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For first time since World War II, US national debt now larger than its economy
- sharemywin 5mo agogood thing the current administration was basically elected to fix it. how's that going?
- bix6 5mo agoIt’s going great for them!
- lifestyleguru 5mo agoJust one more $25 Billion for this tiny war and then they'll start working on it.
- 0cf8612b2e1e 5mo agoWell they lowered taxes on the richest (reduced income) and have increased spending (defense, ICE, ballrooms, what have you). So, exactly as predicted.
- infinitewars 5mo agoDon't forget the $3.6T https://en.wikipedia.org/wiki/Golden_Dome_(missile_defense_system) https://en.wikipedia.org/wiki/Golden_Dome_(missile_defense_s...
- rayiner 5mo agoThe Associated Press doesn’t list that as one of his key campaign promises: https://apnews.com/projects/trump-campaign-promise-tracker/ https://apnews.com/projects/trump-campaign-promise-tracker/ It also doesn’t appear on the ALL CAPS list of campaign priorities: https://rncplatform.donaldjtrump.com/ https://rncplatform.donaldjtrump.com/. The word “debt” doesn’t appear anywhere in the document. And the word “deficit” appears just once in the context of the trade deficit. Trump was the first candidate to release a list of itemized priorities in small words and ALL CAPS so the average dumbass could understand. There are many, many things you can say about this list. But it’s very hard to inject ambiguity into what he was running on.
- tencentshill 5mo agoA more detailed version of the policies behind this list can be found here https://static.heritage.org/project2025/2025_MandateForLeadership_FULL.pdf https://static.heritage.org/project2025/2025_MandateForLeade...
- oa335 5mo ago[flagged]
- bonesss 5mo agoKushner is neck deep in Saudi money, Trump is taking plane-bribes from the Qataris, and their crypto schemes pave an open road into their wallets… obviously the problem is Zionists. Pay no attention to who has oil, how American oil interests — much less obvious ones as ancient as Bushes and Cheney — shape policy, forget the size of the economies or how many billionaires are in each category, openly splashing cash at POTUS. Numbers, boo. Forget 9/11, do not look at Afghanistan the US was never there, ignore bribes from regional powers. Zionism is the real threat. You see, The Elders from the malaria ridden unwanted leftover chunks of Jordan’s immaculate creation are pulling the strings of Great Satan. They do it through ‘elite donors’, donors so elite the Heritage Foundation has taken over an entire branch of the American government and in parallel obfuscated foreign funding to “elite” Universities has plagiarist anti-semites with deplorable ideologies smirking in Congress while explaining why The Intifada needs to be more present in American cities and schools. Natural conclusions of The Zionist plot. o_o The interesting thing about name calling is that where attention is being pointed away from is often more important than the target. Logs and splinters… you know, from that Bible people used to pretend to have read, about an uppity Jew.
- Dig1t 5mo agoZionism is indeed the real threat. Miriam Adelson, Sheldon Adelson, Larry Ellison gave Trump hundreds of millions during his campaign to ensure this war happened. Netanyahu visited Trump 7 times leading up to this war in Iran. Every geopolitical expert on this topic has weighed in on it concluding it was obviously a move that only benefits Israel and weakens the US on the global stage. There were 2 checks on Israel’s power in the Middle East: Iraq and Iran. It is no coincidence that the USA has invaded both. After Iran falls, Israel is the only nuclear power in the Middle East. They have ambitions to dominate the entire region, including Lebanon, Syria, and parts of Egypt. Just Google “greater Israel project”.
- QuarterReptile 5mo agoDeficit spending is one place where the major parties are in complete agreement. So it just wastes political capital, unless you see Thomas Massie somehow amassing a majority of Congressmen interested in his issues.
- mrguyorama 5mo agoAbsolutely insane. The data has been clear since at least Reagan that Democrats tax and spend, while Republicans just spend. Several trillion dollars of the debt comes just from Trump reducing taxes for rich people and companies.
- UltraSane 5mo agoRepublicans love to increase national debt while in power and then use it as a weapon when not.
- roughly 5mo ago[dead]
- rayiner 5mo agoAmerica can’t solve this problem democratically. Trump has taught the GOP you can win elections through targeted bribery (e.g. No Taxes on Tips), avoiding hard decisions (e.g. no cuts to entitlements), and distracting people with expensive spectacle. Meanwhile, Democrats are a collection of interest groups held together by patronage. In the recent election, Democrats were knee-capped because inflation made it impossible to promise expensive new programs. With expanding benefits off the table as a carrot, Trump was able to make big gains among Democrat groups (e.g. Bangladeshi immigrants in Queens, Muslim immigrants in Michigan) that lean more conservative on issues other than government welfare. That leaves everyone dealing in fictions: the fiction that you can reduce debt by cutting taxes, the fiction you can reduce debt by increasing spending, and fictions about how much you really balance the books by targeting only “billionaires” instead of taxing the middle class.
