$23T in debt! Congratulations America!

BDinPutnam

BDinPutnam

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You forgot to thank Wilson for starting the Imperial Presidency, and Roosevelt for expanding it.

To say nothing of the hundreds of rootless douchehounds in and out of Congress over the last 100 years, not to leave out the countless armies of "give me stuff for free" constituents (of all stripes, left and right).
 
Pissed Off Patriot

Pissed Off Patriot

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You really can't blame Trump. He is just one man. You can thank Obama's last budget.

"Mandatory programs become an increasing share of the budget. Mandatory spending rises significantly under the president’s budget, nearly doubling from $2.3 trillion in 2015 to $4.3 trillion in 2026. "

www.pgpf.org

Analysis: The President's FY 2017 Budget

President Obama's budget keeps the debt from rising as a share of the economy, but it does not address the key drivers of our long-term unsustainable debt.
www.pgpf.org www.pgpf.org

"Budget deficits will grow to 2.8% of the economy, with a cumulative effect of increasing the national debt from $19 trillion to $27.4 trillion over the next decade, according to the Office of Management and Budget. "

www.usatoday.com

Obama's last budget proposal would spend $4.1 trillion

Obama's budget proposal to Congress contains ambitious election-year proposals.
www.usatoday.com

And George W's deficits were pretty low until the the results of Clintons policies came home to roost and caused the housing and stock market crash at the end of W's presidency. Of course, because it happened under Bush, the media and the Democrats blamed it on him, and the sheeple believed it.
 
tirwin1

tirwin1

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As a famous economist once said something that can't go on forever won't. This will not end well. The only real question is "when" will it end. I am personally absolutely amazed it has not happened yet. I don't know what is keeping things together and I don't think there is a single person alive that knows.
 
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holdover

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Ben Burnake said before a congressional hearing in 2012 that if congress continues to spend at the present rate The National debt will become unsustainable by 2028. Ie: the US GDP wont be enough to cover the interest payment . All paper currencies have failed.
 
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holdover

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www.davemanuel.com

What Would Happen if the United States Defaulted on its Debt?

What Would Happen If the United States Defaulted on Its Debt? What would the ramifications for the country be?
www.davemanuel.com www.davemanuel.com

Let's start from the top. In the event of a default, the nation's pristine credit rating would be trashed. This would result in much higher borrowing costs for the country - surely not a surprise.

Next up - the US dollar would absolutely collapse, as confidence in the country and its currency would evaporate overnight. Some people point to a country such as Argentina as evidence that a debt default is not such a bad thing - well, the Argentine Peso isn't the world's leading reserve currency. The collapse of the US dollar would cause absolutely havoc throughout the world. You think that the US dollar has experienced a large decline over the past couple of years? Watch what happens if the United States defaults.

The collapse of the dollar would lead to a sharp increase in the cost of nearly everything, as more US dollars would be needed to pay for imports. The collapse of the dollar would lead to a massive increase in inflation. Filling your car might cost $200 or more. Goods would soar in price.

Equity markets would crash. The housing market would crash even more as credit would become nearly impossible to obtain.

US consumers would be obliterated nearly overnight. Savings would be wiped out due to rampant inflation and the collapse of the major North American market indexes as well as the real estate market.
 
Jmac00

Jmac00

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if you think its bad now, wait for Sanders or Warren as POTUS, it would double within 48 hours of them taking office.

The Worlds economy would collapse within 24 after that. There would be a WWIII in no time
 
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