Well borrowing certainly is
Quote
"The CBO released a report yesterday detailing that, for the first third of FY26 (which began in October), the U.S. government operated at a deficit, and so borrowed $696 billion. That included $94 billion in January alone, and works out to an average of $43.5 billion for each of the 16 weeks of the four months since."
|
Reply privately, Reply in forum +quote
or View forums list | |
"Well borrowing certainly is
Quote
"The CBO released a report yesterday detailing that, for the first third of FY26 (which began in October), the U.S. government operated at a deficit, and so borrowed $696 billion. That included $94 billion in January alone, and works out to an average of $43.5 billion for each of the 16 weeks of the four months since."
"
Without the context of the past ten years of deficit and accounting for inflation, those are just numbers, right? |
Reply privately, Reply in forum +quote
or View forums list | |
 |
By (user no longer on site) 12 weeks ago
|
Pretty much every government in the western world operates at a deficit. I’m not saying that right, I personally think a government should be run like a business. Day to day spending should come from income and borrowing should only happen for infrastructure capital spending.
Having to borrow to pay the interest on existing debts is just insane and a recipe for disaster.
The difference is of course, most western governments have a seemingly never ending line of credit and actually have a license to print money. All they need is the willingness to accept higher inflation and the are good to go. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) 12 weeks ago
|
US debt has risen sharply for many years, accelerated by the banking crisis and then Covid, as in almost all Western countries.
The first Trump administration added about 7.8tn to the debt, then Biden added about 8.4tn.
This is a long term structural issue but orange man something something.🤦♂️ |
Reply privately, Reply in forum +quote
or View forums list | |
So when you say on fire is this on fire as doing good or on fire as burning down.
Just remember the trump gov out and out lies, they don’t even massage the figures like most governments, they just make shit up. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *abioMan 12 weeks ago
Newcastle and Gateshead |
"US debt has risen sharply for many years, accelerated by the banking crisis and then Covid, as in almost all Western countries.
The first Trump administration added about 7.8tn to the debt, then Biden added about 8.4tn.
This is a long term structural issue but orange man something something.🤦♂️"
As with most things pat….. so near..and yet so wrong!
You got half of it right
First thing you need to understand is that the US… by law… has to spend within its means, so to get around this, normally every few years, there is a vote to increase the debt limit…. If the debt limit is not raised, no government employee gets paid… hence… shutdown!
It’s one of those weird things where people think republicans are better with the economy… but republicans actually in real terms increase the deficit, democrats actually lower the debt
Obama actually ran a balanced budget, Clinton actually ran a surplus!
So… back to pats assumptions…and where he swung and missed
The first trump administration did add 7.8tn dollars to the debt… but 2.8tn of that was due to massive tax cuts for the rich (this is something we will come back to)
The Biden administration did add 8.4tn dollars to the debt limit… of which 5 trillion of this was Covid recovery act money
And as part of the big beautiful bill… the 2nd trump administration is adding another 4tn dollars to the debt in more massive tax cuts for the rich
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) 12 weeks ago
|
"US debt has risen sharply for many years, accelerated by the banking crisis and then Covid, as in almost all Western countries.
The first Trump administration added about 7.8tn to the debt, then Biden added about 8.4tn.
This is a long term structural issue but orange man something something.🤦♂️
As with most things pat….. so near..and yet so wrong!
You got half of it right
First thing you need to understand is that the US… by law… has to spend within its means, so to get around this, normally every few years, there is a vote to increase the debt limit…. If the debt limit is not raised, no government employee gets paid… hence… shutdown!
It’s one of those weird things where people think republicans are better with the economy… but republicans actually in real terms increase the deficit, democrats actually lower the debt
Obama actually ran a balanced budget, Clinton actually ran a surplus!
So… back to pats assumptions…and where he swung and missed
The first trump administration did add 7.8tn dollars to the debt… but 2.8tn of that was due to massive tax cuts for the rich (this is something we will come back to)
The Biden administration did add 8.4tn dollars to the debt limit… of which 5 trillion of this was Covid recovery act money
And as part of the big beautiful bill… the 2nd trump administration is adding another 4tn dollars to the debt in more massive tax cuts for the rich
"
So my figures were correct. Thanks for confirming 👍 |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) 12 weeks ago
|
Obama of course did not run a 'balanced budget' at all; he massively increased debt including huge tax cuts.
As with most Presidents the reasons were mostly out of his control, in Obama's case the Banking Crisis.
Clinton did produce budget surpluses, the first and last President to do so in last 50 years. He benefited from exceptionally good global economic circumstances and growth and with relatively little global conflict prior to 9/11. He also made huge cuts to welfare spending. |
Reply privately, Reply in forum +quote
or View forums list | |
"Obama of course did not run a 'balanced budget' at all; he massively increased debt including huge tax cuts.
As with most Presidents the reasons were mostly out of his control, in Obama's case the Banking Crisis.
Clinton did produce budget surpluses, the first and last President to do so in last 50 years. He benefited from exceptionally good global economic circumstances and growth and with relatively little global conflict prior to 9/11. He also made huge cuts to welfare spending."
Didn't mango man say tarrifs were wonderful, debt was falling like Autumn leaves and the US economy was better than ever before though. |
Reply privately, Reply in forum +quote
or View forums list | |
» Add a new message to this topic
