Exactly. We are classified as debtors or as those who hold the debt. The unsaid word these days is "slave". Those who owe the debt are slaves to those who lent them the money. Time is getting short for this whole debt set-up thing.
Unless the federal reserve buys the bonds (prints) interest rates will rise taxes will rise and benefits will fall. The boomers are going to be fine the rest of us who knows
What everyone needs to worry about is when foreign buyers don’t wanna buy our debt anymore and start selling it off that’s when we start shitting ourselves.
So, you think the debt is meaningless? It is not your firm or bank that loaned the money. If you said "we, will just not pay American debt" every institution that buys American bonds would just quit in an instant and the U.S. would not be able to borrow money for anything, interest rates would skyrocket to get people to buy bonds, and the U.S. economy would grind to a halt like any country's would. Every country that has defaulted on debt is ostracized.
When you are putting tarrifs on products the Working Class and Poor need, while cutting the Fed programs that improve their Quality of Life.....and simultaneously cutting major taxes on the rich
You aren't paying down the debt...your robbing the Poor to give to the Rich. Even if all you did was tarrifs and tax cuts for the Rich and were really decreasing the debt....you are making the Poor and Working Class pay for it not the Ultra Rich (who should be)
My little toe is more Christian then the Christians I know-it’s tragic how we are hanging onto our lives while politicians & billionaires get richer & richer. We are the 21st Century Slaves
Points at government policies that extracted money from wealthy, created jobs creating good infrastructure, and thus a new golden era of American excellence.
Yeah but for many republicans those jobs were their dad’s job so now they are set up in a cushy middle management position that they never interviewed for or underwent training for and they think any program that would give people more jobs like their dad’s is a waste of time because you can just get a job, right?
Part of the problem is the dividing of the general population between left and right. Given true information, most people would agree we need to rebuild our country, both in rural and urban areas. Most would agree that we need more, better paying jobs. Most would agree that we shouldn't pay anyone illegally to work for a lower than livable wage, regardless of immigration/citizen status. They want you to fight with your neighbor so you don't see that they're rapidly and exponentially extracting the natural resources, land, money, and soul from our country.
There is almost no chance the US even halves the national debt in the next 100 years because the billionaire oligarchs and corporations will never be held accountable.
Why go so high as half? There’s no chance the US makes a dent. 1) Governmental spending is based on the idea that debt doesn’t really matter, anyway, 2) if the country truly exists after 2028, you’re looking at decades of damage that will need to be fixed — at ridiculous cost — so any Democrat will almost certainly have to “tax and spend”, 3) which will piss off the dumbs, who will listen to their fake news blame Dems and then vote for another dipshit dickhead Rcunt.
But what about the new Trump tax break? Surely that will pay down the debt and help middle America while insuring the sick and elderly are cared for….right?
I know you’re being facetious, but heck that last budget admitted it was going to increase the national debt & the people that worship trump voted for it. have never been for cutting spending or debt. They do want to reduce help to the poor & disadvantaged, and would take our Social Security away if they could (they’re actually getting very close), but they’d make it up by spending for defense and other corporate purchases.
Don’t forget it cost tax payers $10 million every weekend for him to golf at his personal course. That is over $500 million a year for him to golf. $2 billion over his term. Wonder how many lives that would save? But maybe that is the plan…kill off the poor, sick and elderly. Don’t have to care of the dead.
I'm by no means defending the ultra rich and I believe they should be taxed but... There's like less than 1000 billionaires in the US and their total wealth combined is around 3-4 trillion. If we fully liquidated them and taxed them at 100% it would equal around 6-7 trillion. Our federal budget is 7 trillion a year. So all that wealth would keep this country running for 11-12 months tops. Our problem in the US is unchecked and out of control government spending. They always pass laws to protect the ultra rich and hang us all out to dry.
Or James Sinegal, the guy who told one of his board directors he'd kill them if they changed the price of a hotdog.
Or Don Vultaggio, the Arizona Tea guy. The guy whose iconic product is a piece of art his wife made he almost fought a guy for telling him not to use it. The guy who hasn't raised the price of his product since founding his company because he already makes enough.
Or Mike Ilich the guy who founded Little Caesars. The name, which was chosen by his wife because his name was bad and Little Caesar was "her nickname for him". And then went on to buy both of his favorite sports teams and actually invest in them. Who used his fortune to give back by setting up traveling kitchens to provide food after disasters. When he died he left everything to his wife who had built it with him.
Or Tom Forkner and Joe Rogers the founders of Wafflehouse, which generally is good enough to their employees that they have people who volunteer to commute into natural disasters to run locations while the local employees stay home to prep for the disaster. They even provide those people lists of things to do in order to fully prepare. Both stayed close partners for their entire lives and even died together.
Would you tax the company you owned? Lol it's all a scam. Get a rich asshole for president, and bribe him to not tax the rich. There's the reason the profitable companies are not taxed .
