Treasury secretary warns US could default on its debt as soon as June

[heybruce]

On 1/14/2023 at 9:17 AM, RichardColeman said:

Money in circulation in US - can you guess which US political party got elected in 2008 and 2020 where it starts spiking with uncontrolled spending ?? 

 

You can guess which political party left a wrecked economy when it left the White House in 2009 and 2029.

[wwest5829]

On 1/14/2023 at 6:40 PM, Andrew65 said:

I didn't realise that there were any "free rides" available in Thailand for Johnny-Falang!?????

Can I play, “Devil’s Advocate”? Here I am, American subject to worldwide US Income Tax. I have the right to vote in the last US area where I lived. I own no property in US, thus I am not a resident of any U.S. state (not subject to state income taxes). My income is low enough so that, as an aging retiree, I do not earn enough to be subject to US Income Tax. In that sense … a pretty free ride. PS … don’t tell the “Freedom Caucus” in the US House … they will want to take my citizenship away … or at least, no vote if you don’t pay taxes.

[thaibeachlovers]

45 minutes ago, wwest5829 said:

Can I play, “Devil’s Advocate”? Here I am, American subject to worldwide US Income Tax. I have the right to vote in the last US area where I lived. I own no property in US, thus I am not a resident of any U.S. state (not subject to state income taxes). My income is low enough so that, as an aging retiree, I do not earn enough to be subject to US Income Tax. In that sense … a pretty free ride. PS … don’t tell the “Freedom Caucus” in the US House … they will want to take my citizenship away … or at least, no vote if you don’t pay taxes.

Just my opinion, but if one chooses to not live in a certain country, why should one have a vote there?

[wwest5829]

14 minutes ago, thaibeachlovers said:

Just my opinion, but if one chooses to not live in a certain country, why should one have a vote there?

Only discussing. So ... if I retire to Thailand, I am disenfranchised from voting anywhere? In my case, I do feel very strongly about my ties to the USA. My DNA goes back to forbears before it became a country and what the country does has global implications for Americans and others currently. In addition, my DNA remains in my children and Grandchildren so I am also concerned with domestic policies (including not being allowed to utilize my earned Medicare). No, I definitely want a vote as an American. Just because I am "outpriced" in the USA and have joined millions of other Americans retired to a lower cost country so that I can have a working middle class life, does not equate with my giving up my citizenship.

[nauseus]

16 hours ago, Chomper Higgot said:

Correct. 
 

Money spent on the national infrastructure will benefit everyone.

 

Tax breaks to the hyper wealthy Help only the hyper wealthy.

 

 

Money spent on infrastructure will not necessarily benefit everyone.

 

Tax breaks are not part of this latest mad spending, so no need to include them.

[Andrew65]

4 hours ago, wwest5829 said:

Can I play, “Devil’s Advocate”? Here I am, American subject to worldwide US Income Tax. I have the right to vote in the last US area where I lived. I own no property in US, thus I am not a resident of any U.S. state (not subject to state income taxes). My income is low enough so that, as an aging retiree, I do not earn enough to be subject to US Income Tax. In that sense … a pretty free ride. PS … don’t tell the “Freedom Caucus” in the US House … they will want to take my citizenship away … or at least, no vote if you don’t pay taxes.

What I was getting at is that as falang we can't claim welfare benefits etc in Thailand. 

Around 3 years ago I got chatting to one of your compatriots who had renounced his US citizenship and was actually a Cambodian citizen (showed me his Cambodian passport). That's a VERY big step to take.

[Chomper Higgot]

30 minutes ago, nauseus said:

Money spent on infrastructure will not necessarily benefit everyone.

 

Tax breaks are not part of this latest mad spending, so no need to include them.

Improved infrastructure enables whole economy growth, economic growth benefits everyone.

 

You’re right, Dems aren’t handing tax breaks to the hyper wealthy. 

[wwest5829]

2 hours ago, Andrew65 said:

What I was getting at is that as falang we can't claim welfare benefits etc in Thailand. 

Around 3 years ago I got chatting to one of your compatriots who had renounced his US citizenship and was actually a Cambodian citizen (showed me his Cambodian passport). That's a VERY big step to take.

