National debt, how much longer before this bubble bursts?

[Barefootdog]

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

You read that and it clearly defines/justifies the leftist/socialist/Democrat burning desire to steal other peoples money.

Pretty disgusting BS to those of us who earned what we have.

 

[CamoDeafie]

You read that and it defines/justifies the leftist/socialist/Democrat burning desire to steal other peoples money.

Pretty disgusting BS to those of us who earned what we have.

On the other hand... inheritances/leaving wealth behind for your own children, but no one else? Can't take it with you to grave. Don't want to give it all to the government who wants it all.

 

[Loc]

Trusts solve this issue big time. If you have enough to shield from the government tax goons, you have enough to pay someone to draft a solid trust for you.

 

[solv3nt]

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?

Where did you come up with $164k? That's around the top 10% of income earners. Median is around the low $80k area for household income, which includes two working people.

 

[arakboss]

On the other hand... inheritances/leaving wealth behind for your own children, but no one else? Can't take it with you to grave. Don't want to give it all to the government who wants it all.

Yep, you can't take it with you. Enjoy it while you are above ground. Regardless of whether it gets spent now or after your dead, it will trickle out to others.

 

[Barefootdog]

Actually, in my family it's become a tradition that everybody gets a taste. Not just direct children. Something is spread throughout the family. Donations to non related persons/organizations are not uncommon.

The point is.....The owners of the wealth should have the say over where and how is gets distributed.

 

[arakboss]

Actually, in my family it's become a tradition that everybody gets a taste. Not just direct children. Something is spread throughout the family. Donations to non related persons/organizations are not uncommon.

The point is.....The owners of the wealth should have the say over where and how is gets distributed.

Trusts will do that.

 

[Loc]

Where did you come up with $164k? That's around the top 10% of income earners. Median is around the low $80k area for household income, which includes two working people.

Based on the sources, it's apparent they're looking at affordability, not on how many people make a certain amount of money. IOW, just because the median household income is in the low $80Ks doesn't mean they can actually afford to live in this economy at the level their income position appears to indicate.

 

[CamoDeafie]

The point is.....The owners of the wealth should have the say over where and how is gets distributed.

Agreed 100%. Unfortunately, the numbers suggested is IMO a myth thanks to the whole medical care/drugs industry, death industry, government, and credit companies also, its not uncommon to hear or read about boomer/early Gen Xers just blithely spend everything they have in their retirement years so that the govt gets 0

 

[solv3nt]

From a high level, if you bury your head in the sand and only look at numbers, yes, the economy is doing very well. That said, for the average working American, life isn't as rosy.

 

[arakboss]

The $34 trillion U.S debt is nearly as big as its own economy and there’s (still) no plan to fix it

Goldman Sachs, International Monetary Fund, and the Congressional Budget Office are the latest to warn it’s a looming problem.

fortune.com

 

[CamoDeafie]

"The $34 trillion U.S. debt is nearly as big as the economy and there's (still) no plan to fix it"

"The national debt is currently almost the same size as the entire U.S. economy, which is roughly $27.3 trillion,"

What's this? Math where a number bigger than the other is " almost as big"?? Did they fail 1st grade Math, or is this the "common core" math we've been reading about?

The $34 trillion U.S debt is nearly as big as its own economy and there’s (still) no plan to fix it

Goldman Sachs, International Monetary Fund, and the Congressional Budget Office are the latest to warn it’s a looming problem.

fortune.com

 

[arakboss]

"The $34 trillion U.S. debt is nearly as big as the economy and there's (still) no plan to fix it"

"The national debt is currently almost the same size as the entire U.S. economy, which is roughly $27.3 trillion,"

What's this? Math where a number bigger than the other is " almost as big"?? Did they fail 1st grade Math, or is this the "common core" math we've been reading about?

Cut them some slack, they are only a financial reporting company.

 

[Barefootdog]

Heard this morning on the Sirius money station (#113?).....and just confirmed it on Google.

At current rates, the U.S. national debt is growing by a remarkable $1 trillion about every 100 days, equal to roughly $3.6 trillion per year.Apr 16, 2024

Election day is right at 180 days from now.........The White House Vegetable will have us another 1.8 Trillion in debt by election day.

Putz....

 

[Black Dog]

Well it might change when they can no longer pay the interest on it and or China calls the loan.

 

[po18guy]

Those preps and defensive tools might come in handy….

The US budget deficit hit a staggering $1.1 trillion for the first half of 2023 — is America on the brink of collapse? (And what should you do about it?)

Yes, that's with a 'T'.

finance.yahoo.com

All I know is that the congressional budget office is trying to clone Carl Sagan so that a number may be estimated.

 

[solv3nt]

Y'all realize that the president has virtually no power over the budget, right? That gets voted by the House and Senate, which is then sent to El Prez for approval/veto.

 

[Certaindeaf]

At least the border is secure.

 

[Xaevian]

I blame Taco Bell and their "Run for the border" slogan. Who knew?

 

[po18guy]

I blame Taco Bell and their "Run for the border" slogan. Who knew?

Since Mexico is near empty, I'm looking...