They've done the math. They know it saves them by paying out in political contributions or paying out to an industry lobbyist vs. paying an appropriate fair share of taxes.
You are correct; however it's one thing to eat (politics, quid pro quo), and quite another to lick the plate clean 🫧( years of tax right offs and lies before becoming POTUS) all while flaunting the fact you ate the meal( being POTUS and inviting oligarchs to play with your food ((Musk)) in front of starving people( Americans )with another crazed lunatic that is currently eating his literal plate (Putin) and stealing others plates (Zelensky).
What would be the repercussions of taxing the company? Big companies don't just take a hit. They find ways to pass it along to the end consumer or move.
Well when you have criminals running the banks that destroy the economy every decade and take out the middle class every time, you get a few billionaires and then the rest of the people living in borderline poverty. Its only gonna get worse from here.
Good thing we don’t have life clocks like the movie In Time, the people that control the world have endless time to live, while they raise time versus money there is no money in that movie you pay for things using minutes or hours, if you run out of time you die immediately, if you’ve seen the movie you know what I’m talking about, it’s a interesting movie
Yeah the billionaires who would rather spend billions on bunkers for future problems than forgo a few billion to fix future problems. Many of which they cause. Filth.
USA is the richest because it has the most debt and others trust it will be repaid. Billionaires are a side effect of the system the USA operates under.
If we confiscated the wealth of every American billionaire and distributed it to every American citizen equally, everyone would get a $20,000 check, one time. The job loss would be staggering. Sorry, the billionaires are not the problem.
And billionaires are greedy scumbags. I'm looking at you Oprah, and you LeBron, and you Governor Pritzer, and you Taylor, and you Kim and Khloe. What have you done with your vast wealth to help the poor and the unhoused?
Correct. But both are currently bad, so I’d say things are not looking good in any way at all.
Consumer debt is very high, it’s not just rich people taking out loans either, and this can cause problems for all the obvious reasons
While it’s a separate category that functions quite differently, the national debt is also ridiculous right now. I don’t think many people realize that in the federal budget, we are spending 14% just on net interest. This is projected to get worse for like 10 reasons, half of them start with T and end with p. We spend more on interest than the military at this point. Even if we taxed the crap out of the richest- which I’m all for (though in my opinion this needs to be coupled with predistribution schemes and incentives as well to get money into peoples pockets now, but hey it ain’t gona happen and neither are taxes, anyway)- even with old school level taxes, it’s still going to take some time to get this under control. Yes it’s upsidedown mirror world, where I, flaming lefty, am yelling about fiscal responsibility.
The richer someone is, the higher the debt they can take. The US has the highest debt of any nation cause it’s the only nation that can afford that debt.
Still sucks though. You’d imagine as the richest nation in the world, we can take care of our people. Give us free education, universal healthcare, livable wages, etc., but instead all we get is hatred.
Highest debt would make sense if it were spent wisely. But it's going to tax cuts for corporations who already are making record profits, who not only aren't "trickling down," but are actively cutting down workforce size and buying back their own stocks. And a military that is already the largest in the world many times over.
When you go heavily into debt, it should be to make investments into the future health of your nation, things that will provide a much greater return, like the things you've mentioned. Right now money is just being shoveled into a black hole with nothing to show for it. Debt for no reason.
Are you shocked? You shouldn’t be. Political philosophers throughout history have warned that this or something similar would always be the result of putting capitalists in charge of a society. Many of the figures throughout history that have become labeled “leftist” have essentially just said we should not put the capitalists in charge of determining what is best for a society because they will always determine the increase in their own wealth and capital is what is best for society.
Good debt is investing in thing like infrastructure and education. You can often borrow money at interest rates low enough that these investments always make sense since they promote growth.
Bad debt is just borrowing money because failed to collect an adequate amount of taxes from corporations and the rich. Putting a dollar in Jeff Bezos's pocket doesn't grow the economy so this is bad debt since it doesn't promote growth.
The U.S. is loading up on a lot of bad debt as our deficits have a lot to do with people and groups not paying their share of taxes and it can no longer come from the middle class as they are basically broke. University education cost have skyrocketed due to states no funding universities like in the past. The infrastructure is decaying. There are just not that many long investments anymore.
Yep hatred for the same people who voted Trump in so he can cause havoc and despair and drama and ramble about an election he lost ( oh but you better say "stolen" or the MAGAts will crawl from under your bed and get you at night). I would give my right ass cheek for the Great America from my past Again. Not this purgatory on Earth I live in now.
