National debt, how much longer before this bubble bursts?

[gmerkt]

My prediction is Zimbabwe levels

Yes but - They have the US Dollar to fall back on as a circulating currency. What will be our fallback resource for fundamental exchange?

 

[billdeserthills]

US ECONOMY
The U.S. national debt is rising by $1 trillion about every 100 days
PUBLISHED FRI, MAR 1 202411:47 AM ESTUPDATED MON, MAR 4 2024

• 
  The nation's debt now stands at nearly $34.4 trillion, as of Wednesday.
• Since June, the last two $1 trillion jumps occurred in about 100 days.

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.

The nation's debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months.


U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.

The U.S. national debt is rising by $1 trillion about every 100 days

The nation's debt now stands at nearly $34.4 trillion.

www.cnbc.com

 

[bradsteen]

Well, sounds like a great time to start a new gov agency that is designed to not actually do anything, and give it a massive budget.

Justice Department Launches the National Extreme Risk Protection Order Resource Center

The Justice Department launched the National Extreme Risk Protection Order (ERPO) Resource Center (the Center) which will provide training and technical assistance to law enforcement officials, prosecutors, attorneys, judges, clinicians, victim service and social service providers, community...

www.justice.gov

 

[arakboss]

How about baseball cards? Crypto currencies are in the same league. Crypto has no practical advantage over sovereign state fiat currencies and is a whole lot less useful as "money."

Digital currency - don't we already have that in the form of credit cards?


I suggested this 20 years ago, before the numbers got so big. The problem is, when this is done, it has to be followed by an immediate reform of our government spending habits to prevent a recurrence. Which isn't likely, given the fondness the public has for free money.


A serious, lengthy crash has been predicted many times by select economists and bankers for the past 15 years. We've been waiting for it, anticipating it, yet it never seems to come along. Because in the 08 panic, the government and the Fed found ways to trick the economy out of reset mode. Now, it seems like a sudden bursting event isn't likely. What we are probably going to experience is a continual erosion of the value of our money. Continued inflation. Maybe to Weimar levels, but my guess is it won't be that sudden.

At least you have a baseball card and maybe a stick gum, with the card collecting.

 

[arakboss]

$141 trillion by 2054

America will be left with ‘severe, irreversible scars’ if national debt goes unchecked. Now, a blockbuster report warns the bill is higher than believed, hitting $141T by 2054

“Its consequences will be severe and leave lasting—probably irreversible—scars on our economy and society.”

finance.yahoo.com

 

[Provincial]

I don't see mention of the effect that increased interest rates have on government spending. When rates go up, interest payments increase, leaving less for operations. Or, I suspect, the government just increases borrowing to cover the interest. Borrowing to pay interest on the previous borrowing. Paying interest on interest.

What could go wrong?

 

[Jay Walk]

No burst, just mass runaway inflation, 50% are having trouble paying rent or the mortgage now.

Trump said if Biden got in the white house we would turn into Venezuela.
Sounded crazy at the time.

 

[JRMadrid]

Sounded crazy at the time.

Depends how wide you view through the lens.
Not a surprise in our household.

 

[JustSomeGuy]

When the new world order comes about, the leaders will declare a debt jubilee for large corporations and governments, but not for the masses. At least that's what they're hoping for.

Debt jubilee - Wikipedia

en.wikipedia.org

 

[Barefootdog]

What's to worry about?.....They have top men working on the problem.

 

[DB is Here]

What's to worry about?.....They have top men working on the problem.

I have complete faith...

 

[Jay Walk]

"The middle class is better off now than before covid"

Baleedat

Said it just last month.

 

[Loc]

"The middle class is better off now than before covid"

Baleedat

Said it just last month.

Of course they are. But the very bottom of the middle class starts at $164,000/yr in earned income according to some estimates. Any guesses on the mean income level of the new middle class in 2024 dollars?

 

[Alexx1401]

No burst, just mass runaway inflation, 50% are having trouble paying rent or the mortgage now.

Trump said if Biden got in the white house we would turn into Venezuela.
Sounded crazy at the time.

The best part is a TON of morons want more of this. It really does become some kind of a mental disorder.

 

[TTSX]

What's to worry about?.....They have top men working on the problem.

Which is a problem in and of itself

 

[arakboss]

Thank you boomers.

America's 'Great Wealth Transfer' is underway. How will it impact the country?

Boomers are set to pass on as much as $90 trillion in assets to younger generations.

www.yahoo.com

 

[CamoDeafie]

Thank you boomers.

America's 'Great Wealth Transfer' is underway. How will it impact the country?

Boomers are set to pass on as much as $90 trillion in assets to younger generations.

www.yahoo.com

Drug, medical facilities, end of life care providers, and retirement homes all are gonna be the ones saying thank you boomers, and then the States and Feds particularly, before anything ever gets to the children, unfortunately. I am of the opinion that the guy who said its a myth.. is spot on.

 

[billdeserthills]

Thank you boomers.

America's 'Great Wealth Transfer' is underway. How will it impact the country?

Boomers are set to pass on as much as $90 trillion in assets to younger generations.

www.yahoo.com

Maybe that explains this:
The White House Lied About Its IRS Funding Only Targeting the Rich

The White House lied about its IRS funding only targeting the rich

On The Reason Roundtable, editors reflect on how Biden's plan to hire new IRS agents is resulting in more audits of the middle class.

reason.com

 

[arakboss]

Maybe that explains this:
The White House Lied About Its IRS Funding Only Targeting the Rich

The White House lied about its IRS funding only targeting the rich

On The Reason Roundtable, editors reflect on how Biden's plan to hire new IRS agents is resulting in more audits of the middle class.

reason.com

Technically the middle class are rich relative to these guys.

 

[arakboss]

Drug, medical facilities, end of life care providers, and retirement homes all are gonna be the ones saying thank you boomers, and then the States and Feds particularly, before anything ever gets to the children, unfortunately. I am of the opinion that the guy who said its a myth.. is spot on.

That is trickle down wealth transfer, splitting the wealth pie up into more slices.