Yes. A "bridge too far" for me to give up citizenship. I do not know the facts but it appears to me that many of those giving up citizenship do so thinking they can avoid taxation (a large difference with my income). Although as a student of US and European History (generalist) I am quite attuned to wrongs that have taken place (currently watching the PBS Series on, "The U.S. and the Holocaust". So sad to be reflecting on the events and personalities. As to Thai being able to claim welfare benefits? A bit complicated since we are not citizens. On the other hand if one works here then the public health care and retirement benefits are available (such as they are). Guess we would also need to decide what we consider "welfare" ... sorry, I am just reflecting on some in my country defining paid, earned benefits as "welfare". 

[nauseus]

2 hours ago, Chomper Higgot said:

Improved infrastructure enables whole economy growth, economic growth benefits everyone.

 

You’re right, Dems aren’t handing tax breaks to the hyper wealthy. 

It will be truly amazing if these wonder products of debt truly do benefit the masses and I'm sure that after shaking new leaves off the magic money tree, the Dems won't be cutting any taxes. ????

[Chomper Higgot]

5 minutes ago, nauseus said:

It will be truly amazing if these wonder products of debt truly do benefit the masses and I'm sure that after shaking new leaves off the magic money tree, the Dems won't be cutting any taxes. ????

And yet employment is continuing to rise.

[nauseus]

20 hours ago, Chomper Higgot said:

And yet employment is continuing to rise.

Of course it is.....just as the labor force participation rate continues its trend of decline.

 

https://tradingeconomics.com/united-states/labor-force-participation-rate

 

 

 

[candide]

3 hours ago, nauseus said:

Of course it is.....just as the labor force participation rate continues its trend of decline.

 

https://tradingeconomics.com/united-states/labor-force-participation-rate

 

 

 

It's still aroung one percent lower than pre-covid but has been improving since 2020, not declining. Slowly improving, but improving.

[nauseus]

3 hours ago, candide said:

It's still aroung one percent lower than pre-covid but has been improving since 2020, not declining. Slowly improving, but improving.

trend of decline.

[ozimoron]

Just now, nauseus said:

trend of decline.

Due in no small part to automation and use of illegal labor I suspect.

[Pattaya Spotter]

Stand firm @GOP and crash this illegitimate administration's economy!

[Eric Loh]

57 minutes ago, Pattaya Spotter said:

Stand firm @GOP and crash this illegitimate administration's economy!

Straight out of the GOP's playbook. What you can't win, just destroy.

https://www.latimes.com/world-nation/story/2023-01-17/failed-gop-candidate-arrested-shootings-democratic-lawmaker-homes

[heybruce]

1 hour ago, Pattaya Spotter said:

Stand firm @GOP and crash this illegitimate administration's economy!

I see; party before country.  That's fanaticism, not patriotism.

[Pattaya Spotter]

1 hour ago, heybruce said:

I see; party before country.  That's fanaticism, not patriotism.

The GOP is the only party that can save America ???????? 

[Eric Loh]

17 minutes ago, Pattaya Spotter said:

The GOP is the only party that can save America ???????? 

The party need to save themselves first. 

[Longwood50]

On 1/14/2023 at 6:10 AM, Scott said:

The US will reach the debt limit on January 19 and then “extraordinary measures” will need to be taken, Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy. She said that the Treasury Department will pursue those measures, but they will only last a limited amount of time

The current National Debt is $31 Trillion.  There are approximately 130 million families in the USA meaning that each family's share is $238,461.  And somehow the spending and debt should go up? 

At $31 Trillion, the current 10 year treasury bond rate is 3.49%.  Meaning each year the federal government has to pay just over $1 Trillion in interest.  That does not include any amounts the Federal Governent has in unfunded programs like Social Security, Medicare, and Medicaid. 

And it is just dawning on people that the USA can not nor ever will be able to repay its debts.  The current financial management is akin to using your own personal credit card to finance all your daily spending.  Eventually you can't get more credit and don't earn enough to pay the minimum on the credit card. 

PS. the amount of $31 trillion does not include the amounts in debt by the States, Counties, and Local municipalities.  

[Eric Loh]

I find the GOP shenanigan holding the debt limit as leverage shameful. Debt has to be paid. Really nothing to debate. Debate future spendings not debt ceiling. 

[heybruce]

2 hours ago, Longwood50 said:

The current National Debt is $31 Trillion.  There are approximately 130 million families in the USA meaning that each family's share is $238,461.  And somehow the spending and debt should go up? 

At $31 Trillion, the current 10 year treasury bond rate is 3.49%.  Meaning each year the federal government has to pay just over $1 Trillion in interest.  That does not include any amounts the Federal Governent has in unfunded programs like Social Security, Medicare, and Medicaid. 

