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how much is $22 trillion dollars

Social Security, Medicare, Medicaid, Welfare giveaways are not. They can pay off older bonds that come due by issuing new bonds, monetizing the debt (printing money), or using excess revenue. Americans are basically a stupid entitled people who are hard-pressed to be a role model for even their own child beyond say age 2 or so. Both parties are fiscally irresponsible, but only one party is evil. As interest rates go up, we will have to borrow even more to make the interest payments, which causes the debt to go even higher. I can only deal with so much Stupid each day. Now multiply that by 22. 2016 $585 $1,423 3.1% Defense = $767.3 b. Today, it’s 41 percent. In quick succession Bush Jr, Obama, and now Trump are just blowing money on their own partisan agendas, and not fixing the problem, because the public doesn’t care. $66,000 for every man, woman, and child in the country. Not that republicans are off the hook for what they have contributed. And direct. John Miller 13 February 2019. Pinterest. Private debt – mortgages, credit card balances, etc. “{Insert name of pet program} pays for itself” is the new opiate of the masses. According to Mr. Rector, able-bodied recipients of cash, food and housing should be required to work or prepare for work as condition of receiving aid. So the new blood doesn’t even want to pretend to care. But government surveys show that many of those officially designated as poor are surprisingly well-off. Just a little. $22 trillion in debt. (3) Structural restraints on federal spending such as pay-go, requiring offsetting cuts or revenue for any new spending or tax cuts. Will Democrats Embrace the Imperial Presidency Now That Their Guy Is in Charge? After that, the rate declined slightly, then leveled out. The problem with democrats is that they increase taxes and then find a way of increasing federal spending even more. As Brian Riedl, a senior fellow at the Manhattan Institute, told Reason last year: The danger is that if the debt keeps growing, at a certain point investors will stop lending us money at reasonable interest rates. Needs more hashtags, Ken, in order to be effective. Then the spending needs to be further reduced, to pay for the debt. We'll start with a $100 dollar bill. I agree. Calculates inflation to see what a U.S. dollar was worth in the past and today. So the Republican Congress in 1994 is what held firm. People are just too big of cowards to cut programs that 90% of the population didn’t even know existed, because all those useless programs have small groups that champion them. $22 Trillion of debt is a huge amount, almost beyond comprehension, but when you add in $70 trillion more, the number gets a lot bigger. You may, however, read the Gold Clause Cases (all three of them) for free. If the issue is phrased as an interest expense problem, the ‘solutions’ will be: Only pay interest to those who paying more than that in taxes, Declare bankruptcy and default on those loans. If we do neither, you will have a major financial crisis. Unlike a decade ago, when the so-called Great Recession (and the questionable federal policies crafted in response to it) caused deficits to spike, the current increase is not a short-term problem that will be solved as soon as the economy rights itself. I know this is true because Alexandria Occasio-Cortez said so, and she makes heart hands and dances, so we know we can believe her. Finally, Barr does not answer the ultimate question: What would make his “debt-free” money valuable? | Those are shams and part of the debt. Although inferior to a gold-based currency, debt-free fiat money does in fact have real value. You do realize it was Congress that makes the budget right? The Daily Signal depends on the support of readers like you. that sort of trajectory should inspire immediate action. Here's how the CBO projects the national debt to grow, relative to America's gross domestic product—which roughly represents the size of the national economy—over the next few decades. Hardly. And somehow people treat Reagan as the great savior who killed communism. “The welfare state has undermined self-sufficiency by discouraging work and penalizing marriage.”