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Analyst: Neither Trump or Biden care about soaring federal debt, deficit

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Posted By: MDConservative, 9/16/2020 8:27:55 PM

The U.S. government is awash in debt and red ink — and neither President Donald Trump or his Democratic challenger appear bothered by the status quo, an analyst told Yahoo Finance on Wednesday. Last week, the Treasury released data showing how the COVID-19 pandemic helped push the U.S. federal budget deficit above $3 trillion for the first 11 months of fiscal 2020, a rate more than double the prior full-year record. In previous years, the federal deficit — and the mountain of IOUs to investors it signified — would figure prominently in a presidential campaign.

Comments:

What's a dollar worth? It has no intrinsic value except the melt value of 100 pennies. So, that three-legged stool of Reagan, i.e. strong national defense, free-market economics with responsible government budgets, and conservative social values, is getting a leg or two sawed off these days.

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Reply 1 - Posted by: stablemoney 9/16/2020 8:37:04 PM (No. 543034)
Fake news! Trump has been trying to get the economy opened for months now.
5 people like this.

Reply 2 - Posted by: Starboard_side 9/16/2020 8:47:27 PM (No. 543036)
But, didn't Obama tell us all that the deficit is really like borrowing from ourselves when he was asked about it, and everyone simply accepted his explanation?
1 person likes this.

Reply 3 - Posted by: Avanti1 9/16/2020 8:47:34 PM (No. 543037)
Short-term government programs to avoid a deep recession due to Covid were needed and for the most part were successful. Unfortunately they added to the already massive government debt. Congress controls the federal budget. They MUST cut spending to restore long-term financial health. Pelosi wants to spend more which is a HUGE problem.
4 people like this.

Reply 4 - Posted by: HPmatt 9/16/2020 8:56:50 PM (No. 543043)
Congress sets spending bills and the Federal Budget.
3 people like this.

Reply 5 - Posted by: TulsaTowner 9/16/2020 9:05:31 PM (No. 543047)
Neither .. nor. When did they stop requiring competence in English for journalists?
3 people like this.

Reply 6 - Posted by: davew 9/16/2020 9:19:06 PM (No. 543053)
The Lewisburg, Tennessee-based American Bondholder Foundation holds $1.6 trillion of century-old Chinese debt, including interest, dating to before the founding of the communist People’s Republic of China, that it wants the administration's help in redeeming. There is an estimated $6 trillion or more of the debt outstanding worldwide. Maybe we can send the CCP a bill for the pandemic disaster they sent us and recoup some of this debt
5 people like this.

Reply 7 - Posted by: Felixed 9/16/2020 9:57:48 PM (No. 543084)
Sorry, Yvette. But your "caring about" is a canard. Let's bring you up to speed, OK? POTUS executes law. Congress controls the purse strings. And what Trump or a sun-downing Alzheimer patient "care" is beside the point. In real time, our American monetary policy is rushing headlong into MMP (Modern Monetary Policy) You should look it up, Yvette. Write another article.
1 person likes this.

Reply 8 - Posted by: FormerDem 9/16/2020 9:58:23 PM (No. 543085)
There's a context where it makes sense for an enterprise to take on debt. A big pile of cash is not always prudent, right? (Right.)
0 people like this.

Reply 9 - Posted by: MissMann 9/16/2020 10:10:06 PM (No. 543088)
I do.
0 people like this.

Reply 10 - Posted by: SALady 9/16/2020 11:31:30 PM (No. 543147)
The last I checked, Congress was responsible for the federal budget. The only people that can do anything about the deficit are the members of Congress, and you know they sure don't care.
0 people like this.

Reply 11 - Posted by: Luke21 9/17/2020 12:01:44 AM (No. 543159)
Blame both sides nonsense from an idiot.
0 people like this.

Reply 12 - Posted by: XCenturion 9/17/2020 3:02:40 AM (No. 543197)
The first clue this is fake news is the article was published by Yahoo!
1 person likes this.

Reply 13 - Posted by: MickTurn 9/17/2020 8:11:36 AM (No. 543351)
What Debt? The Feds only print Money, it has NO value!
0 people like this.

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Analyst: Neither Trump or Biden care about soaring federal debt, deficit 13 replies
Posted by MDConservative 9/16/2020 8:27:55 PM Post Reply
The U.S. government is awash in debt and red ink — and neither President Donald Trump or his Democratic challenger appear bothered by the status quo, an analyst told Yahoo Finance on Wednesday. Last week, the Treasury released data showing how the COVID-19 pandemic helped push the U.S. federal budget deficit above $3 trillion for the first 11 months of fiscal 2020, a rate more than double the prior full-year record. In previous years, the federal deficit — and the mountain of IOUs to investors it signified — would figure prominently in a presidential campaign.
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