f7ben Posted January 30 Share Posted January 30 Just now, Highmark said: Yes but I don't agree with just fucking over the American citizen who holds some of that debt. Let's be clear we are NEVER paying down the debt but what can be done is a balanced budget that as the economy grows the debt becomes a smaller % of. Its that or default and default is worse. How the fuck are we supposed to balance the budget when the income is fully consumed by servicing the debt? 2 Quote Link to comment Share on other sites More sharing options...
old indy Posted January 30 Share Posted January 30 3 minutes ago, f7ben said: Trump wants a strong U.S. dollar???? holy fucking shit Does he want Chinas digital currency and social credit system here? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 30 Platinum Contributing Member Share Posted January 30 6 minutes ago, f7ben said: How the fuck are we supposed to balance the budget when the income is fully consumed by servicing the debt? Major cuts to spending. Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 30 Share Posted January 30 3 minutes ago, old indy said: Does he want Chinas digital currency and social credit system here? I don’t want to call you names but Trump want a weak US dollar and every move he made was in support of weakening the dollar to boost exports. You really have zero fundamental understanding of this conversation so I’ll leave it at that. 1 Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 30 Share Posted January 30 Just now, Highmark said: Major cuts to spending. So you think failing to pay bonds would be catastrophic but literally eliminating the government fully would not be 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 30 Platinum Contributing Member Share Posted January 30 (edited) 20 minutes ago, f7ben said: So you think failing to pay bonds would be catastrophic but literally eliminating the government fully would not be Did I say that? Austerity will always come with pain however it won't destroy the worlds financial system like would with just cancelling debt. Cancelling debt will have the same inflationary effect as deficit spending. Inflation would go higher than even Venezuela has seen. Edited January 30 by Highmark Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 30 Share Posted January 30 20 minutes ago, f7ben said: So you think failing to pay bonds would be catastrophic but literally eliminating the government fully would not be people don;t get how government spending is so ingrained in the economy that any changes is devastating. there is no way IMO at this point to stop the cycle we just need to control the increases. the place to cut it giving our money to others but thats not even enough to service debt. best time to make changes is when other parts fo the economy are booming and you can disguise the lack of government spending, instead people like Trump and biden just keep the hammer down. Fuck Obama was more conservative fiscally than those 2 1 Quote Link to comment Share on other sites More sharing options...
old indy Posted January 30 Share Posted January 30 keeping our dollar at a strong trade level and not letting it get continually devalued by china blowing their goods out for nothing lowering our trading worth is what Trump was promoting as i recall. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 30 Author Share Posted January 30 1 hour ago, old indy said: Isnt this the same bull shit tactic you TDS suffers used in 2015................ why yes,, yes it is. He wants a strong US dollar, they dont. whats so hard to grasp? I wasn't here back then How'd 2020 work out? Quote Link to comment Share on other sites More sharing options...
old indy Posted January 30 Share Posted January 30 4 minutes ago, Crnr2Crnr said: I wasn't here back then How'd 2020 work out? Theyre still working on that 1 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 30 Author Share Posted January 30 3 minutes ago, old indy said: Theyre still working on that yeah... solve that riddle Columbo Quote Link to comment Share on other sites More sharing options...
Mainecat Posted January 30 Share Posted January 30 Don’t worry China will pay the 60% tariff. Is China paying billions in tariff revenue? CLAIM Trump claimed that China is paying the billions in tariff revenue Trump's administration has distributed to farmers. “First of all, China is paying. They’re paying billions and billions of dollars. I just gave $28 billion to our farmers,” Trump said. “Taxpayers’ money,” Biden interrupted. “It didn’t come from China.” “You know the taxpayers are called China,” Trump said. “China paid $28 billion and you know what they did to pay it Joe? They devalued their currency and they also paid up. And you know who got our money? Our farmers,” he added. This is false EVIDENCE Trump’s claim about who is paying the tariff money is false. Study after study has found that Americans are bearing the cost of Trump’s tariffs on imported Chinese products. And American importers, not Chinese exporters, make the actual tariff payments to the US government https://www.cnn.com/factsfirst/politics/factcheck_e3c68ab3-cb3f-4515-bb75-eff581f1dec8 Quote Link to comment Share on other sites More sharing options...
