America is set to hit $31 TRILLION debt
ceiling TODAY: Treasury implements 'extraordinary
measures' to avoid economic meltdown -
and here's what it means for your 401Ks
Daily Mail (UK),
by
Terry Moseley
Original Article
Posted By: Imright,
1/19/2023 9:33:30 AM
The U.S. is expected a hit the ceiling on Thursday, forcing the Treasury Department to start using 'extraordinary measures' so the government can keep paying bills while Congress negotiates to try and avoid an economic meltdown.
American debt is now at an eye-watering $31.38 trillion - that's 120 percent of GDP, up from 39.2 percent as recently as 2008 and 77.6 percent in 2018.
The staggering figure is the highest since the Second World War, equals $246,876 in federal debt per taxpayer and is more than the economies of China, Japan, Germany and the United Kingdom combined.
Reply 1 - Posted by:
ARKfamily 1/19/2023 9:52:27 AM (No. 1382187)
Who paid for congress people to fly over to the DAVOS conference? Maybe they can halt frivolous spending like this?
19 people like this.
Reply 2 - Posted by:
Venturer 1/19/2023 10:17:48 AM (No. 1382213)
John Kerry flew over in his private plane to save the environment..
Over 1,000 private planes flew in one of them actually flew 13 miles to get there.
8 people like this.
Reply 3 - Posted by:
Rich323 1/19/2023 10:44:44 AM (No. 1382247)
The Fed and democrats never show the model data they use to make these claims. Make them show us how they determine these numbers. We should pay the debt by prioritized payments without raising debt ceiling. These due dates are bogus made up as a scare tactic. It’s time to stop this pyramid scheme where the elites scare republicans into raising the debt on our backs while they profit big time! Do not discuss Medicare or social security as the democrats will falsely claim republicans plan to cut these programs. Stay focused on illegal immigration first and don’t make any deals unless they do A B C. A pay the must pay bills interest, treasury bills, Medicare social security etc B secure the border C other programs based on priority etc. Do not raise debt ceiling or the elite charade continues.
6 people like this.
Reply 4 - Posted by:
3XALADY 1/19/2023 11:14:51 AM (No. 1382297)
#1 $40,000/person. How many did our government send? Did Lurch and AlGore pay their own way? Doubt it. When those electeds get back home, mark them to be removed at the next election.
2 people like this.
Reply 5 - Posted by:
Bur Oak 1/19/2023 11:21:53 AM (No. 1382314)
You will own nothing, have nothing, and be happy. The government will give you what they think you deserve according to your social score.
5 people like this.
Reply 6 - Posted by:
davew 1/19/2023 11:24:42 AM (No. 1382321)
The funds are made whole after a debt ceiling increase or suspension becomes law. It's not necessarily the measures that can harm the economy but rather the doubts among consumers and businesses about whether lawmakers will increase the borrowing cap.
This just says the government is using fear to manipulate people's lives and hold power over them. If you understand the truth, that there actually is no debt ceiling in reality, you lose your fear. The government's deficit is the private sector's surplus.
2 people like this.
Reply 7 - Posted by:
LC Chihuahua 1/19/2023 11:24:52 AM (No. 1382322)
I always look at the debt clock to get these figures. I believe the 31 trillion debt number for the federal government. The other debt number that never gets any airtime is the total US debt. That is state debt, private debt, corporate debt, and other debt, as well as federal debt. That number is over 90 trillion dollars.
The only thought I have regarding this is put your savings into something that will not lose value. Good luck with that! That would definitely leave out the US dollar, btw. It's like a rigged game where everybody loses but insiders and the house who know what's happening in advance. The best thing to do is perhaps not play their stupid game at all.
4 people like this.
Reply 8 - Posted by:
Birddog 1/19/2023 11:37:11 AM (No. 1382338)
Clearly the $1.9 trillion Omni bust bill had to violate Pay-Go rules if the debt limit was reached mere days after it's passage...shouldn't that void it?
5 people like this.
Reply 9 - Posted by:
DVC 1/19/2023 11:48:34 AM (No. 1382362)
So the debt will be $31,000,000,000,000. If we have to pay 4% interest on that it will be 1.24 trillion per year in interest payments, which produce NOTHING useful for the country.
Since the total budget is something on the order of a bit less than $5 trillion, we will be paying about 1/4th of the entire budget on interest payments.
The interest will be 70% larger than the total military spending in a year. It will be BY FAR the largest expense in the entire economy.
It will be strangling the USA economically.
7 people like this.
Reply 10 - Posted by:
bigfatslob 1/19/2023 1:49:07 PM (No. 1382480)
Not even a world war could get us out of this one where we start from scratch. How much useless spending do we have? These figures are mind boggling that a normal human cannot conceive. FJB
3 people like this.
Reply 11 - Posted by:
Scout Finch 1/19/2023 2:04:43 PM (No. 1382498)
Fundamentally changing America one continuing resolution at a time. All according to plan.
4 people like this.
Reply 12 - Posted by:
67cj5 1/19/2023 4:31:04 PM (No. 1382590)
Oh great! This means months of "negotiations" where Republicans pontificate and bluster about monetary "responsibility" only to get nothing from the Dems and raise the debt ceiling anyway. Just freaking raise it today and spare us the bullschnit!
1 person likes this.
Reply 13 - Posted by:
nh23847 1/19/2023 9:52:01 PM (No. 1382800)
How about a budget. When was the last time congress negotiated a real budget? Not a continuous resolution, but something every household uses. That would be a start.
0 people like this.
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