4 ms·
The US government does spent a pretty large amount of its budget paying some of the debt back. More now that there's been multiple brinkmanship games of threate
by rcxdude 8mo ago
The US government does spent a pretty large amount of its budget paying some of the debt back. More now that there's been multiple brinkmanship games of threatening a default for political points.
- rationalist 8mo agoThe interest on the debt alone, is 1 trillion dollars a year.
- rcxdude 8mo agoAnd that's at basically the lowest interest you can possibly get a loan.
- rationalist 8mo agoThe U.S. GDP is about 31 trillion, so 3 percent of that isn't bad, as long as we can continue to grow more than that, forever. Federal Outlays: Interest as Percent of Gross Domestic Product (FYOIGDA188S) https://fred.stlouisfed.org/series/FYOIGDA188S https://fred.stlouisfed.org/series/FYOIGDA188S Although according the the article, the interest payments account for one fifth of revenue, projected to be one quarter in ten years.
- izacus 8mo agoThe core of the issue is that the new debt isn't taken at low 3% interest right? So the servicing costs are rising faster than the economy is growing.
- coldtea 8mo ago>as long as we can continue to grow more than that, forever. "Being chased while on foot by a pack of hungry cheetahs is not that bad, as long as we can keep our distance"
- kelseyfrog 8mo agoYou also have to understand that the foundation of money is debt in the sense that if we paid back all the debt, money wouldn't continue to exist. The sum total of debt exceeds the total quantity of money.
- blitzar 8mo agopaying off one credit card with another credit card doesnt really pass the threshold of "paying some of the debt back"