. Nobody really understands how we got there, who our creditors are or what difference any of it makes. First you have to acknowledge you must pay a lot more than just the interest so you can pay down the principle. If we don’t build a digital wall to keep out the Trolls, then millions of taxpayer dollars are going to keep going into law enforcement efforts such as those required by America’s leading criminal “satire” case. the land, mineral rights, and other assets the feds own. Also, this number excludes state and local debt. True, but that’s why I think framing the discussion around the interest expense may resonate with the electorate more. Say, can you cover this debt for us? At the end of fiscal year 2019, the total federal debt was $22.8 trillion dollars. The only person in the news that cares is Shultz and even though I don’t like a lot of his politics you have to admit he is the only one talking about the country’s debt. Now take another and tape it lengthwise to the first. You may think that maximizing profit means private companies do what they can to keep costs down and, thereby, maximize the difference between revenue and cost, but I happen to know that Medicare for all would be a big money saver because . And let’s face it: I doubt anybody here knows anybody who can really wrap his or her mind around even the concept of $22 trillion. More spending means higher deficits too. AOC’s new green deal would be funded in part by deficit spending. At $22 trillion, the national debt is so large, it’s hard for most people to fathom. Go ahead and show us those citations, baby! WhatsApp. Just won’t happen. I’m not really. Cut it by 1/2 and it will be even sooner…, Start working at home with Google. Time to buy a wheel barrow. Why isn’t this all just more empty hypocrisy? In two adjoining sentences no less. Benefits managers actually have a perverse incentive to let costs rise because they get paid a percentage. The solutions are simple… People just don’t have the balls to do them. Cut much of the federal government. It’s exactly the same here. 0. Those could be tricky I think. If converted into cash, current means-tested spending is five times what’s needed to eliminate all poverty in the United States. They could sell and/or lease a lot of that. I don’t see any government getting religion when it says it must tax equal to its expenditures. | It has happened in so many other countries. That unpossible. Huge federal/state/local spending has already been having a big effect. Cutting illegal immigration pays for itself. NEXT: Brickbat: Don't Need to Wait for an Invitation. “Bulls & Bears” panel on how the U.S. national debt surpassed $22 trillion and whether the drop in tax revenues will be blamed on President Trump. The problem with republicans is that, as they lower taxes, they do nothing to reduce the budget. Deep policy understanding from over 100 experts. WASHINGTON (AP) -- The national debt has passed a new milestone, topping $22 trillion for the first time. 1.22.2021 4:25 PM, Liz Wolfe Privacy Policy | As a reminder of how well you keep your citation promises, here goes the alphabet troll again: No response yet, of course. Public debt just gets kicked down the road and the voters know it. Even as the district struggles to vaccinate seniors, it will soon allow half the city to get in line. ReddIt. Its constitutionality was upheld by the Supreme Court in an 8-1 decision in 1884 – see Juilliard v. Greenman. The president could form a sizable splinter party if he's serious, but GOP defectors would have major ballot-access issues. Sixteen years later nothing had changed, with GOP primary candidates offering insane tax cut bids – Trump’s ran to 10 trillion – accompanied by massive spending proposals. There’s something very telling about the phrase “if we do neither, you’ll have…”. It wasn’t long ago the country made hard choices on accumulating debt & brought it under control. The International Space Station orbits at an average of 250 miles high. It’s worth noting that Japan’s debt-to-GDP ratio is around 236% – and they have not experienced hyperinflation or a collapse in their currency yet. Instead, we're now at the beginning of a long upwards climb that has no end in sight—unless significant policy changes are enacted. . The day of Obama’s first inauguration the CBO projected deficit was 1.3 trillion dollars – with the economy in total meltdown. Any new revenue is simply spent right away. Did spending go down? / Japan is not repudiating their debt and that is our scenario too – as long as we continue to service and maintain (honor) the debt. You’re right. . But I suppose that helps grow the debt less since less needs to be borrowed? In just 19 years the federal debt has increased by over 307 percent while real U.S. GDP has increased just 52 percent. Fiscal Year Deficit (in billions) Debt Increase (by FY) Deficit /GDP Events Affecting Deficit 2004 $413 $596 3.4% n/a 2005 $318 $554 2.4% Katrina / Bankruptcy Act 2006 $248 $574 1.8% Bernanke chairs Fed 2007 $161 $501 1.1% Iraq War cost 2008 $459 $1,017 3.1% Bank bailout / QE 2009 $1,413 $1,632 9.8% Stimulus Act 2010 $1,294 $1,905 8.6% Obama tax cuts / ACA / Simpson-Bowles 2011 $1,300 $1,229 8.3% Debt crisis 2012 $1,087 $1,276 6.7% Fiscal cliff 2013 $679 $672 4.0% Sequester / Government shutdown 2014 $485 $1,086 2.7% Debt ceiling 2015 $438 $327 2.4% Defense = $736.4 b. They are separate problems. They