- DoesntMatter22 5mo agoThe only problem that exists is spending too much money. They could fix this overnight if people were willing to give up public entitlements and healthcare support. But they aren’t willing to so the US will eventually see hyper inflation or less likely bankruptcy
- rayiner 5mo agoNo, you can also raise taxes. The deficit is 4% of GDP. If we raised taxes by 4% of GDP, we'd still be less than the OECD average. We'd be the same as Australia, which is the second lowest-tax Anglosphere country.
- fallingfrog 5mo agoThe debt can be inflated away (which is the only plausible way this is going to go) but it might cause the dollar to be dropped as the world reserve currency. I don't know for sure what happens in that case.. I suspect that imports would become enormously more expensive, which would reveal the catastrophic erosion in worker rights and pay due to neoliberalism. People would be suddenly aware of how much less they are making and how much more the wealthy are taking than was the case 40 years ago. This in turn might result in political instability. But who knows.
- noir_lord 5mo ago> I don't know for sure what happens in that case.. One thing would be that GDP per Capita would fall to something like Germany (and I'm been kind there assuming it would only drop that much) there isn't inherently anything about the US that says it's GDP per capita has to be ~50% higher than Germany.
- fallingfrog 5mo agoAnd assuming that median salary drops the same percentage as gdp per capita, it would drop to 41k, which puts a lot of people beneath the threshold to pay their mortgage. Of course taking a huge pay cut is not something most people are willing to do, so you'd probably actually see mass unemployment and salaries being inflated away. In response the fed will do the only thing it knows, which is to rev up the money printer even more. But thats going to make all these problems worse, leading to a vicious cycle. And in the midst of economic chaos, people's danger switches get activated and they will turn to an authoritarian strongman who will make them feel safe. And generally speaking, once such a person is in power, they can only think of one way to solve their problems, which is to plunder their neighbors by going to war. Thats basically the imperial cycle. It sucks to be able to see all this coming and yet be powerless to stop it..
- jpadkins 5mo ago> One thing would be that GDP per Capita would fall Why? What is the mechanism that links being the reserve currency and (real?) GDP per capita? I can see why being the reserve currency is an advantage for the finical sector, maybe international trade. But I don't understand how if the world stopped trading in dollars and switched to gold or Bitcoin or some basket of currencies, GDP per capita would be majorly impacted.
- bcjdjsndon 5mo agoAmerica teeters on the edge like Britain prior to ww2...one more military overstep and it's over for you
- lifestyleguru 5mo agoThe real estate diplomats and their extended family know what they're doing. Give them more time.
- oa335 5mo agoHistory doesn't repeat but it rhymes. Roman emperors starting with Marcus Aurelius began devaluing their currency to pay for endless war, and to a lesser extent, free bread; i believe that is the principle cause of the decline of Roman empire.
- cineticdaffodil 5mo agoEmpire is a structure that exist strangely disconnected from the country that spawned it to keep the lights at the cost of other countries. Just imagine if the us empire and its institutions, war machine parted ways with the country and its population. It would not be as hard as one imagines, but would reveal a country that has benefitted in parts by snuggling up to the imperial maxhine, while other paets where abandoned. It would also reveal how deeply the empire structure seeped into the privat social landscape.
- roughly 5mo ago> Just imagine if the us empire and its institutions, war machine parted ways with the country and its population. I suspect we may not have to imagine this for long. The DOGEing of the federal government pulled a lot of the benefits of the union away from the people, and the recent political maneuvering around voting districts and other inter-state power contests suggest that the notion of the US as one nation and one people with a shared set of values is increasingly at odds with the facts on the ground. We have the most powerful military in the world (probably?), but in terms of the domestic situation, the federalized model is under incredible stress and the bargains that held it together seem to be failing or being intentionally broken. Your description of the empire leaving the country behind - or vice versa - feels less far-fetched than it would have a generation ago.
- rawgabbit 5mo agoIt is more of the endless civil wars they had. See the Crisis of the Third Century when every military regional commander revolted and marched on Rome. Even during times of peace e.g., during Augustus time, they would pass laws trying to stop people from amputating their son's thumbs to avoid conscription.
- jjk166 5mo agoThere's nothing particularly special about the debt being larger than GDP. GDP is not income and debt is paid over time. For context, China has a Government Debt to GDP ratio of 96%, the UK is at 94%, France at 116%, Japan is at 263%.
- extraduder_ire 5mo agoIt is a popular benchmark for military spending though. Debt to tax revenue would make more sense as a metric.
- verzali 5mo agoThe direction of travel is concerning, though.