independent and unofficial
Prince fan community site
Mon 12th Nov 2018 12:02pm
Welcome! Sign up or enter username and password to remember me
Forum jump
Forums > Politics & Religion > The US will issue over $1.3 trillion in new debt in 2018, the highest amount since the depths of the recession
« Previous topic  Next topic »
Reply   New topic   Printable     (Log in to 'subscribe' to this topic)
Author

Tweet     Share

Message
Thread started 10/29/18 5:08pm

Ugot2shakesumt
hin

avatar

The US will issue over $1.3 trillion in new debt in 2018, the highest amount since the depths of the recession

Oh my god.

This is what republicans always do. Tale a good economy then proceed to destroy it. Same as W, but hopefully Trump will not leave the nation on the verge of collapse as W did.

https://www.businessinsid...on-2018-10


The federal government will issue $1.34 trillion in new debt during 2018, according to a new Treasury Department projection.
The debt issuance represents a 146% jump from 2017 and the highest amount of new debt issued since 2010.
The report comes weeks after the Treasury said the fiscal year 2018 budget deficit hit $779 billion, the largest since 2012.
The primary drivers of new debt issuance are the GOP tax law and the bipartisan budget agreement.
The federal government will issue more than $1.3 trillion in debt in 2018, according to a new estimate released by the Treasury Department on Monday, the highest total debt issuance since the depths of the Great Recession:

Total net marketable securities issued in the fourth quarter will be a projected $425 billion, according to the Treasury report.
That will bring total debt issued in 2018 to $1.34 trillion, the highest since $1.59 trillion was issued in 2010.
2018 debt issuance also jumped 146% from 2017, when just $546 billion was issued.
The numbers come after the Treasury announced in early October that the budget deficit for fiscal year 2018 (which ran from October 2017 through September) hit $779 billion, a 17% jump from the previous fiscal year and the highest level since 2012.

The deficit is expected to come in just shy of $1 trillion for fiscal year 2019 and will eclipse the $1 trillion mark in the following four years, according to official Trump administration estimates.

The ballooning debt load is primarily the result of newly passed legislation including the GOP tax reform law and the bipartisan budget deal.
Crooked Donnie. Lock him up!
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #1 posted 10/30/18 6:39am

RodeoSchro

avatar

This is what will destroy America.

Second Funkiest White Man in America

P&R's paladin
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #2 posted 10/30/18 7:43am

RodeoSchro

avatar

National Debt = $21,682,000,000,000

Interest = $328,505,128,000

Interest Rate = 1.52%

The net interest rate we pay on our debt is at an historical low. It will rise again. What happens if it does? Using only current debt amount - not including what additional debt will be accumulated during the interest rate rise period, and that is certainly another $2-$3 trillion in debt - the costs would be:

Interest Rate = 3.03%
Interest = $657,010,256,000
Annual increase in interest costs = $328,505,128,000

Interest Rate = 3.78%
Interest = $821,262,820,000
Annual increase in interest costs = $492,757,692,000

Interest Rate = 4.54%
Interest = $985,515,384,000
Annual increase in interest costs = $657,010,256,000


In 2001 - the last fiscal year in which we ran a budget surplus - the net interest rate we paid on our debt was 5.743%.

If - or rather, when - rates go back to that then our interest cost on just the current debt would be $1,245,197,260,000.

https://www.treasurydirec...001_12.htm

But don't worry! President Trump, the self-professed "King of Debt", has stated if that happened, he'd just default on our debt and then renegotiate to stiff our creditors for 50% or so of what we owe them.

https://www.theatlantic.c...lk/488270/


In an appearance Wednesday morning (June 22, 2016) on CBS This Morning, the presumptive Republican nominee returned to an idea he floated back in May: that if the U.S. economy “crashed,” he would offer to pay U.S. creditors less than what they are owed. “You go back and say, hey guess what, the economy just crashed. I’m going to give you back half,” he told Norah O’Donnell.

Second Funkiest White Man in America

P&R's paladin
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #3 posted 10/30/18 9:17am

Ugot2shakesumt
hin

avatar

No *wars
No recession
Economy good

What’s the problem?

These tax cuts for the rich are KILLING US!
Crooked Donnie. Lock him up!
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #4 posted 10/30/18 9:21am

Musicslave

I thought everyone knew that the deficit doesn't matter unless there's a Democrat in the WH.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #5 posted 11/05/18 11:29am

RodeoSchro

avatar

Camilleyun posted a great link from the CBO, which contains access to really interesting budget information. Well - interesting to me, anyway!

It shows that the current blahblahblah coming from Mitch MCConnell and other Right Wingers is tripe. Our deficits are not because of increased social spending. Heck, our Right Wing president reduced projections on social spending and still has gigantically-increased deficits.

As we all should know by now, these America-threatening Right Wing deficits are because of tax cuts for the rich. Look, here is a truth that is backed up by irrefutable evidence:

Tax cuts do NOT increase tax revenue. They DECREASE it. They EXPLODE our deficits.

They do lots of other bad things too - the transfer of wealth from lower- and middle-class americans to wealthy Americans is just one of them.

If you care about the future of your country, vote OUT the Right Wingers. ALL of them. There are no fiscal conservatives among the entire Right Wing Party.

Here's the CBO link, in case you're interested: https://www.cbo.gov/about...mic-data#9 Clikc on any month under the "Spending Projections, by Budget Account" for hours and hours of fun!

.

[Edited 11/5/18 11:30am]

Second Funkiest White Man in America

P&R's paladin
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #6 posted 11/05/18 2:18pm

DiminutiveRock
er

avatar

Musicslave said:

I thought everyone knew that the deficit doesn't matter unless there's a Democrat in the WH.

Right!?! It's all the Repubs talked about whie he was in office....as the economy got better and unemployment fell.

"'Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.'' - Thomas Jefferson
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #7 posted 11/06/18 10:26am

Ethos

Trump supporters are deluded enough to think corporate tax cuts pay for themselves. Sad.

[Edited 11/6/18 10:29am]

👁️‍🗨️ Take a sad song and make it better.
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #8 posted 11/06/18 10:31am

RodeoSchro

avatar

Ethos said:

Trump supporters are deluded enough to think corporate tax cuts pay for themselves. razz

[Edited 11/6/18 10:27am]



You are correct.

No tax cut has ever paid for itself. Not Reagan's. Not Bush's. Not Trump's. None of them.

That's not an opinion - the number are there in black and white. They're indisputable.

The fact that we as a country have to argue over something that's not an opinion but an actual, provable fact shows how far the GOP has gone with their misinformation and manipulation of low-IQ voters through their dominance of talk radio and cable TV news.

We have a lot of work to do, but I'm willing to do the work.


.

[Edited 11/6/18 10:31am]

Second Funkiest White Man in America

P&R's paladin
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply   New topic   Printable     (Log in to 'subscribe' to this topic)
« Previous topic  Next topic »
Forums > Politics & Religion > The US will issue over $1.3 trillion in new debt in 2018, the highest amount since the depths of the recession