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The bit about servicing the Fed debt being the 4th largest line in the budget should have been a wake-up call for everyone. And that's just paying the interes

The bit about servicing the Fed debt being the 4th largest line in the budget should have been a wake-up call for *everyone*. And that's just paying the interests, we're not even making a dent in lowering it. Those interest payments are services NOT being provided to taxpayers. But we're being told don't worry about it (i.e., the debt)? And everything is ok (with the economy)? That level of gaslighting is hard to stomach. Honestly, I didn't think Ballmer and Stewart disagreed all that much. Ballmer said, "I've got this data thing" and Jon's attitude was, "Great! But then how do we get off this crazy emotional-based cycle we're on now? Why is the media so shite?" The idea that the UK should be looking to the USA to envy its (faux) prosperity is a sad sick joke.

taylodl 2y ago
Even worse, that debt doesn't capture obligations such as social security. Reagan got us addicted to the heroin of debt after the Nixon Shock that effectively ended the Bretton Woods Agreement. Like all addicts, weening ourselves off our drug of choice isn't going to be easy. The pessimist in me sometimes thinks the Boomers are kicking the can down the road so the worst effects will be felt after they're in the grave.
- chiefalchemist 2y ago
  re: Kicking the can Yes, tho' perhaps not intentionally per se. At this point, there's simply no incentive for anyone to say "we've got to fix this sooner rather than later." It's easier to be silent and breathe sand. It's easier to push the "the Fed debt don't matter" narrative. It's easier to blame symptoms (i.e., certain political candidates). Meanwhile, the middle class *is* being hallowed, and more and more are looking for a solution outside the traditional norms because that status quo is intentionally not serving them. The gaslighting is less and less effective. What could go wrong? p.s. Let's not forget what happens when The Fed pitches in to keep the gov running, service the debt, etc.

The bit about servicing the Fed debt being the 4th largest line in the budget should have been a wake-up call for *everyone*. And that's just paying the interes

taylodl 2y ago

Even worse, that debt doesn't capture obligations such as social security. Reagan got us addicted to the heroin of debt after the Nixon Shock that effectively ended the Bretton Woods Agreement. Like all addicts, weening ourselves off our drug of choice isn't going to be easy. The pessimist in me sometimes thinks the Boomers are kicking the can down the road so the worst effects will be felt after they're in the grave.

chiefalchemist 2y ago
re: Kicking the can Yes, tho' perhaps not intentionally per se. At this point, there's simply no incentive for anyone to say "we've got to fix this sooner rather than later." It's easier to be silent and breathe sand. It's easier to push the "the Fed debt don't matter" narrative. It's easier to blame symptoms (i.e., certain political candidates). Meanwhile, the middle class *is* being hallowed, and more and more are looking for a solution outside the traditional norms because that status quo is intentionally not serving them. The gaslighting is less and less effective. What could go wrong? p.s. Let's not forget what happens when The Fed pitches in to keep the gov running, service the debt, etc.