US Debt is unsustainable

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

U.S. deficit tops $1.8 trillion in 2024 as interest on debt surpasses trillion-dollar mark​

  • The Biden administration rang up a budget topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record.
  • Interest expense for the year totaled $1.16 trillion, the first time that figure has topped the trillion-dollar level.
The Biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record, the Treasury Department said Friday.

Even with a modest surplus in September, the shortfall totaled $1.833 trillion, $138 billion higher than a year ago. The only years the U.S. has seen a great deficit were 2020 and 2021 when the government poured trillions into spending associated with the Covid-19 pandemic.

More:

 
Whatever happened to logic and fiscal responsibility?
 
Compare and contrast



Screenshot 2024-10-18 at 11.18.42 PM.png

But China has a shit ton of gold....
 

The US Sovereign Debt Crisis is Getting Worse, Faster​

Oct 24, 2024


10:40

TIMECODES
0:00 Intro
0:25 National Debt
1:41 National Deficit
2:08 Interest Payments on the Debt
5:48 Distribution of Maturity on the National Debt
7:13 How Much Debt is Maturing
8:07 Deflationary Death Spiral
9:39 Can the Next Administration Save This
 
^^^^ no one should be surprised by anything in Joe's video. At least not by anyone paying any attention.

It's only gotten that way due to the immense fiscal and monetary ignorance of the vast majority of people in this nation.

The fact we have so many fools who think we can tax our way out, while also thinking we can have free healthcare and education and Right's to housing and jobs etc etc (equity and free shit army bs), is proof of that ignorance.
...and the current pog is proof of it too.

Problem is, anyone in gov who even suggests doing anything even remotely related to actually fixing the problem, is vilified by the media as well as by others in government.

Virtually everyone it seems, either wants something for nothing or at a minimum, more than they themselves are willing to pay for.
 
searcher said:
...
Click to expand...
He's not wrong.

But, his Speshel Seminar, where he's going to teach us rubes about how to cash in on the asymmetrical Election Chaos?

Let me see if I got this straight. "THE DOLLAR IS GOING TO COLLAPSE!!!...Here's how you can take advantage of The Collapse and MAKE MOAR DOLLARS."

That's the logic of a con man. Maybe he doesn't mean it that way; and I get it that he's got to make a living. But I find the idea of buying INTO the chaos....stupid, unpersuasive, and hucksterish.
 
Casey Jones said:
He's not wrong.

But, his Speshel Seminar, where he's going to teach us rubes about how to cash in on the asymmetrical Election Chaos?

Let me see if I got this straight. "THE DOLLAR IS GOING TO COLLAPSE!!!...Here's how you can take advantage of The Collapse and MAKE MOAR DOLLARS."

That's the logic of a con man. Maybe he doesn't mean it that way; and I get it that he's got to make a living. But I find the idea of buying INTO the chaos....stupid, unpersuasive, and hucksterish.
Click to expand...
His special seminar next Tuesday btw, is free.
 
Joe King said:
^^^^ no one should be surprised by anything in Joe's video. At least not by anyone paying any attention.

It's only gotten that way due to the immense fiscal and monetary ignorance of the vast majority of people in this nation.

The fact we have so many fools who think we can tax our way out, while also thinking we can have free healthcare and education and Right's to housing and jobs etc etc (equity and free shit army bs), is proof of that ignorance.
...and the current pog is proof of it too.

Problem is, anyone in gov who even suggests doing anything even remotely related to actually fixing the problem, is vilified by the media as well as by others in government.

Virtually everyone it seems, either wants something for nothing or at a minimum, more than they themselves are willing to pay for.
Click to expand...
Obamas plan to destroy the US is on track.
1) Make things as unaffordable as possible. Insurance for one and then make it mandatory.
2) Spend the country into a massive debt hole. Give away billions to corporations and then funnel some of that money back into politicians foundations so those at the trough benefit most
3) create as much division as possible. Every conceivable issue must be decisive. Trannies and sports and Dei hires. Always pick the most unqualified for the government positions and shove it down everyones throats to keep the division going.

You get the picture. Big picture is the destruction of capitalism and the US economy to usher in communism.
 

