Economy Biden Administration Furious After US Credit Rating Downgrade; US Debt Outlook Now Negative

[Rob Battisti]

eh, you'll just invent some quadrillion dollar coin and print a quadrillion dollars having that coin as collateral. the old folks in 2050 will be thrilled their 2 bedroom house is now worth 12 billion dollars.

What you’re describing will be the absolute peak of American middle class possibilities. Just like we’re at the best time in history, that will be the new best time in history.

 

[Fox by the Sea]

The cost to pay the interest is the same as our national defense budget. Pretty staggering already.

i wonder if you'll get some doofus senator to forward a law making matters of national debt an issue of national security and propose to have the actual number classified somehow

 

[Jack V Savage]

You won't. At some point your cost to just pay the interest on your debt will be so staggering that you cannot properly fund other government services.

Debt interest is less than 2%. Was more than 3% in 1990. Around 1.5% is ideal. So it should come down, but people should also realize that this isn't that long-standing and the needed fix isn't that big.

 

[Jack V Savage]

What you’re describing will be the absolute peak of American middle class possibilities. Just like we’re at the best time in history, that will be the new best time in history.

You're trolling, but this is right. America is better now than ever, but it will continue to get better. And miserable hacks will continue to complain about it.

 

[Gas121]

people will say this exact same thing in 2050, when the debt will be 50 trillion, and in 2100 when it will be 200 trillion.

All we see is sugar coating of the debt problem. It's weak sauce that nobody is willing to tackle the issue head on and get the ball rolling. I thought this was the reason why we have folks in positions to come up with solutions. There is no excuses for the handling of the debt problem and the incompetence displayed.

 

[Fluffernutter]

So what is it now?

Like a 680?

The US can't buy a house in a good school district.

 

[HereticBD]

You're trolling, but this is right. America is better now than ever, but it will continue to get better. And miserable hacks will continue to complain about.

That would be what? 70% of Americans? All miserable hacks? Damn.

 

[JoeyJoeJoeJr]

Don't worry they will fix the problem by funding never ending foreign wars with your money. Oh wait.

 

[emefer]

Thanks republicans

 

[ColemanwastheGOAT]

“The debt is a small problem which is only because the government doesn’t tax enough to cover its spending” - Smartest Poster on Sherdog

Did he actually say that?

 

[reveler]

sounds like china will get a better rate on new debt.

see my sig.

 

[blackheart]

You're trolling, but this is right. America is better now than ever, but it will continue to get better. And miserable hacks will continue to complain about it.

Wealth inequality has surpassed that of the gilded age a century ago. Housing, education and Healthcare affordability are the worst they've been since ww2. Deaths of despair for young people are through the roof. Sexlessness among young men is the highest its ever been at. Social isolation is also the highest its been recorded at.

I have no idea how you can assert this notion with a straight face. It's absurd.

 

[Jack V Savage]

Wealth inequality has surpassed that of the gilded age a century ago. Housing, education and Healthcare affordability are the worst they've been since ww2. Deaths of despair for young people are through the roof. Sexlessness among young men is the highest its ever been at. Social isolation is also the highest its been recorded at.

I have no idea how you can assert this notion with a straight face. It's absurd.

Inequality flattened about a decade ago and has been falling recently. "Deaths of despair" is a fake category. Look at wages, wealth, job satisfaction, and employment numbers. And wages and wealth are adjusted for inflation. People make more money (adjusted for inflation), have easier jobs, more leisure time, and retire more comfortably than ever. I agree that they're also spoiled by prosperity to some extent and that there is more to life than material prosperity. As a wise man once said, Mo' Money, Mo' Problems, though the problems are better.

Nothing pisses off people who hate America more than good news. So that's another bonus.

 

[SandisLL]

Not sure were all the partisan talk is coming from, Republicans and Democrats have been almost identical on the economy for the last 30 years.

Low taxes on the wealthy, high military spending, lots of public money filtered into private hands.

