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As Debt Rises, the Government Will Soon Spend More on Interest Than on the Military

Discussion in 'Off-Topic' started by FriendlyFire, Sep 25, 2018.

  1. Timsup2nothin

    Timsup2nothin Quad B

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    That illustrates nicely. You can find various analyses about ineffective investments, but debt in and of itself doesn't drag on the economy any more than it drags on individual wealth. If I borrow a million dollars and invest it in property that triples in value before I have to repay the loan that was an enormous boost to my personal wealth. If I borrow a million dollars and spend it on hookers and chips then I have a million dollar debt and nothing to show for it...now that would be a drag. So to say "too much debt" causes a stagnated economy you are assigning causality when none exists.
     
    Moriarte and El_Machinae like this.
  2. Hygro

    Hygro soundcloud.com/hygro/

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    Friendlyfire never justified his fetish for balanced budgets and continues to post threads like these with editorializing like his.
     
  3. EnglishEdward

    EnglishEdward Deity

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    I think that this well may apply to many other governments, and not just to the USA.
     
  4. El_Machinae

    El_Machinae Colour vision since 2018 Retired Moderator

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    Having a policy of consistent deficit spending will not be the same thing as interest payments becoming an increasing share of the federal budget. They might be related, but I don't view the second one as beneficial
     
  5. Lexicus

    Lexicus Deity

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    Where have I heard this before oh yeah

    Back in 1940, the federal budget was a “ticking time-bomb which can eventually destroy the American system,” said Robert M. Hanes, president of the American Bankers Association.

    By 1960: the debt was “threatening the country’s fiscal future,” said Secretary of Commerce, Frederick H. Mueller.

    By 1983: “The debt “probably will explode in the third quarter of 1984,” said Fred Napolitano, former president of the National Association of Home Builders.

    In 1984: AFL-CIO President Lane Kirkland said. “It’s a time bomb ticking away.”

    In 1985: “The federal deficit is ‘a ticking time bomb, and it’s about to blow up,’ U.S. Sen. Mitch McConnell.

    Later in 1985: Los Angeles Times: “We labeled the deficit a ‘ticking time bomb’ that threatens to permanently undermine the strength and vitality of the American economy.”

    In 1987: Richmond Times–Dispatch – Richmond, VA: “100TH CONGRESS FACING U.S. DEFICIT ‘TIME BOMB’”

    Later in 1987: The Dallas Morning News: “A fiscal time bomb is slowly ticking that, if not defused, could explode into a financial crisis within the next few years for the federal government.”

    In 1989: FORTUNE Magazine: “A TIME BOMB FOR U.S. TAXPAYERS”

    In 1992: The Pantagraph – Bloomington, Illinois: “I have seen where politicians in Washington have expressed little or no concern about this ticking time bomb they have helped to create, that being the enormous federal budget deficit, approaching $4 trillion.

    Later in 1992: Ross Perot: “Our great nation is sitting right on top of a ticking time bomb. We have a national debt of $4 trillion.”

    In 1995: Kansas City Star: “Concerned citizens. . . regard the national debt as a ticking time bomb poised to explode with devastating consequences at some future date.”

    In 2003: Porter Stansberry, for the Daily Reckoning: “Generation debt is a ticking time bomb . . . with about ten years left on the clock.”

    In 2004: Bradenton Herald: “A NATION AT RISK: TWIN DEFICIT A TICKING TIME BOMB”

    In 2005: Providence Journal: “Some lawmakers see the Medicare drug benefit for what it is: a ticking time bomb.”

    In 2006: NewsMax.com, “We have to worry about the deficit . . . when we combine it with the trade deficit we have a real ticking time bomb in our economy,” said Mrs. Clinton.

    In 2007: USA Today: “Like a ticking time bomb, the national debt is an explosion waiting to happen.

    In 2010: Reason Alert: “. . . the time bomb that’s ticking under the federal budget like a Guy Fawkes’ powder keg.”

    In 2011: Washington Post, Lori Montgomery: ” . . . defuse the biggest budgetary time bombs that are set to explode.”

    In 2014: CBN News: “The United States of Debt: A Ticking Time Bomb”

    *On Jun 18, 2015: The ticking economic time bomb that presidential candidates are ignoring: Fortune Magazine, Shawn Tully,

    *February 10, 2016, The Daily Bell: “Obama’s $4.1 Trillion Budget Is Latest Sign of America’s Looming Collapse”

    *On January 23, 2017: Trump’s ‘Debt Bomb’: Deficit May Grow, Defense Budget May Not, By Sydney J. Freedberg, Jr.

