Younger Americans Should Repudiate US Debt

No duh. Seriously?

I can't stand the spending levels of the Trump Era, and I will say it out loud and have repeatedly. But, lock steppers like you were silent and defensive during the insane spending of the Obama Era.

 

Clueless....

 

You are the only one who can get yourself educated. Don't remain clueless....

 

I wasn't talking about me.

 

I am silent on it all.
I just post the data.
It's stupid hacks who whine while doing nothing about it.
What's the definition of whining? Complaining about something and doing nothing about it.

 

2019 Donald John Trump $420,475,731,272.32 $22,027,424,114,818.60 1.9% 12.5 11.1%
http://www.polidiotic.com/by-the-numbers/us-national-debt-by-year/

Had to be. I was spot on.

 

You got away with high taxes on the rich in the 50's only because America was about the only country around making anything. Europe, Asia and the Far East had most of their factories destroyed during the war. America was supplying most of the world. But that changed in the late 50's when the world rebuilt. Our companies were swimming in cash. But by the 60's the economy had slowed down drastically and that is when Kennedy/Johnson cut taxes on business around 21%. Kennedy wanted to cut it as much as 25%. After the tax cut, the economy picked up again. Try and tax the rich at 90% today with Free Trade and see what happens.

 

I've managed hundreds of miles and my experience the opposite.

I remember the boomers uttering the same kind of nonsense about Gen Xers to that you are about millennials. Seems every generation does this about the next.

Yet I have a 21 and 26 year old daughters. They don't fall within the stupid stereotype that you are perpetrating. Even the the man that started this thread in a vet that served in wartime and is probably a hundred times the man that you could imagine ever being.

Perhaps you should be grateful, because they're the ones that are going to figure out how the hell we'll ever get our social security check because I'll be damned if you can.

 

The boomers were right about us too. We are half as good as they were and millenials and about as half as good as we are.

Thank God the exceptions are exceptional or we'd be sunk.

Any genv xer expecting to actually get a SS check. Is wildly mistaken. The money is gone... given to people as food stamps and welfare checks.

 

... and that's what I thought. ^^^ A meaningless post.

You go silent on Obama's massive abuses, but it suddenly matters when Trump is in office. I am pissed on both accounts. So, who really is the "stupid hack", check that, "stupid partisan hack"? Rethink your position.

 

republicans want to spend on war, democrats want to spend to make America a better place for all Americans

republicans want to borrow and spend - and huge tax cuts for the rich
democrats want to tax and spend

 

Unfortunately it doesn't work that way. I agree with the sentiment. The older generation destroyed American prosperity and the planet, and now expect us to pay for it. It sucks.

However, having said that, U.S. debt is one of the bedrocks of the global financial system. Not only do we sell treasury securities to finance our debt, but those securities are then traded regularly on secondary debt markets. Those secondary debt markets are vital to a functioning economy. There is something like 16 trillion dollars currently traded on those markets. That debt is our liability, like all debt, but it is also some one else's asset (like all debt). On top of this, it is generally seen as just about the safest asset imaginable, so pension funds, charitable organizations, other governments, businesses, etc. buy this debt and hold it. The people/governments/organizations who own our debt would lose trillions of dollars in assets were we to do this. This would cause an economic meltdown the likes of which the world has never seen. We would suck trillions of dollars out of the economy. It would be a truly terrible and disastrous idea.

 

That first part is true, but not even remotely equivalent. U.S. treasury securities are one of the, if not the, most important assets in the global economy. If you don't know, that is essentially our debt traded on the market. Were that debt defaulted on, it would suck over 10 trillion dollars of assets out the economy over night. That would be an unimaginable disaster.

As far as the second part is concerned, that is absurd nonsense. The U.S. government essentially cannot default. We have our own currency and tax people across generations, we will never run out of money. The only thing that COULD happen is that we become too indebted, and servicing that debt with printed money causes inflation. That would be bad, but it is not remotely a default (or maybe it is a little like one, but a very slow default). However, there is no inflation in the system at the moment. On top of that, the current yield on a U.S. 10 Year Treasury Note is 2.069%. Which means the market expects inflation to stay below 2% over the long term. So we cannot default, we have no inflation, and there is no inflation in sight. So no, that is not correct.

