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  • The party of fiscal responsibility.
    by dgeiser13
  • In the 1970’s the Belgian deficit ran from 66 to 100+ percent of the BNP. Every governement since had serious trouble getting the deficit manageable. We never really got it unde control, and the intrest is hurting us. Afaik we got to 104% because we had to when joining the euro, which was our best. We are now at 109% again, and even that is hurting us hard.
    by hyperman1
  • Over his 1.5 presidential terms, Trump has accumulated over a quarter of the US debt ($11T / $40T):

    * https://www.us-debt-clock.com/presidents

    Some mitigating circumstances are COVID in his first term (also effecting Biden), but there's also a lot of 'self-inflicted' damage, especially the last two years.

    It turns out tax cuts may not actually pay for themselves (never mind ill-considered military adventures).

    by throw0101a
  • That's about the nominal GDP of Spain.
    by forinti
  • Category error. These comments are only relevant with a democratic administration.
    by jleyank
  • The US federal deficit is growing at an alarming rate; if nothing is done, it will solve itself with inflation. US debt is denominated in USD, so the US will not default; the value of money just steadily declines until the debt burden matches the capacity of the US economy to pay for it. Also, US tax rates are relatively low, US can pay the debt by increasing tax rate if there is political will.

    The country with the worst debt crisis is France. Their tax rate is 40%, they don't have their own currency (It's EUR), they have a large primary deficit and it's politically impossible to cut spending. EU must rescue France in next 4-5 years.

    by u1hcw9nx
  • At some point I realized: there is no plan to fix it. Both of the parties are just hoping that the upcoming crisis happens while the other party is in power.
    by Taikonerd
  • What's really striking is the current administration performed one of the most brutal cost cutting programs in recent memory. And despite the massive amount of disruption caused (and to be caused) there is almost nothing to show for it financially. Just pennies in the ashtray of a Lamborghini.

    Obviously the people behind it were not serious, and did nothing to actually address government waste or reform the welfare system. But the result is the same - the idea of cost cutting as a means of addressing the deficit is effectively dead. There is no dry powder on the "slash budgets" side of the ledger. All that's left is raising taxes. (Or do nothing until there's an actual hyperinflation event).

    by legitster

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