You've got a great name. Always the sky is falling. But as a percentage of the existing debt, it's not that really high a percentage so I can't see how you can make the case that 1.9 trillion on top of 27.9 trillion will trigger that but 27.9 trillion won't.
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- Thread starter Oildudeny
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I believe things will balance itself out eventually.
Look at former empires and cities of great civilization. The people move on, the businesses move on, they may not live as good of a life as before but people survive even when the empire collapses as long as there are no war or plague on the premise killing the majority of its people.
When inflation kicks in and a lot of excessive valuation collapses, we have.... Japan. They are still fine but the people no longer chase the wealth as before, we have minimalism young people who decided not to follow the luxurious living.
TVs and cars and phones are no longer luxury, they are cheap compare to housing. Yes on the fat, but if you trim the fat some in the population will starve (think all the restaurants closing right now). You cannot just force consumer behaviors on a market economy. Businesses will decide what is worth doing and what is not, so will the consumers.
alarmguy,
You own a bunch of Walmart stock and I own a bunch of Amazon stock. Of course lots of this current and previous stimulus checks will be spent at both companies. I’m not complaining about my Amazon stock performance.
Not getting political, but the current folks in office think the solution to the current problems is to hand out more money. Some folks desperately need it..... others will foolishly spend their stimulus.
But there is no denying unemployment is still high compared to the official government number. Tons of layoffs since last March and many of those jobs are never coming back.
On my YouTube channel I talk about things I was warned a few times not to talk about here.....
No link cause I don’t want any trolls (not you) harassing me. I do give lots of quality advice over there and my investment strategies that have worked well for me.
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Yeah, the last time it was that high was after World War 2, didn't lead to anything you talked about and it got paid down.
That was then, this is now, I’m looking forward to the current day that it gets paid down, since massive borrowing has been going on for well over a decade with no wars and excuse after excuse to live on borrowed money.
I wonder when the day will come that it stops. money.
Everything in our economy is on borrowed money and has been since around 2008.
No one is a good predictor of the future. It probably won't end the way you think it will. If you increase the amount you borrow, but pay super low interest rates, are you really paying that much?
Also note that back in the 50's, the highest tax rate was over 90%, today it's 37%.
I dont disagree with you. I cant help but think and wonder how long we can kick the can down the road. We think we are invincible and there is no desire whatsoever to contain our spending and its not just this past year, its been over a decade.
This past year opened a whole new door to borrowing and at what point do we live within our means? It cant go one forever yet you can bet people are now going to expect the borrowing to continue.
No one knows the future yet but the current to me is alarming (no pun intended*L*), Im fully invested though and actually excited about some things but I too am living in a bubble, yet realistic.
Some accuse me as gloom and doom, like I said, Im fully invested but it doesnt mean there aren't red flags up all over. I dont fight the market though and go with the flow.
People are going into bitcoin bc they fear hyperinflation in the future.
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Easy to do on line with Vanguard. My daughter, a millennial, figured it out on line...
I agree with the wild drop predictions. Sensationalism.
Those were paper numbers, the 90% was on a very, very small percentage of the taxpayers. The 37% applies to a moderate percentage of taxpayers.
The big issue: about half of US taxpayers actually pay zero, or net negative income tax.
Further, the post WWII debt comparison is specious. The preponderance of Government spending was defense. Easy enough to turn off that spigot and balance the budget.
Today, over half the budget is entitlement, a large percentage is debt service, leaving very little room to cut spending (in any realistic scenario). Defense now, for example, before we spent trillions on stimulus, is about 16% of the budget. The entire DOD is about 700 billion. 1/3 the size of the current stimulus package.
Doesn’t leave much room to cut to balance the budget. Can’t cut entitlement, can’t cut debt service.
Zero fiscal discipline, and not a prayer for it in the future.
Good for her! I'm at Fidelity and not having luck. I started a brokerage account but apparently my bank refused to move money. No idea at the moment. I've spent several hours so far over the last week or two without success, and have resorted to calling.
And basically the logical conclusion is that if you can't cut spending, you have to increase income. Which for the government would be taxes.
That 90% was a small number because there was a much smaller number of super wealthy people like we have today.
Who are you calling, the bank? Talk to Fidelity. Let them handle the process. Once they have your bank account info it will be seamless. Or, do it online.
I *have* been calling Fidelity. Anything I need to do to my 401k, no problem. But IRA's are handled by a different group of people (in Fidelity), and they're always busy. I hang up after waiting 10 minutes. I probably need to try first thing in the morning.
When the world does not run on USD as the reserve currency and go back to gold or some sort of assets between nations. This is why we are so scared of some oil producing nations' dictators trying to sell oil in gold or other currencies.
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