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Old 10-20-2017, 09:26 PM
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Default National Debt Tops $20 Trillion For The First Time In History

National Debt Tops $20 Trillion For The First Time In History

National Debt Tops $20 Trillion | The Daily Caller
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Old 11-03-2017, 04:49 AM
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Angry Re: National Debt Tops $20 Trillion For The First Time In History

... 'another day older, an' deeper in debt'...

Federal Debt Climbed $198 Billion in October
November 2, 2017 | The federal debt climbed $197,573,533,835.88 in October, the first month of fiscal 2018.
Quote:
On Sept. 29, 2017, the last business day of fiscal 2017, the total federal debt stood at $20,244,900,016,053.51, according to the Treasury. As of Oct. 31, 2017, it stood at $20,442,473,549,889.39—marking a one-month increase of $197,573,533,835.88. The $197,573,533,835.88 increase in the debt equaled about $6,373,339,801.16 for each of the 31 days in October.


It also equaled about $1,651.32 in new federal government borrowing for each of the 119,646,000 households there were in the United States as of September, according to the Census Bureau. The $20,442,473,549,889.39 in total federal debt at the end of October included $14,751,096,800.09 in “debt held by the public” and $5,691,027,453,089.30 in “intragovernmental debt.”

On Nov. 1, the first day of the second month of fiscal 2018, the debt continued to climb, rising to $20,453,288,033,638.83 by the close of business---a one-day hike of $10,814,483,749.44. Debt held by the public, the Treasury explains, consists of Treasury securities, such as bills, notes and bonds, held by “entities outside the United States Government.” Intragovernmental debt consists of money the Treasury has borrowed and spent out of government trusts funds such as the Social Security trust funds.

https://www.cnsnews.com/news/article...illion-october
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GOP Tax Bill Slashes Size of Deductible Home Mortgage by 50%
November 2, 2017 | The tax reform bill that the House Ways and Means Committee released today slashes in half the size of a mortgage that qualifies for the mortgage-interest deduction from federal income taxes.
Quote:
It also eliminates the provision in current law that allows a taxpayer to deduct the mortgage interest on a secondary residence as well as their principal residence home. Under current law, taxpayers can deduct the mortgage interest on mortgage debt up to $1,000,000. Under the Republican proposal, a taxpayer will only be able to deduct the mortgage interest on mortgage debt of $500,000 or less. Also, a married person filing singly will only be able to deduct the interest on a mortgage of $250,000. This change in the deductibility of mortgage interest is made in Section 1302 of the bill. The official summary of the bill, published by the Ways and Means Committee, explains both the relevant provision in current law and how the Republican bill will change that provision.

This is how it explains the current law:

“Under current law, a taxpayer may claim an itemized deduction for mortgage interest paid with respect to a principal residence and one other residence of the taxpayer. Itemizers may deduct interest payments on up to $1 million in acquisition indebtedness (for acquiring, constructing, or substantially improving a residence), and up to $100,000 in home equity indebtedness.”

And this is how it explains what the Republican tax-reform bill would do:

“Under the provision, a taxpayer may continue to claim an itemized deduction for interest on acquisition indebtedness. For debt incurred after the effective date of November 2, 2017, the $1 million limitation would be reduced to $500,000. Interest would be deductible only on a taxpayer’s principal residence. Similar to the current-law AMT rule, interest on home equity indebtedness incurred after the effective date would not be deductible. In the case of refinancings of debt incurred prior to November 2, 2017, the refinanced debt generally would be treated as incurred on the same date that the original debt was incurred for purposes of determining the limitation amount applicable to the refinanced debt. In the case of a taxpayer who enters into a written binding contract before November 2, 2017, the related debt would be treated as being incurred prior to November 2, 2017.”