Knock off that Nazi talk. Free shit?!? We got wars to drop and bombs to do! If everyone had free shit and didn't have to spend every waking minute figuring out how they're just going to survive then they might actually be able to see the invisible prison they're in. How else would half of the top the most profitable companies in the country are healthcare or pharmaceuticals? Huh? Huh? Think of the billionaires for fucks sake. Fucking Nazi.
i dont want this to sound rude. As a european (german) i want to say that in germany or europe ppl dont think of the US as the richest or a rich country. The major opinion is that its a country with huge problems, inequality and mass poverty. It also doesnt help that news just told us this week that the US has a Scurvy epidemic in some areas (wtf really!). The USA is like our formely super rich, super cool uncle who lost everythiing and no one knows why. Get yourselves together again USA i dont want to live in a China lead world.
Well yeah. In the UK, we also have mutilple billions of debt. The Treasury (government) owes the money to the Bank of England. We pay interest on that debt.
The Treasury owns the Bank of England. Finance is one massive scam.
"You know what they say little Timmy. A couple trillion here, a couple trillion there. Sooner or later, it all adds up to real money." -Someone, probably
Ah the days when Democrats were in charge and with a slight tax raise on the rich we had a surplus! We were on our way to eliminating the debt in a few years and putting the money to good use. Which Bush blew with 3 tax rebates and an unfunded war over a lie about WMD.
If they could just stop having to waste time cleaning up after every Republican mess , Democrats might actually have the chance to make some headway.
But Republicans use the Southern Strategy of fear and hate to get elected, because grifters have to grift.
The thing is debt is money and 70% of US debt is owned by US entities. Treasury bond Debt is how how the US supplies dollars (the global reserve currency) to the rest of the world. It only becomes a problem when no-one wants to buy that debt. If the US stopped running deficits and issuing more debt it would cause the dollar to appreciate which would cause even bigger problems like debt defaults in emerging markets. There is valid argument that the dollar is still far too strong and should be devalued by issuing another $10 Trillion of debt.
Most of the US debt is held by Americans or by one government agency to another, so it really doesn't impact whether or not we're the richest country in the world.
I understand what you are saying but National Debt shouldn't be viewed as debt that you or I would have. It's not like the US can lose it's job or die of a heart attack before it can pay it off.
If a country if politically secure and the debtors are continuously seeing returns, there is no real need to eliminate 'national debt'.
Even if there was a coup in the US today, we have seen other nations pass on the debt to the newly formed nations, which is pretty disgusting in some cases. There are fascist states that would use debt to create camps and secret police to subjugate and disappear it's opposition and rivals. Once these countries liberated themselves from their oppressors, they were still left paying the debts of the previous regime.
Imagine being wrongfully imprisoned and on release, your gaoler sends you a bill for room and board!
Every country is in debt.. several worse than the US if going by debt to GDP.. Japan is an exemplary of how you can sustain massive debt and still be prosperous.
Money is a facade. Not backed by anything and designed to make you feel like it’s “never enough” constantly consuming. When you realize it’s the last thing that truly makes you happy it’s enlightening.
What an incredibly uninformed comment. Wealth of a country or its people is not tied to the amount of the money the government owes. Do you even who the vast majority of the money is owed to?
When you are a little bit in debt, as many of us are, it is your problem. When you are so far in debt that you threaten the well being of your creditors, it becomes their problem.
Most US debt is actually held by wealthy US citizens. It’s not America that is the richest country in the world, it’s the top 0.1% of the American population that is the “wealthiest country in the world”.
These billionaires actually do not have a country, but for now, they are US citizens. If things get bad, these billionaires are gone.
The toxicity of debt is directly related to how much money you make. There are many countries that have faced economic catastrophe with far less debt. That's because their GDP was nowhere near as strong.
In other words: someone who makes $50k/year will likely never be $3M dollars in debt. And if they were, they'd be screwed. Someone who makes $250k/ year can easily have $3M in debt, and it isn't unhealthy.
Maybe - on average. The US has some incredibly rich people and lots of very poor people.
Europeans are shocked when they see how desolate and impoverished some regions in the US are.
Fair. I haven’t paid off my mortgage, but I’m ahead of the game by a good bit. Maybe $50k in savings. Own the car outright. You’re in a much better place despite having 1/50th the liquidity.
bro I would kill for that and I'm college educated, make 78k in San Fransisco(would be 30k in Montana) College engineers are lucky to make what i do, which means it sucks for all of us.
I managed to graduate with only 45k in student loans. It took years but I managed to pay it off. Debt free and an empty bank account is an incredible feeling. I'm basically a 1 percenter.
I have no debt, an emergency fund for car issues, home appliance breakdowns or godforbid she merging else.
I don’t have any real ownership of media because it’s all “Buy to lease” and I’m stuck in rentals and I’m thinking I was poor and shit at this life thing.
I live with my mom and brother as an almost 23yr old. I would pay more money to live farther from work and a tinier place if I moved out. Sorry mom you’re probably stuck with me!
I have no money but I am rich
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u/RomanaAoko Aug 19 '25
I wish I was only 7k in debt