Government

“Your Grandchildren Are Already in Debt It’s irresponsible to pretend that America can add splashy new social programs without finding a way to pay for them.” Steven Rattner

Tax cuts that increase deficits and debt are wrong

New programs that create ongoing liabilities are wrong

Wasting more and more money on interest payments is stupid

Thinking that simply taxing the rich will pay for everything is naive.

It’s like a couple in their 40s deciding to borrow money to sustain a lavish lifestyle and then leaving the debts for their kids to pay off after they’re gone.

On present course and speed, the United States is on track to experience the highest deficits in its history, reaching more than $2 trillion a year by 2029. Those annual gaps are projected to increase America’s total debt to nearly $33 trillion by that date, according to the Committee for a Responsible Budget. That’s double today’s level…

If we care about our kids and the country we are leaving them, Americans will make these tough decisions instead of continuing to duck them…

Source: NYT 2-11-19

7 replies »

  1. How about the billions the US wastes on nation-destroying/nation-building useless/endless undeclared foreign wars… plus the cost in human lives ??

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  2. .

    As Trump mentioned recently… how about the billions the US spends on nation-destroying/nation-building useless/endless undeclared foreign wars… plus the cost in human lives ??

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  3. The $22 trillion deficit doesn’t matter until no one or no country is willing to buy our debt and then a comet might as well strike the United States. I think that Americans are so used to living paycheck to paycheck that they don’t care. Things always seem to work out for them. As long as politicians can buy votes with entitlements they will not do anything about the deficit. Most people can’t imagine their mortgage debt or their student loan debt or not being out of debt, ever.

    Is $22 trillion even a real number to them? Put another way, if you converted the debt to miles, it would take 3.66 light years to travel the same distance at the speed of light. Like a fool, next year I’ll buy US Savings Bonds for the grandkids at a low interest rate to continue to support a drug addict call Congress. If the bonds crash so will the US dollar and Venezuela today will start looking like a great place to live.

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    • It matters in two other ways, the interest cost and the possible inability to borrow in a future fiscal crisis. The CBO raises serious concerns about both.

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      • We all talk about the national debt. According to the US Treasury, the unfunded liabilities that includes the national debt, medicare, social security, federal employees & VA benefits are about $122.5 trillion. If we can’t pay what we owe, how are we going to pay for the other $100.5 trillion that was promised? This works out to be over $1 millions per taxpayer. My wife and I are about $1m short, and that is all our investments and savings. Sorry. I do miss Ross Perot plain talk and charts.

        At some point, somebody going to get screwed.

        http://www.usdebtclock.org/

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  4. I watched president Trump’s news conference yesterday and when asked about what he thought of the deficit, he said growth would take care of it. I think what he meant to say was that he will be out of office before the chickens come home to roost.

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