And it is just dawning on people that the USA can not nor ever will be able to repay its debts.  The current financial management is akin to using your own personal credit card to finance all your daily spending.  Eventually you can't get more credit and don't earn enough to pay the minimum on the credit card. 

PS. the amount of $31 trillion does not include the amounts in debt by the States, Counties, and Local municipalities.  

Correct.  Time to rescind the Republican tax cuts, not limited to those implemented by Mitch McConnell that Trump is credited with.

[heybruce]

2 hours ago, Pattaya Spotter said:

The GOP is the only party that can save America ???????? 

I see.  You believe the GOP must destroy America to save it.  Another indicator of fanaticism.

[Pattaya Spotter]

45 minutes ago, heybruce said:

I see.  You believe the GOP must destroy America to save it.  Another indicator of fanaticism.

To make a delicious omelet...

[Chomper Higgot]

On 1/16/2023 at 2:04 AM, thaibeachlovers said:

Just my opinion, but if one chooses to not live in a certain country, why should one have a vote there?

It’s a citizen’s rights thing.

 

[nauseus]

4 hours ago, Eric Loh said:

I find the GOP shenanigan holding the debt limit as leverage shameful. Debt has to be paid. Really nothing to debate. Debate future spendings not debt ceiling. 

It is the existing amount of debt that is shameful. If the ceiling is never lowered then how will it ever all be paid back? Or not? 

[Longwood50]

3 hours ago, heybruce said:

Correct.  Time to rescind the Republican tax cuts, not limited to those implemented by Mitch McConnell that Trump is credited with.

Wrong Answer.  The problem is not lack of tax revenue.  Federal receipts have gone up 400% in the past two decades.  Despite having far more money, the Democrats with their spending have spent faster than taxes can keep up. Spending as a percent of GDP is now 42.36.  The historical average from 1929 to 2010 was 18.6% of GDP.

The problem is not that we tax too little.  The problem is the USA spends too much.  The 42.36% figure means of every service or product produced in the USA annually the Federal Government spends $42.36 dollars for every $100 earned.  






https://stats.areppim.com/stats/stats_usxrecxspendxgdp.htm

FISCAL YEAR	REVENUE
FY 2021	$4.05 trillion
FY 2020	$3.42 trillion
FY 2019	$3.46 trillion
FY 2018	$3.33 trillion
FY 2017	$3.32 trillion
FY 2016	$3.27 trillion
FY 2015	$3.25 trillion
FY 2014	$3.02 trillion
FY 2013	$2.78 trillion
FY 2012	$2.45 trillion
FY 2011	$2.30 trillion
FY 2010	$2.16 trillion
FY 2009	$2.11 trillion
FY 2008	$2.52 trillion
FY 2007	$2.57 trillion
FY 2006	$2.41 trillion
FY 2005	$2.15 trillion
FY 2004	$1.88 trillion
FY 2003	$1.78 trillion
FY 2002	$1.85 trillion
FY 2001	$1.99 trillion
FY 2000	$2.03 trillion
FY 1999	$1.83 trillion
FY 1998	$1.72 trillion
FY 1997	$1.58 trillion
FY 1996	$1.45 trillion
FY 1995	$1.35 trillion
FY 1994	$1.26 trillion
FY 1993	$1.15 trillion
FY 1992	$1.09 trillion
FY 1991	$1.06 trillion
FY 1990	$1.03 trillion

[Eric Loh]

1 hour ago, nauseus said:

It is the existing amount of debt that is shameful. If the ceiling is never lowered then how will it ever all be paid back? Or not? 

Were you this concern about debt ceiling in 2017 when it was raised in Congress. No hue and cry by the GOP and the then POTUS extended the debt ceiling. Kind of obvious the agenda of the GOP to create chaos for political vengeance. Ultimately the country will suffer from this shameful shenanigan. 

[nauseus]

39 minutes ago, Eric Loh said:

Were you this concern about debt ceiling in 2017 when it was raised in Congress. No hue and cry by the GOP and the then POTUS extended the debt ceiling. Kind of obvious the agenda of the GOP to create chaos for political vengeance. Ultimately the country will suffer from this shameful shenanigan. 

Both sides gave had there share. Silly billy.

[placeholder]

On 1/14/2023 at 9:17 PM, RichardColeman said:

Money in circulation in US - can you guess which US political party got elected in 2008 and 2020 where it starts spiking with uncontrolled spending ?? 

 

And why is that significant?