    *On April 28, 2017: Debt in the U.S. Fuel for Growth or Ticking Time Bomb?, American Institute for Economic Research, by Max Gulker, PhD – Senior Research Fellow, Theodore Cangeros
     
    Kaitzilla likes this.
  6. FriendlyFire

    FriendlyFire Codex WMDicanious

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    The US is going to be grappling with the problem within the next decade ?
    I guess if worse comes to worse the US could do what the Germans did and tax all currency by 90% then switch over to a new currency
     
  7. Timsup2nothin

    Timsup2nothin Quad B

    Joined:
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    Messages:
    46,057
    Location:
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    Where have I heard this before oh yeah

    Back in 1940, the federal budget was a “ticking time-bomb which can eventually destroy the American system,” said Robert M. Hanes, president of the American Bankers Association.

    By 1960: the debt was “threatening the country’s fiscal future,” said Secretary of Commerce, Frederick H. Mueller.

    By 1983: “The debt “probably will explode in the third quarter of 1984,” said Fred Napolitano, former president of the National Association of Home Builders.

    In 1984: AFL-CIO President Lane Kirkland said. “It’s a time bomb ticking away.”

    In 1985: “The federal deficit is ‘a ticking time bomb, and it’s about to blow up,’ U.S. Sen. Mitch McConnell.

    Later in 1985: Los Angeles Times: “We labeled the deficit a ‘ticking time bomb’ that threatens to permanently undermine the strength and vitality of the American economy.”

    In 1987: Richmond Times–Dispatch – Richmond, VA: “100TH CONGRESS FACING U.S. DEFICIT ‘TIME BOMB’”

    Later in 1987: The Dallas Morning News: “A fiscal time bomb is slowly ticking that, if not defused, could explode into a financial crisis within the next few years for the federal government.”

    In 1989: FORTUNE Magazine: “A TIME BOMB FOR U.S. TAXPAYERS”

    In 1992: The Pantagraph – Bloomington, Illinois: “I have seen where politicians in Washington have expressed little or no concern about this ticking time bomb they have helped to create, that being the enormous federal budget deficit, approaching $4 trillion.

    Later in 1992: Ross Perot: “Our great nation is sitting right on top of a ticking time bomb. We have a national debt of $4 trillion.”

    In 1995: Kansas City Star: “Concerned citizens. . . regard the national debt as a ticking time bomb poised to explode with devastating consequences at some future date.”

    In 2003: Porter Stansberry, for the Daily Reckoning: “Generation debt is a ticking time bomb . . . with about ten years left on the clock.”

    In 2004: Bradenton Herald: “A NATION AT RISK: TWIN DEFICIT A TICKING TIME BOMB”

    In 2005: Providence Journal: “Some lawmakers see the Medicare drug benefit for what it is: a ticking time bomb.”

    In 2006: NewsMax.com, “We have to worry about the deficit . . . when we combine it with the trade deficit we have a real ticking time bomb in our economy,” said Mrs. Clinton.

    In 2007: USA Today: “Like a ticking time bomb, the national debt is an explosion waiting to happen.

    In 2010: Reason Alert: “. . . the time bomb that’s ticking under the federal budget like a Guy Fawkes’ powder keg.”

    In 2011: Washington Post, Lori Montgomery: ” . . . defuse the biggest budgetary time bombs that are set to explode.”

    In 2014: CBN News: “The United States of Debt: A Ticking Time Bomb”

    *On Jun 18, 2015: The ticking economic time bomb that presidential candidates are ignoring: Fortune Magazine, Shawn Tully,

    *February 10, 2016, The Daily Bell: “Obama’s $4.1 Trillion Budget Is Latest Sign of America’s Looming Collapse”

    *On January 23, 2017: Trump’s ‘Debt Bomb’: Deficit May Grow, Defense Budget May Not, By Sydney J. Freedberg, Jr.

    *On April 28, 2017: Debt in the U.S. Fuel for Growth or Ticking Time Bomb?, American Institute for Economic Research, by Max Gulker, PhD – Senior Research Fellow, Theodore Cangeros

    *On September 28, 2018: The US is going to be grappling with the problem within the next decade, FriendlyFire - Random Forum User
     
    Owen Glyndwr and Lexicus like this.
  8. Hygro

    Hygro soundcloud.com/hygro/

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    What problem.
     
    El_Machinae likes this.

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