This is how the Ways and Means Committee summary explains the change in the size of the mortgages that will be eligible for a mortgage interest deduction:
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Gallup: Congress Approval Rating is 13%
November 2, 2017 | Although President Donald Trump's approval rating is at 35%, he is head and shoulders above Congress, which has an approval rating of only 13%, according to a Gallup survey. Congress had a historic low approval rating of 9% in 2013, when Democrats dominated the Senate, Republicans ran the House, and Barack Obama was in the White House.
Quote:
Gallup's survey of Americans' views of Congress was conducted Oct. 5-11. It showed that only 13% of adultes, aged 18 and older, approved of Congress. This was down from 16% approval in September 2017. Approval was at 28% in February of this year, after the new administration and new Congress started.

Even along political lines, the numbers were low. Only 18% of Republican Americans said they approved of Congress' job performance, as did only 14% of Democrats. Just 10% of Independents said they approved of Congress' performance. "Americans' approval of Congress has historically lagged that of other major institutions, but Americans' views of the legislative branch have been particularly low since the late 2000s," reported Gallup. "The last time Congress received approval from even a third of Americans was in mid-2009. "It's hard to see this changing anytime soon, as the largest recent increases in approval came after one party assumed control of the presidency and both houses of Congress -- Democrats in 2009 and Republicans earlier this year." "In both instances," said Gallup, "the increase in congressional approval did not last long, with ratings reverting back to what they were by the end of the first year of one-party control -- a phenomenon that could be occurring yet again this year."

In today's Congress, the Republicans hold a majority in the House, 246-147, a majority in the Senate, 54-46, and the president is a Republican.

https://www.cnsnews.com/news/article...oval-rating-13
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Old 11-10-2017, 08:23 PM
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Red face Re: National Debt Tops $20 Trillion For The First Time In History

China 2nd biggest holder of US debt...

Only Federal Reserve Owns More U.S. Federal Debt ($2.5T) Than China ($1.2T)
November 8, 2017 | Only the Federal Reserve owns more U.S. federal government debt than entities in the People’s Republic of China, according to the latest data released by the Treasury and the Federal Reserve.
Quote:
As of the end of August, according to the Treasury, entities in Mainland China owned $1,200,500,000,000 in U.S. Treasury securities. The only other nation that came close to that was Japan. Entities located there owned $1,101,700,000,000 in U.S. Treasury securities as of the end of August. Ireland was a distant third, with entities there owning $307,200,000,000 in U.S. Treasury securities. But the Federal Reserve here in the United States owned far more in U.S. government debt than entities located in any foreign land. As of August 31, the same date applicable to the foreign holdings cited above, the Federal Reserve owned $2,465,300,000,000 in U.S. Treasury securities, according to its weekly statistical release. As of Nov. 2, the Federal Reserve owned $2,459,827,000,000 in U.S. Treasury securities. As of Aug. 31, according to the Treasury, the total federal debt was $19,844,533,441,929. That included $14,381,561,995,497 in debt held by the public and $5,462,971,446,437 in “intragovernmental debt” (which is money the Treasury has borrowed and spent out of government trust funds such as the Social Security trust funds).

The $1,200,500,000,000 in federal debt held by entities in Mainland China equals approximately 8.3 percent of the total U.S. debt held by the public. The $1,101,700,000,000 in federal debt held by entities in Japan equals approximately 7.7 percent of the total U.S. debt held by the public. The $2,459,827,000,000 in federal debt held by the Federal Reserve equals approximately 17.1 percent of the total U.S. debt held by the public. The combined $4,762,027,000,000 in U.S. federal government debt that is held by the Federal Reserve, the Chinese, and the Japanese equals approximately 33.1 percent of the total U.S. debt held by the public. Chinese and Japanese accumulation of U.S. federal government debt has tailed off in recent years. China’s ownership of U.S. government debt peaked at $1,316,700,000,000 in November 2013. Japan’s peaked at $1,241,500,000,000 in November 2014. Even as Chinese and Japanese holdings U.S. government debt have tailed off, the U.S. government has continued increasing its debt held by the public. At the end of November 2013, when China’s ownership of U.S. debt peaked at $1,316,700,000,000, the U.S. debt held by the public was $12,281,126,257,987. At the close of business on Nov. 7, according to the Treasury, it was $14,823,047,871,224—or $2,541,921,613,237 more than when Chinese ownership of the U.S. debt hit its peak. Purchases by the Federal Reserve picked up for some (about 11.65 percent) of that slack. Its holdings of Treasury securities increased by $296,161,000,000 between November 2013 and now (rising from $2,163,666,000,000 to $2,459,827,000,000).