Beltway Bandits​

Next year, the new president will face budget deficits and interest costs spiraling upwards. He or she will need to find spending to cut. How about all the waste and overcharging in federal contracting?

The federal government procures more than $750 billion of goods and services a year, with the Pentagon accounting for 60 percent of the total. Federal contractors are known for cost overruns, inflated profits, and sometimes corruption.

Raytheon is currently in the spotlight for a major Department of Defense (DOD) rip off. From the US Department of Justice last week:

More:


If interested here's a link to military spending that I update regularly.

www.pmbug.com

Military Spending, DOD Contracts, National Defense $$$$

Your tax dollars at work. Contracts For April 28, 2023 https://www.defense.gov/News/Contracts/Contract/Article/3378570//
www.pmbug.com www.pmbug.com
 
I wonder if there's a way to stop this gravy train of New Money flowing to the MIC and Elites...SHORT OF a dollar collapse.
 
searcher said:

Where Does All The Money From Our Treasuries Go | Fixing The US Debt Crisis​

Oct 30, 2024 #jenniferlammer #bondbeginners #bondmasters


22:01

SOURCES:
- https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024
- https://www.imf.org/en/Countries/CHN#data
- https://www.cbo.gov/system/files/2024-06/60039-Outlook-2024.pdf
Click to expand...

She pretty much told us that we are f'ed, without actually saying we are f'ed.


Did you also notice where she said the top 50% already pay 97.7% of all taxes.
Taken further, the top 10% pay at least 80% of all taxes.
What percent of tax revenue should they pay for all the free shit the bottom 50% want?
 
And why would we "recruit" 20-40 million more "enlistees" into the Free S__t Army?

If we were f'ed, we're moar f'ed now.
 
Cigarlover said:
Obamas plan to destroy the US is on track.
1) Make things as unaffordable as possible. Insurance for one and then make it mandatory.
2) Spend the country into a massive debt hole. Give away billions to corporations and then funnel some of that money back into politicians foundations so those at the trough benefit most
3) create as much division as possible. Every conceivable issue must be decisive. Trannies and sports and Dei hires. Always pick the most unqualified for the government positions and shove it down everyones throats to keep the division going.

You get the picture. Big picture is the destruction of capitalism and the US economy to usher in communism.
Click to expand...

But haven't we been living in basically communism/fascism for at least 30 years?

Do you think this would be a switch from a soft commie to a hard-line communism?
 
Buy gold and silver before it's only owned by rich people.
 
Mario talks about gov debt and the 4th turning in this one.

America Is Back on the Right Track But The Road Ahead Will Be Very Bumpy.​

Nov 7, 2024 #economy #debt #government


17:44
 
Opinion piece posted as fft.

Dogs Catching Cars

Trump will soon own the same economic problems talked about in the campaign. US debt is now growing twice as fast as our strong GDP.
goldseek.com goldseek.com
 
Opinion piece.

Opinion: Government fraud is America’s biggest scam. Stopping it is key to our future.​

President-elect Donald Trump has announced the creation of a Department of Government Efficiency, tapping Elon Musk and Vivek Ramaswamy to lead this bold initiative.

As the new administration enters the White House, it faces an under-the-radar crisis that dwarfs most budget debates. While Washington debates potential program cuts, organized criminals are orchestrating one of the largest ongoing thefts in history — exploiting outdated government systems to siphon hundreds of billions annually from American taxpayers, particularly from federal programs like SNAP.

With the national debt exceeding $35 trillion and debt payments now surpassing defense spending, the federal government’s current fiscal trajectory is unsustainable. Collecting $4 trillion annually while spending $6 trillion has created a pattern that cannot continue without dire consequences.

More:

 
So we have total global debt at over 225 trillion and total global gap at just over 100 trillion. Who owns all this debt?

Seems like the time is right to swap out debt. So if I owe you 20 dollars and you owe me 15 dollars. We agree to eliminate the debt between us so in the end I only owe you 5 dollars.

We no longer need a central bank or bonds to finance debt. In fact since all currencies are fiat we dont need to borrow money at all. Also no need for an income tax. Congress and congress alone has the authority to print money. There is no provision in the constitution for that authority to be delegated to anyone or any other entity. Whats the worst that can happen? Congress will overspend and print so much money that it becomes worthless? I'd say we are already there.
 