will demand higher interest rates, and every one percentage point increase in interest rates will add $13 trillion in interest costs over 30 years. Democracy was despised by the founders because of the EXACT situation we’re in now… It was inevitable. The federal debt is the total amount of money that the federal government owes, either to its investors or to itself. The problem is the Federal reserve. years ago. If you stacked up thousand-dollar bills: One million dollars would reach four inches high. I clearly called this a bipartisan issue. Spending more than you get in revenue has caused every $ of the national debt; the problem as always is spending too much, not taxing too little. I don’t, but it’s flattering that you want me to care what you think. I think you care a little bit, or you wouldn’t have responded. Jacob Sullum 22 TRILLION is how much? . The problem in the discourse about the federal debt is that there’s a significant portion of the population believes that deficits truly don’t matter. The time to start is now, while the economy is still growing—because another recession will only make these problems more intractable. STOP DEMONIZING TAX CUTS. Infographic by Kelsey Harris/The Daily Signal. But I have a practical (maybe dumb) question. It will likely start with low-hanging fruit—tax hikes for the rich, for example—but those won't be enough. Tax cuts usually increase revenue, it is just that it isn’t enough to offset the increases in spending. When inflation hits one load of dollars should be able to get me a loaf of bread. You have to understand two things. The clueless ones are the ones who only see static accounting, while the dynamic of built-in spending boosts of 8%+ each year are ignored. September 28, 2014, Ed Feulner Big debt is a symptom of big spending. News; $ 9 Trillion Story: 22% of the Circulating USD Printed in 2020. Many never regain their financial footing. The budget was never balanced under Clinton. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. What needs to happen is spending needs to be massively reduced, to a point where we are budget-neutral with revenue where it’s at now. 294 U.S. 240 ff. He might have pushed it a little harder, but he screwed the US economy in the process. “”I am amazed at how both Democrats and Republicans can defend never doing anything about the debt and just plan on spending more!””. . So for the example let’s go with the interest on our debt being $500B. As far as paying down the debt… You really only need to balance the budget, and it deals with itself. This, by all practical means, is the opposite of an economy that’s growing its way out of debt. The fact is, to a greater or lesser extent it is all of these, and right now we’re all sitting at the foot of Mt Everest trying to figure out how we might attack the summit without any climbing gear. I’m still betting on us never doing shit about any of it until our currency collapses. So £830,580 = $1,054,836 USD. The U.S. dollar’s value derives from the fact that it is the official medium of exchange and unit of account within a large, productive and reasonably stable economy. Article I, Section 9: The migration or importation of such persons as any of the states now existing shall think proper to admit, shall not be prohibited by the Congress prior to the year one thousand eight hundred and eight, but a tax or duty may be imposed on such importation, not exceeding ten dollars for each person. The world must go back to the gold reserve. One TRILLION dollars... What does that look like? Thus, there have to be benefit cuts in the future. What was inflation for a specific period? Yes, today, we are talking in trillions. Editor's Note: We invite comments and request that they be civil and on-topic. In short, it’s a lot of money. The data on total public debt outstanding is available daily from 01/04/1993 through . So we would have to pay almost half of what our current spending amount is for about 20 years just to get out of debt. View historical and today's current inflation rates, using the CPI provided by the United States government. Neither side of the aisle seems to remotely care about this subject. We blame politicians for this all of the time, but it’s the voters that have to hold them accountable. I wouldn’t bet on that being a wise solution either. The poverty rate now stands at 14.5 percent. That does not cure the constitutional objection (for all who can ascertain what the objection is), but it does establish a system that, at least for now, works. “Here’s $65K for your ‘Treasury’. This has been a certainty for about forty years now : The GOP makes the debt situation worse their time in power; the Democrats make it better during their turn. It is at the appropriate level for everyone. When most people hear that a family is living in poverty, they