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How big will this year's deficit be?

Wonder why the tea baggers are not out in the streets yelling about their great grandkids having to pay gazillions...could it be something to do with the color of the President's skin? Nah...no way.
 
Vadinho said:
Wonder why the tea baggers are not out in the streets yelling about their great grandkids having to pay gazillions...could it be something to do with the color of the President's skin? Nah...no way.
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they are waiting for biden to be inaugurated on 2021. Then they can resume to be mad about the debt.
 
Vadinho said:
Wonder why the tea baggers are not out in the streets yelling about their great grandkids having to pay gazillions...could it be something to do with the color of the President's skin? Nah...no way.
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Or, possibly, there are more important issues on the table?
 
99percenter said:
So deficits dont matter?
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Deficits only matter to conservatives if they can be used as political ammunition to regain power. Once that power is regained... deficits are just a way of life for the GOP, as they cannot finance their tax cuts by cutting spending (doing so would sterilize the stimulus from a tax cut).
 
Bullseye said:
Or, possibly, there are more important issues on the table?
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but the deficits were exploding before the virus hit...yet no tea baggers, no guys on bikes blasting lee greenwood, no groups of people dressed up in funny costumes waving gadsen flags, no guys with posters of Obama made up like Hitler, no concerned wifes crying about communism or socialism or bla bla bla.
 
Vadinho said:
Wonder why the tea baggers are not out in the streets yelling about their great grandkids having to pay gazillions...could it be something to do with the color of the President's skin? Nah...no way.
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or perhaps the letter after his name.
 
I'm predicting the deficit for FY 2020 comes in at around $2.5 trillion. The entirety of the package isn't going to flow into the economy by October. Add to the deficit coming in pre covid-19 at around $1 trillion, loss of revenue, and that's where i get the $2.5 trillion estimate.
 
Kushinator said:
I'm predicting the deficit for FY 2020 comes in at around $2.5 trillion. The entirety of the package isn't going to flow into the economy by October. Add to the deficit coming in pre covid-19 at around $1 trillion, loss of revenue, and that's where i get the $2.5 trillion estimate.
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And will all of us finally realize that money is simply a tool to further our goals please? They just pulled that dough out of their asses. Forget what they taught you in Econ, it was all a joke.
 
uptower said:
Yeah the party of "Fiscal Responsibility". Wonder where they got to? Came and went right about the same time as Obama, wonder why?
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it was always a mystery...

christian-sign-1280x720.png
 
Global debt has tripled in the past 20 years, since the dot-com crash. Today, they exceed $250 trillion.
Actually, this is the end of the fairy tale about the special "survivability" of capitalism. Survival on borrowed money, that will never be paid back. Any idiot can run this kind of economy.
The main thing is that he has to be greedy and unprincipled. And according to the Epstein case, also a sexual pervert, to keep him on the hook for blackmail
And this, in short, is your elite, the supporters of capitalism!

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Dittohead not! said:
It started out as an estimate of one trillion. Add to that the 2.2 trillion bailout just passed, and you have 3.2 trillion. Add to that the decrease in revenue due to the lockdown, and we have maybe another trillion or so.


I'm estimating 4 trillion, or more than the federal government normally takes in in taxes in a year.


Anyone else find these figures disconcerting? How long can that sort of deficit spending be sustained before the dollar collapses?


oh, and a trillion is such a large number most of us can't imagine it. Divide that trillion by 200 million, roughly the adult population of the USA, and four trillion is about $20,000 for every adult in America.


If my MasterCard had that much on it, and I didn't have that amount ready to pay it off, I'd be worried. Wouldn't you?
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I find it disconcerting, certainly.

The United States has had to deal with severe economic crises in the past, from the Depression to the Stagflation of the 1970s.

But we have never had to deal with being a debtor nation, undergoing painful austerity, mass unemployment and high prices for goods and services all at once.

How exactly are we going to service this amount of debt with our nation's tax base gutted and about a quarter of our country's workforce unemployed or on furlough?
 
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aociswundumho said:
The difference is that the US government has a printing press to print an endless supply of dollars and you don't.

If it will make you feel any better, there are about a half a dozen other countries that are in much worse shape debt-wise.
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True, but its not exactly endless. At some point, its a problem. At some point people lose confidence in the US dollar and seek an alternative.
 
Felis Leo said:
I find it disconcerting, certainly.

The United States has had to deal with severe economic crises in the past, from the Depression to the Stagflation of the 1970s.

But we have never had to deal with being a debtor nation, undergoing painful austerity, mass unemployment and high prices for goods and services all at once.

How exactly are we going to service this amount of debt with our nation's tax base gutted and about a quarter of our country's workforce unemployed or on furlough?
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How, indeed? When the deficit approaches the total spending before all the bailouts, something has to give. There simply isn't an endless supply of dollars despite the government's printing press.
 
How much is a trillion dollars?

If you were the most generous employer in the world, one who paid your workers a million dollars a year,
and if you had a thousand workers on your payroll,
It would take a thousand years for you to pay out a trillion dollars.

That's how much a trillion is.
 
Dittohead not! said:
How much is a trillion dollars?

If you were the most generous employer in the world, one who paid your workers a million dollars a year,
and if you had a thousand workers on your payroll,
It would take a thousand years for you to pay out a trillion dollars.

That's how much a trillion is.
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My favorite illustration of "Trillion"

You live 1 million seconds every 11.6 days
You live 1 billion seconds every 33 years
1 trillion seconds is 33,000 years.
 
Moonglow said:
Capitalism is a damn expensive system to support and it will only get worse.
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This wouldn't happen under capitalism. Just dig up Adam Smith and ask him.

We practice a bastardisation of capitalism called "Corporatism" in this country.
 
upsideguy said:
My favorite illustration of "Trillion"

You live 1 million seconds every 11.6 days
You live 1 billion seconds every 33 years
1 trillion seconds is 33,000 years.
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Yet another: A hundred dollar bill weighs 1 gram (interesting factoid garnered from the internet).
So, a thousand of them weigh a kilogram and are worth $100,000.
And a metric ton of them is a thousand times that, or a hundred million dollars.
and ten tons are worth a billion.
so, ten thousand tons of hundred dollar bills makes up a trillion dollars.


If you have a fork lift loading train cars with those hundred dollar bills the government has been printing, and if the fork lift can load a ton every minute, it will take ten thousand minutes to load that trillion dollars. That's just over 20 eight hour shifts, loading hundred dollar bills by the ton into the train.

And that's just one trillion.
 
Where's the Tea party in all of this?

Never mind, we all know the answer.
 
Where's the Tea party in all of this?
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I'm guessing they are part of the protests demanding to get back to work. Conservatives are funny that way, they protest for the right to work so their taxes can pay down this debt, as opposed to liberals who protest for the right to impose their will on others and to sit on their couch collecting benefits.
 
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