President Joe Biden - Kamala Harris Administration

[SpaceCoastVol]

After reading your post then the article, yes it most certainly does smack of Colonialism . Those miners in those places are going to work for king and country without even knowing it . Didn’t Ford already do this once using slave labor in Brazil with their rubber plantains , now they are going back after their metals ? Lol

I LOVE plantains. In Colombia, they pound them flat and fry them. They are like a banana cookie.

 

[0nelilreb]

And the conventional wisdom is, once the dollar is worthless a new currency will eventually be created. At that time, all dollar denominated debt will be gone because the dollar doesn't exist anymore. Which wipes out federal debt...is that the way this is thought to work?

Somewhere on here there’s a post that’s going to turn out to be brilliant with unmatched foresight. It’s a little article about “ digital currency “ that the worlds governments get together and decide will be the new world currency wiping out in advantages the dollar has over countries . The way they ( China mainly ) gets the U.S. onboard is the promise of erasing the national debt and everyone starting out with a clean slate . If I could only remember who posted that article

 

[NorthDallas40]

And the conventional wisdom is, once the dollar is worthless a new currency will eventually be created. At that time, all dollar denominated debt will be gone because the dollar doesn't exist anymore. Which wipes out federal debt...is that the way this is thought to work?

Cant work. Most of our debt is held by US citizens. Surely they wouldn’t be stupid enough to be sold a plan that would obliterate their life’s savings by some fast talking politician.

....

Oh hell we are so screwed.

 

[Boca Vol]

I LOVE plantains. In Colombia, they pound them flat and fry them. They are like a banana cookie.

When I lived in S FL you could get those just about everywhere. Good stuff. A slightly bitter banana cookie.

 

[TheDeeble]

And the conventional wisdom is, once the dollar is worthless a new currency will eventually be created. At that time, all dollar denominated debt will be gone because the dollar doesn't exist anymore. Which wipes out federal debt...is that the way this is thought to work?

There will probably be some conversion. Your 100k in dollars is worth 5k in new currency. Sucks for you taxpayer.

But before they do that I think they start going after 401ks, savings accounts, and means testing people out of social security.

 

[McDad]

There will probably be some conversion. Your 100k in dollars is worth 5k in new currency. Sucks for you taxpayer.

But before they do that I think they start going after 401ks, savings accounts, and means testing people out of social security.

I haven't looked at the data but how much "savings" to the budget would it be to means test folks out of social security?

 

[McDad]

If you’re in a position where you can have some control of your income borrow money now.

You're about the 3rd person I've heard recommend this approach.

 

[SpaceCoastVol]

I haven't looked at the data but how much "savings" to the budget would it be to means test folks out of social security?

If i could retroactively take the tax loss... sure. Otherwise that money was stolen.

 

[TheDeeble]

I haven't looked at the data but how much "savings" to the budget would it be to means test folks out of social security?

I don't know. But I do believe the fed govt will find new and innovative ways to screw taxpayers out of their money.

The line of what's "rich" will get fuzzier and fuzzier. It's probably not uncommon for someone to have several hundred K in their 401k. It's not really accessible to you if you're not close to retirement without paying a massive tax penalty. If someone doesn't make 6 figures a year, but has a good retirement set up with some kind of pension, 401k, or both......are they "rich"? Do they really "need" all that money on top of social security?

As SpaceCoastVol said it's theft, but I think it's coming.

 

[BreatheUT]

I don't know. But I do believe the fed govt will find new and innovative ways to screw taxpayers out of their money.

The line of what's "rich" will get fuzzier and fuzzier. It's probably not uncommon for someone to have several hundred K in their 401k. It's not really accessible to you if you're not close to retirement without paying a massive tax penalty. If someone doesn't make 6 figures a year, but has a good retirement set up with some kind of pension, 401k, or both......are they "rich"? Do they really "need" all that money on top of social security?

