Treasury Department drops a financial bomb

I think was can all stop worrying about the Terrorist murdering us in our beds, Iran hitting us with an EMP, Russian shooting a hypersonic nuke to destroy us or... This is what will kill us - our own government. Read it and weep. The game is almost over, and we will have to pay the piper - not - our government elites but us - the citizens. They have ruined us. When will it become obvious to these government morons, these traitors, that WE HAVE NO MONEY TO SEND TO ISRAEL, UKRAINE OR ANYBODY ELSE!!! WE. ARE. BROKE. We have to borrow money to give to others outside our own nation. $879 billion just to pay the interest?! And, not a word about a Balance Budget Amendment or any kind of true financial sanity. Our own government is a cancer of this nation which will kill us.

"Treasury Department drop a financial bomb: The deficit for fiscal year 2023 was $1.7 trillion, growing 23 percent in a single year as the Treasury used $879 billion just to service the federal debt."

Treasury just dropped a financial bomb, but Bidenomics means the worst is yet to come | Fox Business

EDIT: I recently had a conversation with a young man, 16-year old, who has a good head on his shoulders. We spoke of the state of the US and our government, and you know what he asked me? "Maybe democracy isn't the way...maybe some other form of government like a single individual..." The talk led into other forms and government, like parliaments, dictatorship, monarchies and the pros and cons of each. And it got me thinking about how this talk and many of today issues resembles exactly the 1930s and how the Italian Fascists were born and their offspring the Nazis. The economics, the immorality, even perversion of the era that led to people joining and following these infamous entities. All for good reasons! And, they did see great improvements and successes! Berlin was cleanse of perverts and there was huge economic success and great advances for the individual like vacations, healthcare, better working environments... Even under Napolean great things happened for the individual, many of which are still in place today because they couldn't be taken back...but...power corrupts, in one way or another, no matter if it is a single individual or 535 members of Congress in a democratic republic. Nevertheless, it makes me wonder if a new form of government using technology is possible, that could give the individual citizens more power while taking it out of the hands of Congress and make Congress nothing more than administrators while allowing the people to actual rule themselves... I'm thinking out loud here...please ignore... LOL!

 

We've been broke for years.
as long as there are citizens to tax and people willing to buy our debt (treasuries).
This can continue until it can't.
Look at Japan. it can go on for decades.

 

IMO we have come to the end of the road. I have talked to so many people that are totally clueless. I get the response oh the stock market is down but it always come back (does depression mean anything to you). The government can print money (duh who do think has to pay it back and why do you think your money buys less and less). I have so much equity in my house --sure if someone has the money to buy it otherwise it's worthless. I could go on and on it's very depressing realizing what this nation was and what it has become

 

During the 1930s there were two political movements that were quickly gaining ground in Europe and the USA, that many hoped would replace democratic/representative forms of government, and they were National Socialism (NAZIS) and socialism/communism (USSR/Russia)! Be very careful want you wish for!

 

The founding fathers gave us a government with a Constitution and a bill of rights. The only flaw was they did not write in the federal government could not go into debt and that will be our downfall along with politicians who are corrupt self serving and don't give a damn about we the people

 

Yes, but there is a difference to being broke and in debt vs. broke and buried in debt that you can't repay. Yes indeed, Japan's GDP is just about $5 Trillion, and they have a debt of $9.2 Trillion...and it has been going on and on for a long time...still this doesn't make me feel better due to a lot of reasons like we are truly hated in the world by major players unlike Japan. Our currency is the de facto world currency also which will stop overnight when can't finance that debt... There are numerous other reasons too, but I guess what I am saying is America is different from Japan in almost every way. America's GDP is about $23 Trillion (2021) with a debt of $33.6 Trillion...

 

Debt to GDP Ratio by Country 2023

True, we are in the top ten debt to gdp. But we are the only one with the reserve currency. Until we lose that .. we can beat up everyone into submission.

it's going to take decades to unseat us.

currently there is no other country that could step into the shoes of a reserve currency.

We won't default on our debt. We will just print the dollars and everyone may not like it but that's the way it is. for now.

My guess is that when i decide to kick the bucket in like 30ish years .. we will still be the reserve currency. How the global economy and our standard of living looks might be drastically different.

for now .. all greenbacks are good the world wide.

 

Now this is true. Most do not understand this but it is exactly what is saving our a$$...and the reason why Iran, China and Russia and others are now trying so hard to come together for a world currency. Personally, and like you, I do not believe they will achieve their goal mainly because that would mean they would have to trust each other and who in their right mind would trust China or even Russia after their actions in Ukraine. Of course, there are a lot of other reasons, like our huge economy, but the bottom line is this won't happen for a long while. The downside of this is our politicians also know this so they continue to spend, driving us deeper into debt knowing someone will give them loans. Nevertheless, this will come to an end. It did for the English pound, and it will for the American dollar.

EDIT: ".. all greenbacks are good the worldwide." BTW many countries now will not let you hold American dollars in your bank account overseas. Many more have changed their exchange system to make it more costly to do so. The niece now keeps her dollars under the mattress, and it has given rise to a Black Market. Most of these countries have some loyalty or ties to either China, Russia or Iran.