debt without raising taxes.