Also if someone is thinking that any Rep candidate will reduce military budget you are wrong. Pretty opposite.
BTW with Donald maybe reality No2 will be the same as before.
For example promised superwall will not be built, more than 2000b tax relief for biggest corps and State Treasury debt again increased more than 2000b +, talks that your financial problems are your own problem and healthcare is your problem.
Also ofc if someone is worried about " funding wars " it is to fund local American MIC complex and to keep and create jobs etc.

Will not be some Ukraine and Israel.
Will be Israel, Taiwan and SK.
This reality.

 

[Eric O]

@Jack V Savage - better get in here doing damage control. The credit agency must be wrong, or this is a good thing that only shows the underlying strength of the American economy, or we're misinterpreting it somehow. Go.

The person who's being paid to use the account today must have had an emergency, lol!

 

[sickc0d3r]

Here are outlays relative to GDP since 2001 (when W took office):

Doesn't seem that spending has much to do with it (spending was way too low from 2009 to 2015--after 2015, there was less need for higher spending). And U.S. spending is very low relative to other developed countries too.

Well we spend more than we take in revenue, otherwise there wouldn’t be a deficit. And we’re north of 800b on military spending right now. Maybe the better way to say it is we waste a lot of the money that we do spend.

Tbf, I agree it’s not really accurate to say both parties are the same on this issue. Democrats generally try to pay for their policies with revenue. Republicans these days basically just cut taxes for rich people.
And we did reduce the military budget (and the deficit) over the last half of Obama’s term before blowing it up again under Trump and Biden. That trend of reduction happened with two split congresses and a full blown republican one for the 114th, although I am not sure what exactly was passed.

 

[Scerpi]

D. Trump remaking America in his image.
A deadbeat that doesn’t like to pay his bills and obligations and who lending money is risk.

lol... What?

Better double down on your Copium Medication

 

[blackheart]

Inequality flattened about a decade ago and has been falling recently.

What? Plainly wrong.

"Deaths of despair" is a fake category.

Wtf does that even mean? "Fake category?" Like you don't believe in the existence of suicide and drug overdose? Or you don't believe it's proper to combine those things? Either way you slice it, suicide and drug overdose are skyrocketing. When someone says "deaths of despair are up" and your response is "eh, achtually, that's a fake category!" you're being an overly-tedious dick. You know exactly what I was saying. As someone that lost their little brother to addiction 2 years ago, deaths of despair are very much not a "fake category" and you ought to be a little more careful with your words when talking about these things. Millions of Americans have had their lives devastated by this "fake category". At best, you're just being very reckless and callous with your words.

Look at wages, wealth, job satisfaction, and employment numbers.

What upside-down reality are you existing in? Wages have been flat for 40 years. Job satisfaction and morale in the economy are extremely low. The rising labor movement has been driven by this low job satisfaction. Unionization and work stoppages are happening around the country as a result of this.

Yeah, flat wages for 50 years.

And wages and wealth are adjusted for inflation. People make more money (adjusted for inflation), have easier jobs, more leisure time, and retire more comfortably than ever. I agree that they're also spoiled by prosperity to some extent and that there is more to life than material prosperity.

The prices of the most important things in life - housing, education and healthcare, have all exploded out of control. The next generation of salary earners, family starters and business creators, are being eviscerated by student loans. Home ownership is out of reach for the middle class. Healthcare expenses are ruining families. Families are being torn asunder by suicide and drug addiction. Americans have no savings and will be ruined by the smallest of financial problems. And you want to tell everyone things are amazing.

As a wise man once said, Mo' Money, Mo' Problems, though the problems are better.

Nothing pisses off people who hate America more than good news. So that's another bonus.

Ok Steven Pinker.

 

[4daLuLZ]

lol... What?

Better double down on your Copium Medication

Aren’t you the guys still screeching and crying about some shit from 2020 and fucking Obama ffs ?
This is some Grade A level projection.

 

[lifelessheap]

God-King Trump will fix everything. We’re good

He is very anti war. Unlike Biden.