Went to Home Depot today for a few pieces of lumber. Fainted, then had to take out a home loan.

[Wolf359]

Yeah, it's the "not sane" people who think it's a bad idea to continually print money, devaluing the Dollar further, rampant inflation, and saddling current and future generations with a bleaker future...

Oh yeah, I think the US debt was highest after WW2 as a percentage of GDP although we're surpassing that now. Although more people have died from the pandemic than during the wars. Not sure how you got rampant inflation and bleaker future from the last time that it happened.

Like I said, show your work and back up your claim. You still haven't done so. Otherwise it's just chicken little, the sky is falling...

The real major problem I have with these projections is that it kinda assumes we're on a runaway train with no one at the controls. But that's not the case and we'll see what the various branches of government do to handle it when we get there.

 

[JeffKeryk]

Another fun fact: The laws of economics haven't changed. There's still no free lunch.

At some point the serious consequences of our National Debt spiraling out of control, will effect us all.

I don't like the National Debt any more than you (or anyone else).

I am not sure which Laws you are referencing. The Laws of Economics generally do not reference the National Debt (but Economists do).
The closest thing is "Money is not wealth", which speaks to buying power vs money. Buying power is wealth. Buying power is much more involved than money. It speaks to the production and allocation of scarce goods.
The other thing that comes to mind is "Genuine Economics Laws are Logical Laws" which speaks to societal actions.
"One can ignore and violate the fundamental laws of economics but one cannot change them. Those societies fare best where people and government recognize and respect these fundamental economic laws and use them to their advantage."

However, neither of these speak directly to the National Debt, printing money, etc. Many Economists feel debt is OK if one has the scarce goods, because truly scarce goods increase in value in a given society.
Printing money is a necessity because societies grow. I have detailed this topic in a previous post.

Having said this, I think some fiscal responsibility is really needed, not only at this time but all times. It seems we both believe fiscal responsibility has been in short supply for a long time now...

If you are referencing another specific Law or Laws please post them as I am very interested in Economics. Thanks in advance.

I hope this helps.

 

[02SE]

Oh yeah, I think the US debt was highest after WW2 as a percentage of GDP although we're surpassing that now. Although more people have died from the pandemic than during the wars. Not sure how you got rampant inflation and bleaker future from the last time that it happened.

Like I said, show your work and back up your claim. You still haven't done so. Otherwise it's just chicken little, the sky is falling...

The real major problem I have with these projections is that it kinda assumes we're on a runaway train with no one at the controls. But that's not the case and we'll see what the various branches of government do to handle it when we get there.

Yeah sure. Would you agree that the worldwide economic picture, not to mention the work ethic of the US population, is just a bit different than right after WW2?

This is sounding like when I commented that my health insurance was much more expensive, and worse under Obamacare, and you stated that wasn't possible. As if I didn't know what my coverage was or what it cost, before Obamacare was forced upon the populace.

I gave you examples, but that wasn't good enough. It was a colossal waste of my time. I think you just like to be contrarian.

If you or anyone can't figure out why the continually spiraling debt is a problem, nothing I say will sway you.

I'm just glad that I and my family will be okay for the rest of our lives.

 

[JeffKeryk]

Yeah sure. Would you agree that the worldwide economic picture, not to mention the work ethic of the US population, is just a bit different than right after WW2?

This is sounding like when I commented that my health insurance was much more expensive, and worse under Obamacare, and you stated that wasn't possible. As if I didn't know what my coverage was or what it cost, before Obamacare was forced upon the populace.

I gave you examples, but that wasn't good enough. It was a colossal waste of my time. I think you just like to be contrarian.

If you or anyone can't figure out why the continually spiraling debt is a problem, nothing I say will sway you.

I'm just glad that I and my family will be okay for the rest of our lives.

I am not sure how "Oh yeah" and "LOL" add to a discussion. Regardless of one's point of view.

Ah, the national debt...
The debt is caused by a mismatch between spending and revenues.
Healthcare costs are a primary driver due to an inefficient healthcare system and an aging population. Medciare costs, etc. bloat the budget.
Baby boomers are retiring at a faster rate than new workers coming in to the work place. And people are living longer, primarily due to better medicines such as blood pressure control.
Net Interest - the cost of servicing that debt. Will increase as the debt and rates increase.
Insufficient revenue - this is, of course, highly controversial...

I hope this helps.

 

[Wolf359]

Yeah sure. Would you agree that the worldwide economic picture, not to mention the work ethic of the US population, is just a bit different than right after WW2?

This is sounding like when I commented that my health insurance was much more expensive, and worse under Obamacare, and you stated that wasn't possible. As if I didn't know what my coverage was or what it cost, before Obamacare was forced upon the populace.

I gave you examples, but that wasn't good enough. It was a colossal waste of my time. I think you just like to be contrarian.

If you or anyone can't figure out why the continually spiraling debt is a problem, nothing I say will sway you.

I'm just glad that I and my family will be okay for the rest of our lives.

Just go back and read carefully what I said and didn't say. You're making a lot of assumptions. I'm just challenging you to show that your assumptions are true. I didn't say that it was or wasn't going to do what you said. Just asked you to back up your claim that it would.

There's a difference.

 

[Wolf359]

And just to elaborate, current US debt as a percentage of GDP is at 108%. Japan has been in the doldrums for years at 235% as of 2019. The financial crisis in Greece has them at 185% in 2019. Greece and Japan aren't the same as the US though as the dollar is better than the Yen and Greece is only part of the Euro. So did your projections come to pass in those countries? Maybe for Greece at a lower percentage of GDP, I don't think so for Japan though although their economy hasn't been doing much for a while. Basically why does it happen at 108% and not at 185% or 235%? We've got a ways to go if it's 185-235.

 

[ripcord]

And just to elaborate, current US debt as a percentage of GDP is at 108%. Japan has been in the doldrums for years at 235% as of 2019. The financial crisis in Greece has them at 185% in 2019. Greece and Japan aren't the same as the US though as the dollar is better than the Yen and Greece is only part of the Euro. So did your projections come to pass in those countries? Maybe for Greece at a lower percentage of GDP, I don't think so for Japan though although their economy hasn't been doing much for a while. Basically why does it happen at 108% and not at 185% or 235%? We've got a ways to go if it's 185-235.

I think the better question to ask is if we should really try to see how close to insolvency we should take the economy for the sake of political expediency? Once the world has lost confidence in the world's main reserve currency (the dollar), we wont like the outcome.

Greece is a tiny economy that is being propped up by Germany so it is a poor yard stick to measure with. As for Japan, by now it should have learned that massive government stimulus is like pushing on a rope for all the (non) growth that Abe-enomics has produced.

 

[02SE]

I am not sure how "Oh yeah" and "LOL" add to a discussion. Regardless of one's point of view.

Ah, the national debt...
The debt is caused by a mismatch between spending and revenues.
Healthcare costs are a primary driver due to an inefficient healthcare system and an aging population. Medciare costs, etc. bloat the budget.
Baby boomers are retiring at a faster rate than new workers coming in to the work place. And people are living longer, primarily due to better medicines such as blood pressure control.
Net Interest - the cost of servicing that debt. Will increase as the debt and rates increase.
Insufficient revenue - this is, of course, highly controversial...

I hope this helps.

I'm not sure how the repeated, condescending, and sarcastic sounding "I hope this helps" add to the discussion.

 

[M56959]

Bickering. Topic has run its course