naturally picture people suffering from significant material deprivation. The new president availed himself of Seila Law v. Consumer Financial Protection Bureau. Only in America would we issue a commemorative half dollar with P.T. “”Less. I wish you wouldn’t tantalize us by putting up a graphic w that “TRUSTGO Scenario” w/o explaining it & how it can be achieved. The OP excuses massive tax cuts during an expanding economy & debt crisis – even as he decries debt. I actually started five months/ago and practically straight away was bringin in at least $96, per-hour. First things first: what are we talking about when we talk about US govt “debt”, and do we all accept the US govt is the currency issuer residing outside, and separate from the private sector. As Sen Everett Dirksen once said: “A billion here, a billion there, pretty soon we’re talking about real money”. (so gobsmacked by the utter cluelessness I did a double-click-double-post. That was W Bush, who could toss out a multi-trillion dollar pledge on Social Security privatization w/ a casual shoulder shrug. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Already, interest on the national debt consumes about $390 billion annually. Each man, woman, and child in the United States would have to pay $68,000 to pay it off. The unfunded pensions and everything. Now, I agree lately both parties stink. Most of all, nobody at any level has any real idea of what if anything can be done about it or whether they would support any real solution even if someone could propose one (eg, cutting spending; it’s fine so long as it doesn’t affect something of any importance to them). Try the Morning Bell and get the day’s most important news and commentary from a team committed to the truth in formats that respect your time…and your intelligence. Ok that’s what I thought. You must not have any kids. well . | It’s been 50 years now since the federal government launched its “War on Poverty.” But the numbers just released by the Census Bureau suggest we’re in a losing battle. Done. It was designed, according to Johnson, to increase self-sufficiency. It’s time to turn this around. Higher. As the Narrater in the video says, we are f#$k3d!! 1.22.2021 3:00 PM. Don’t get me wrong, taxes should be cut, drastically, but the first step to actually doing that has to be toward eliminating spending. Value of a dollar. More than 900,000 separate real assets covering more than 3 billion sq. Or if you prefer, that it must spend just what it has. Luckily, common defense/repelling invasions/erection of forts, magazines, arsenals, dockyards, and other needful buildings… are all listed in the US Constitution. um Bernie Sanders said so, and he really cares about people. I would agree that we are usually better off fiscally when no single party rules both houses of congress and the presidency. By. Yeah, ignore that it’s a bipartisan issue. I think the issue should be framed in terms of the federal interest expense outlay instead. This is due… Trump Made Foster Children a Priority. It’s obviously the government’s job to provide for “the general welfare” aka guaranteed access to any health care up to and including genital mutilation, because that’s the point of government after all. President George Senior Bush got gutted in the polls for promising no new taxes, and then helping to raise them, after we overspent. AOC believes in “modern monetary theory”, although I doubt she really has a deep understanding of all that MMT describes and suggests. We really are at the point where we’re going to need our Sulla or whatever. The new rate is almost exactly the poverty rate we had in 1967, only three years after President Lyndon Johnson announced his war. 12.5 kilogram Good Delivery gold bars, 99.99% purity, are currently selling on UK websites for £415,290. | Also, how much difference do you think there would be in the debt today if Hillary won the election? 2017 $665 $672 3.4% Defense = $812.3 b. There are different kinds.of bonds, like bonds held by foreign governments. Issuing unbacked dollars will halt the increase in the national debt and its crushing $390 billion in annual interest. Article I, Section 8: To establish a uniform rule of naturalization. See the documentation at: The DEBT is not the DEFICIT. Poorly-maintained lc1789 troll hasn’t been updated in ages. I am amazed at how both Democrats and Republicans can defend never doing anything about the debt and just plan on spending more! Individuals and families who needed a hand up would get it, but the ultimate goal was to shrink the welfare rolls and transform the poor, Johnson said, from “tax-eaters” to “taxpayers.”, “Judged by that standard, the War on Poverty has been a colossal flop,” writes poverty expert Robert Rector of the Heritage Foundation.

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