If we elect another 2 out of 3 rats as President we are doomed financially as a country and there is no arguing the point because it is a fact. Rats are only interested in voting for those that want to force others to live by the rat agenda and there is no curbing spending or paying down the debt in any rat candidates agenda I can assure you of that.
https://www.msn.com/en-us/money/mar...newsntp&cvid=d44948aea15e42349bb63216a83af985
The Center for a Responsible Federal Budget, a respected nonpartisan group, reminded us yet again Tuesday that federal spending plans and debt levels are unsustainable. Lawmakers should get serious about debt reduction now — before it’s too late.
Counting only debt held by the public — which is some 20% lower than total government debt, including intragovernmental transfers — CRFB says that absent strong corrective action, the federal debt is likely to reach 125% of gross domestic product within a decade. Most nations are in a serious danger zone for economic collapse when debt exceeds 100% of GDP.
A lot of this is the fault of former Presidents Barack Obama and Donald Trump. In raw numbers (not GDP), and not blaming either for crises beyond their immediate control (the 2008 financial crisis and the coronavirus pandemic), the evidence of their outlandish spending is indisputable. Obama allowed the national debt to grow by $6.625 trillion in the seven years between the end of 2009 and the end of 2016. In the next three years, before the pandemic hit, Trump allowed it to grow by another $2.748 trillion. But regardless of who or what is to blame, the simple fact is that since Obama took office in January of 2009, the debt compared to GDP has grown from less than 44% to 99.6% as this year began.
Then, President Joe Biden and the Democratic Congress went on another spendathon, making long-term prospects even worse.
For historical comparisons, only as a result of (and in the 15-year aftermath of) World War II has U.S. debt-to-GDP ever exceeded 50%. In other words, today’s bad numbers aren’t just a small anomaly but a potentially catastrophic break with ordinary fiscal practice and common sense. The catastrophe would come if major creditors (including foreign nations or foreign bondholders) try to “call in” the debts all at once, causing a panic akin to what happened in the Great Depression and in the 2008 financial crisis.
https://www.msn.com/en-us/money/mar...newsntp&cvid=d44948aea15e42349bb63216a83af985
The Center for a Responsible Federal Budget, a respected nonpartisan group, reminded us yet again Tuesday that federal spending plans and debt levels are unsustainable. Lawmakers should get serious about debt reduction now — before it’s too late.
Counting only debt held by the public — which is some 20% lower than total government debt, including intragovernmental transfers — CRFB says that absent strong corrective action, the federal debt is likely to reach 125% of gross domestic product within a decade. Most nations are in a serious danger zone for economic collapse when debt exceeds 100% of GDP.
A lot of this is the fault of former Presidents Barack Obama and Donald Trump. In raw numbers (not GDP), and not blaming either for crises beyond their immediate control (the 2008 financial crisis and the coronavirus pandemic), the evidence of their outlandish spending is indisputable. Obama allowed the national debt to grow by $6.625 trillion in the seven years between the end of 2009 and the end of 2016. In the next three years, before the pandemic hit, Trump allowed it to grow by another $2.748 trillion. But regardless of who or what is to blame, the simple fact is that since Obama took office in January of 2009, the debt compared to GDP has grown from less than 44% to 99.6% as this year began.
Then, President Joe Biden and the Democratic Congress went on another spendathon, making long-term prospects even worse.
For historical comparisons, only as a result of (and in the 15-year aftermath of) World War II has U.S. debt-to-GDP ever exceeded 50%. In other words, today’s bad numbers aren’t just a small anomaly but a potentially catastrophic break with ordinary fiscal practice and common sense. The catastrophe would come if major creditors (including foreign nations or foreign bondholders) try to “call in” the debts all at once, causing a panic akin to what happened in the Great Depression and in the 2008 financial crisis.