I'm not sure that Congress actually has authority to print money. The Constitution was a bit vague on Congress' or the Federal government's role with respect to money. It does explicitly restrict the States to utilizing gold and silver as money. The framers understood the problems with fiat and intended to prohibit it IMO.
 
Only gold and silver are to be Legal Tender.

Article I Sec. X.

==========================

Article I Legislative Branch​

  • Section 10 Powers Denied States​

    • Clause 1 Proscribed Powers
    • No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
 
Casey Jones said:
Only gold and silver are to be Legal Tender.

Article I Sec. X.

==========================

Article I Legislative Branch​

  • Section 10 Powers Denied States​

    • Clause 1 Proscribed Powers
    • No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
Click to expand...
Yes that applies to the states but as our host has pointed out, there is no clarity in what the federal government is allowed or prohibited from. Have to go back to the federalist papers perhaps to see what the founders were thinking on the subject.
If we look at the constitution and how the founders set up the taxing power of the feds then one would have to assume that limiting the states to only gold and silver coin would also limit the federal government to the same.
Income taxes are supposed to be apportioned according to the census that is taken every 10 years. Tariffs and that income tax were the primary way the government was supposed to fund itself. No such thing as debt except in times of war. Not at the fed gov level anyway but of course we have been at war almost constantly so they could sidestep that issue.
So my conclusion is that since the states were limited to gold and silver coin only and the federal gov gets most of it's funding from income taxes apportioned to the states. By default this would also limit the fed gov to gold and silver as well.
 
Cigarlover said:
Yes that applies to the states but as our host has pointed out, there is no clarity in what the federal government is allowed or prohibited from. Have to go back to the federalist papers perhaps to see what the founders were thinking on the subject.
If we look at the constitution and how the founders set up the taxing power of the feds then one would have to assume that limiting the states to only gold and silver coin would also limit the federal government to the same.
Income taxes are supposed to be apportioned according to the census that is taken every 10 years. Tariffs and that income tax were the primary way the government was supposed to fund itself. No such thing as debt except in times of war. Not at the fed gov level anyway but of course we have been at war almost constantly so they could sidestep that issue.
So my conclusion is that since the states were limited to gold and silver coin only and the federal gov gets most of it's funding from income taxes apportioned to the states. By default this would also limit the fed gov to gold and silver as well.
Click to expand...
It's a big hole in reasoning, there. The Constitution was brilliant - but flawed; and the fixes (amendments) often made things worse, not better.

It's why the Federalist Papers are so important. To my shame, I have never read them through; but have referred to them. Never researched the subject of paper money - which is a relatively-new obsession of mine.

But, absent my research...I might posit that the possibility of the Federal government issuing paper notes, or scrip, was left unaddressed in the Constitution because it was understood that in times of war or emergency, some sort of immediate fiat currency or means of exchange/acquisition would have to be facilitated.

Then, the States - which were intended to be sovereign, above the Union government and with plenary powers - could refuse to allow circulation of that paper money. Lawyers such as Adams or Hamilton, would have known the slow movement of legal proceedings - giving the Union government time to start, and finish, military actions.
 
Casey Jones said:
...
It's why the Federalist Papers are so important. To my shame, I have never read them through; but have referred to them. Never researched the subject of paper money - which is a relatively-new obsession of mine.
...
Click to expand...

www.pmbug.com

ChatGPT: - federalist papers and money

What did the framers of the Constitution intend that America use for money? Did they discuss the issue with respect tot he Federal Government in the Federalist Papers?
www.pmbug.com www.pmbug.com

:)
 
I think this will be the real, but unstated, concern that pushes the Fed to cut rates next week.
 
Joe King said:
Shocked?!? I'm not shocked at all. Are you?
Click to expand...

Nah. Just curious how much higher it'll go, what'll bring it to a stop and how I can somehow keep any personal damage to a minimum.
 
I think the mint should make a $50 trillion platinum coin to cancel out the debt and place the US in a $14t surplus! Brilliant!
 

Depression, Debt, Default & Destruction in 2025 -Martin Armstrong​

56
 
You must log in or register to reply here.
Back
Top Bottom