The U.S.-China Economic and Security Review Commission, which was created by Congress “to monitor, investigate, and submit to Congress an annual report on the national security implications of the bilateral trade and economic relationship between the United States and the People’s Republic of China” issued a report in May on "U.S. Financial Exposure to China." “The United States’ greatest direct financial exposure to China is through China’s holdings of U.S. government securities,” said that report. “China has the largest foreign exchange reserves in the world. Although China does not disclose the composition of its foreign exchange reserves, economists estimate roughly two-thirds of the country’s foreign exchange holdings are held in dollar-denominated financial assets. China maintains significant holdings of U.S. financial assets largely to manage the exchange rate of the RMB.” “U.S. Treasury securities make up the largest category of China’s holdings of U.S. securities,” the report said. “Some U.S. policymakers and analysts have expressed concerns about China’s large holdings of U.S. Treasury securities,” it said. “They argue that a large selloff of U.S. securities could significantly influence Treasury yields.”

“A 2013 Congressional Research Service report,” it said, “argued that the effects on the U.S. economy from a large reduction in China’s holdings of U.S. securities would depend on whether the reduction was sudden or gradual: ‘A potentially serious short-term problem would emerge if China decided to suddenly reduce their liquid U.S. financial assets significantly.... The initial effect could be a sudden and large depreciation in the value of the dollar… and a sudden and large increase in U.S. interest rates ... The dollar depreciation by itself would not cause a recession since it would ultimately lead to a trade surplus (or smaller deficit), which expands aggregate demand.... However, a sudden increase in interest rates could swamp the trade effects and cause (or worsen) a recession. Large increases in interest rates could cause problems for the U.S. economy, as these increases reduce the market value of debt securities, causing the prices on the stock market to fall, undermining efficient financial intermediation, and jeopardizing the solvency of various debtors and creditors. Resources may not be able to shift quickly enough from interest-sensitive sectors to export sectors to make this transition fluid.’”

https://www.cnsnews.com/news/article...-25t-china-12t
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Old 09-24-2018, 11:57 PM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

Maybe the debt will be paid off by illegal immigrants, technology, a zero percent tax rate, or magic fairy dust, but the reality is that the US debt is increasing constantly, no one cares, and spending more money to reduce the debt will only lead to disaster.

Debt didn’t work out too well for Rome, Germany, Japan, Greece, or Zimbabwe.

Those who fail to learn from history are doomed to repeat it.
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Old 09-24-2018, 11:58 PM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

Welcome to Political Wrinkles, Julie!...

Nice first post...
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Old 09-25-2018, 12:06 AM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.
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Old 09-25-2018, 12:26 AM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

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Originally Posted by Julie View Post
There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.
A friend said his favorite bumper sticker is "Liberalism is so good, it must be implemented by force."...
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Old 11-10-2018, 06:17 PM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

Sooner or later, we all sit down to a banquet of consequences.
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Old 11-10-2018, 07:07 PM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

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Originally Posted by cnredd View Post
A friend said his favorite bumper sticker is "Liberalism is so good, it must be implemented by force."...
yet republicans increase it with more giveaways to their friends and backers.
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Old 11-10-2018, 07:09 PM
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Default Re: National Debt Tops $20 Trillion For The First Time In History

Does anyone get the feeling that the Uniparty has been bought off by the elites?
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