Voodoo Posted January 30 Share Posted January 30 (edited) 2 hours ago, f7ben said: How the fuck are we supposed to balance the budget when the income is fully consumed by servicing the debt? It's not...but it will be if you don't change course. 4 trillion in revenue, could be 2 trillion in spending, 2 trillion to debt servicing. 29 years @ %4 interest. This is not rocket science or discovery math. Instead it's 4 trillion in revenue and 6 trillion in spending. See the difference? Edited January 30 by Voodoo Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 30 Author Share Posted January 30 2 hours ago, Highmark said: Major cuts to spending. and increased taxes... Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 30 Author Share Posted January 30 1 hour ago, Angry ginger said: people don;t get how government spending is so ingrained in the economy that any changes is devastating. there is no way IMO at this point to stop the cycle we just need to control the increases. the place to cut it giving our money to others but thats not even enough to service debt. best time to make changes is when other parts fo the economy are booming and you can disguise the lack of government spending, instead people like Trump and biden just keep the hammer down. Fuck Obama was more conservative fiscally than those 2 holy shit... otb 1 hour ago, old indy said: keeping our dollar at a strong trade level and not letting it get continually devalued by china blowing their goods out for nothing lowering our trading worth is what Trump was promoting as i recall. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 31 Platinum Contributing Member Share Posted January 31 7 hours ago, Crnr2Crnr said: and increased taxes... Nope they will just add spending Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 31 Author Share Posted January 31 2 minutes ago, Highmark said: Nope they will just add spending I don't disagree... But to pay down that mountain spending must be brought back to at least 2019 levels... and no matter if you or I like it or not revenue must be increased somewhere. Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 31 Share Posted January 31 11 hours ago, Highmark said: Did I say that? Austerity will always come with pain however it won't destroy the worlds financial system like would with just cancelling debt. Cancelling debt will have the same inflationary effect as deficit spending. Inflation would go higher than even Venezuela has seen. Cutting 50-60% of government spending would collapse the entire world in 24hrs. It’s that simple Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 31 Share Posted January 31 11 hours ago, old indy said: keeping our dollar at a strong trade level and not letting it get continually devalued by china blowing their goods out for nothing lowering our trading worth is what Trump was promoting as i recall. Like I said , you don’t have the slightest fundamental understanding of anything regarding this issue 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted January 31 Share Posted January 31 16 hours ago, Voodoo said: It's not...but it will be if you don't change course. 4 trillion in revenue, could be 2 trillion in spending, 2 trillion to debt servicing. 29 years @ %4 interest. This is not rocket science or discovery math. Instead it's 4 trillion in revenue and 6 trillion in spending. See the difference? That's called liberal math. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 31 Platinum Contributing Member Share Posted January 31 (edited) 9 hours ago, f7ben said: Cutting 50-60% of government spending would collapse the entire world in 24hrs. It’s that simple Didn't say cut that much. Keep in mind there is plenty of wasteful spending and fraud that doesn't make the economy work. Edited January 31 by Highmark Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 31 Share Posted January 31 7 minutes ago, Highmark said: Didn't say cut that much. Keep in mind there is plenty of wasteful spending and fraud that doesn't make the economy work. You said balance the budget , currently that would mean cutting 50%+ of government expenditure. Which is it? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 31 Platinum Contributing Member Share Posted January 31 (edited) 1 hour ago, f7ben said: You said balance the budget , currently that would mean cutting 50%+ of government expenditure. Which is it? While it would be nice it wouldn't be done all at once. Another thing is some spending would need to be moved to the state and the states would need to evaluate whether or not taxes need changed to address not getting that money from the federal govt. For example the dept of education should be eliminated or made where it just looks at standards. Its ridiculous that billions of tax dollars go to DC is wrung thru the bureaucracy washing machine and doled BACK to the states. Again there would be a certain amount of pain especially those addicted to the govt teat. The pain or economic turmoil caused by cutting spending would be far, far less than would occur by up and cancelling debt or the cliff we are about to fall off. Keep in mind any discussion around cancelling of debt usually is tied to a completely new digital only currency which also is tied to things like social credit or behavior system. You really want to go down that road because no cancellation of debt happens without it. Edited January 31 by Highmark Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 31 Share Posted January 31 22 minutes ago, Highmark said: While it would be nice it wouldn't be done all at once. Another thing is some spending would need to be moved to the state and the states would need to evaluate whether or not taxes need changed to address not getting that money from the federal govt. For example the dept of education should be eliminated or made where it just looks at standards. Its ridiculous that billions of tax dollars go to DC is wrung thru the bureaucracy washing machine and doled BACK to the states. Again there would be a certain amount of pain especially those addicted to the govt teat. The pain or economic turmoil caused by cutting spending would be far, far less than would occur by up and cancelling debt or the cliff we are about to fall off. Keep in mind any discussion around cancelling of debt usually is tied to a completely new digital only currency which also is tied to things like social credit or behavior system. You really want to go down that road because no cancellation of debt happens without it. Disagree Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 31 Platinum Contributing Member Share Posted January 31 10 minutes ago, f7ben said: Disagree If cancelling debt had no negative inflationary effects why track it at all? Just cancel govt debt every year or don't even account for it. Govts can then just print what they want and hand it out to who they want. Quote Link to comment Share on other sites More sharing options...
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