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Budget Deficit

It is now just a matter of time before the US has to declare bankruptcy. We owe more money than we will ever be able to repay. Just the interest on it is astronomical. We can't even pay the interest so it just keeps growing. Has a country ever declared bankruptcy before? What happens? Will our creditors force a foreclosure and seize our assets? How can other governments have enough money to run their country and then have some left over to let us borrow some?
How can we borrow money from one country and then turn around and give it to another country as foreign aid? Then we still have to pay the interest on it. None of this makes any sense.
Our large cities are already bankrupt. Instead of forcing them to balance their budgets, the Federal government is going to give them money to stay afloat. Guess where the Federal government is going to get the money? That's right, borrow it.

I don't see us going bankrupt. I worry more about the inflation or deflation from the debt. Taxes are going up no matter who's in office but hey stockmarket just hit a record high yesterday. So set back in your rocker and tell us all how high your 401 k is doing just like when we were riding the Trump train.

Stock market is going up short term because of all the free money that the government is printing. All of the millenials are getting that free money and gambling on the stock market with it. They don't need it and the government is giving it to them so they are gambling with it.

Economics 101...if you keep borrowing money and can't pay it back you go bankrupt. If you spend more than you make, you go bankrupt. You must work for the government. They are the only people that think there is a never ending supply of money.

The National Debt is about 28 trillion. Ding dong donnie added 7 trillion to it in 4 years. So what about 25% of that is on his shoulders. Of course y'all find somebody else to blame it on. Wait for it in 5..4..3..2..

__________________
I have to say yall got a good little support group going. Huddle together so yall can keep warm...trackdriver

"Kim Jong-Un speaks and his people sit up at attention. I want my people to do the same.” An actual sitting US President said that. Let that sink in.

quote:

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Originally posted by Wingman66
The National Debt is about 28 trillion. Ding dong donnie added 7 trillion to it in 4 years. So what about 25% of that is on his shoulders. Of course y'all find somebody else to blame it on. Wait for it in 5..4..3..2..

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Does anyone really have any idea how we are going to pay it back? It doesn't matter who is President. The best that they could even hope to do is balance the budget and that is just a pipe dream. Even then we still owe 28 trillion and counting plus that pesky interest. At what point will our creditors demand payment? How are we making payments on that 28 trillion? We went 7 trillion further into debt in the last 4 years. How much farther will we get behind in the next 4 years. Because of the interest, we can't catch up. We can just keep going further into debt. At what point will someone say, "enough is enough"? At that point we will just have to throw in the towel and go bankrupt. Each President knows that but says, "oh it won't happen during my term, so I will just keep on borrowing and spending". "Let the next guy worry about it". That philosophy has gotten us so far behind that it is now impossible to catch back up.

Re: Budget Deficit

quote:

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Originally posted by Richard Lambert
It is now just a matter of time before the US has to declare bankruptcy. We owe more money than we will ever be able to repay. Just the interest on it is astronomical. We can't even pay the interest so it just keeps growing. Has a country ever declared bankruptcy before? What happens? Will our creditors force a foreclosure and seize our assets? How can other governments have enough money to run their country and then have some left over to let us borrow some?
How can we borrow money from one country and then turn around and give it to another country as foreign aid? Then we still have to pay the interest on it. None of this makes any sense.
Our large cities are already bankrupt. Instead of forcing them to balance their budgets, the Federal government is going to give them money to stay afloat. Guess where the Federal government is going to get the money? That's right, borrow it.

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__________________
Grnitech Pkc ch Skuna River Midnite Moe - RIP
{Skuna River Bark x Trackman's Sassy}

Nitech Stylish Clover Shark Jill - RIP 'Ole Girl
{Great White Shark x Brush Creek Patch}

So we can't go bankrupt. All we have to do is print more money. Of course that devalues the dollars that we have already printed.

quote:

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Originally posted by Richard Lambert
So we can't go bankrupt. All we have to do is print more money. Of course that devalues the dollars that we have already printed.

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__________________
Grnitech Pkc ch Skuna River Midnite Moe - RIP
{Skuna River Bark x Trackman's Sassy}

Nitech Stylish Clover Shark Jill - RIP 'Ole Girl
{Great White Shark x Brush Creek Patch}