PS. Actually looking at your post, you said "sans some kind of economic white swan event" we will default. Since of course, swans are generally white, you are were kind of correct. We definitely won't default.

PPS. I assume that was a reference to Nicholas Taleb's idea/book of the black swan, but I am just giving you a hard time.

 

I am no great fan of Obama, but that is simply untrue.



The deficits decreased for the majority of the Obama administration, which is in direct opposition to the Trump administration.

 

A whole lot of economic experts disagree with you. You are correct that the so long as the US dollar is the SOLE world reserve currency - we essentially can not default. The problem with your argument is that the world is now rushing to create an alternative to the US system of international payments... once there is a valid competitor - we will no longer be the Sole reserve currency.

 

I dont mind making it a felony to KNOWINGLY hire illegals on two conditions

Makr it cero tolerance with no prosecutor or judicial descretion

And make it a felony for the illegal workers that brings them immediate deportation

 

Trickle down is a failure, that is the issue, if we do not change course, the rich will get richer and the poor poorer

 

I am sorry comprehension isn't a part of your skills.
You may be pissed on both accounts, but you do nothing about it. The very definition of whining.
What is your solution to RW lying about wanting a balance budget? tRUMP running on a platform of reducing the deficit, but running it up higher and higher.
Telling me you're pissed does nothing.

I show hacks that whining about the other side does nothing. Both side hacks, because hacks don't think the other side is good and their side is only doing good.
When data is presented, they run. Especially RWers on the debt. Because 2 of the biggest spenders in HISTORY not in war time are REAGAN and BUSH II. One is the god to the RW.

 

It's amazing to watch Leftists try and ignore Obama's record breaking increases in the National Debt while casting stones at Trump.

They still can't admit that both suck. It's pathetic.

 

Younger Americans Should Repudiate US Debt.

So should older Americans.

 

Again, what you are talking about is inflation. If the rest of the world had less demand for dollars, so that they could hold it in reserve, it would lead to a drop in demand for dollars and its decline in value. This, along with the fact that oil is almost exclusively traded in dollars, certainly does keep the value of the dollar strong. If those things stopped, it would lead to inflation. How much is uncertain, but inflation would follow. But again, inflation is not default. We won't default and we wouldn't default even if we weren't the global reserve currency. Japan has been carrying over 200% debt to GDP ratio for a few decades. Some informed people argue that this was problematic for their overall growth, but at no point has default been a possibility (and they do not have the world's reserve currency).

Next up, no one is rushing to create an alternative. 10 years ago some people talked about the Euro being an alternative, but there is no one seriously saying that now. There are weaknesses built into the Euro, which means it will never be adopted as the reserve currency of choice. Other people talk about the RMB as a potential competitor, but no one trusts the Chinese system enough for that. What I mean when I say that is, there is way too much opaqueness in the Chinese system for people to truly trust the RMB. Were China to become more transparent and more open, and then continue growing at a strong rate, it might surpass the US in a few decades. However, that is not at all a guaranteed course of action. In fact, under Xi, China has been becoming more opaque and not less. So long story short, there is no serious competitor to the US dollar as the global reserve currency.

Lastly, I know that some economic experts disagree with me. It is a wonderful way to separate the wheat from the chaff. Any economist who talks about default, I know they are not serious people and I can dismiss them without a second thought. Similarly, inflation hawks like Peter Schiff, who have been predicting hyperinflation as a result of QE for almost a decade now, can similarly be dismissed.

 

It's amazing to watch Rightests try and ignore Trump's record breaking increases in the National Debt

The Debt started to raise 1 Trillion a year under Bush, Tax cuts for the rich and his two 10+ year wars caused that

the right wants the rich to be richer and the middle class poorer

 

that would mean the USA woudl have to go bankrupt - it may happen

 

I agree it should be a mandatory 10 years in Prison to knowingly hire an illegal

illegals would not come here if the jobs were not here, they would leave on their own

as long as people like Trump hire illegals, they will continue to come here

 

No it won't happen. Unless economically and intellectually bankrupt forces on the right force it to happen politically. The US government basically cannot default. I already explained why in this thread, so I'll just quote that.