As SpaceCoastVol said it's theft, but I think it's coming.

Yes, if we don't get these socialists out of here but even conservatives haven't been fiscally responsible.

Have you noticed the absence of progressives on this issue? We know they are hiding out like little mice waiting until it's safe. They lose in the area of ideas. They are waiting until there is an emotional argument to get behind.

 

[McDad]

Biden to Propose $6 Trillion Budget to Boost Middle Class and Infrastructure

By the way, every person in America (331M) is responsible for $18,127 of the proposed budget. That's every man, woman, and child regardless of age or employment status.

Also, every person is responsible for $84,592 to pay off our 28T of debt.

I have 4 people in my household. My household is responsible for $410,877 in current proposed budget plus previous debt.

 

[NorthDallas40]

By the way, every person in America (331M) is responsible for $18,127 of the proposed budget. That's every man, woman, and child regardless of age or employment status.

Also, every person is responsible for $84,592 to pay off our 28T of debt.

I have 4 people in my household. My household is responsible for $410,877 in current proposed budget plus previous debt.

Right now I’m really glad I never had kids.

 

[allvol123]

By the way, every person in America (331M) is responsible for $18,127 of the proposed budget. That's every man, woman, and child regardless of age or employment status.

Also, every person is responsible for $84,592 to pay off our 28T of debt.

I have 4 people in my household. My household is responsible for $410,877 in current proposed budget plus previous debt.

Hopefully this gets split out by weighted average, since I an fairly slim.

 

[McDad]

Hopefully this gets split out by weighted average, since I an fairly slim.

lol.
If only it worked like that, huh?

 

[TheDeeble]

By the way, every person in America (331M) is responsible for $18,127 of the proposed budget. That's every man, woman, and child regardless of age or employment status.

Also, every person is responsible for $84,592 to pay off our 28T of debt.

I have 4 people in my household. My household is responsible for $410,877 in current proposed budget plus previous debt.

I was about to link a similar article. From The Hill

Under the plan, documents for which were obtained by the Times, the federal government would spend $6 trillion in the 2022 fiscal year and spending would increase to $8.2 trillion by the year 2031.

The plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession and again after the COVID-19 pandemic slammed the economy.

Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of gross domestic product by the end of the decade, exceeding its World War II record in 2024.

Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic.

Biden to propose $6T budget, increasing federal spending to highest sustained level since WWII: report

Help me out here. Are they saying this will be 6 trillion per year for the next several years?

 

[Vol737]

I LOVE plantains. In Colombia, they pound them flat and fry them. They are like a banana cookie.

That’s the only way to eat them. Love those things! Some good friends of ours from Panama got us hooked on those things done that way years ago at their house for dinner. Good eatin’.

 

[Vol737]

I was about to link a similar article. From The Hill



Biden to propose $6T budget, increasing federal spending to highest sustained level since WWII: report

Help me out here. Are they saying this will be 6 trillion per year for the next several years?

This is insane. Completely driven by Biden’s delusional handlers and advisors for one purpose only.

 

[volinbham]

I was about to link a similar article. From The Hill



Biden to propose $6T budget, increasing federal spending to highest sustained level since WWII: report

Help me out here. Are they saying this will be 6 trillion per year for the next several years?

yes - but increases baked in so at least 6T annually not counting any special spending activities like stimulus, emergency funding etc.

worse, it stretches the reach of the Feds into ever more of everything we do.

 

[utvolpj]

I was about to link a similar article. From The Hill



Biden to propose $6T budget, increasing federal spending to highest sustained level since WWII: report

Help me out here. Are they saying this will be 6 trillion per year for the next several years?

Just in 2022. Subsequent years are higher and would be $8.2T at the end of an 8yr term

 

[TheDeeble]

Just in 2022. Subsequent years are higher and would be $8.2T at the end of an 8yr term

Yea, that's what I mean. 6 trillion per year minimum going up over the next decade.

Absurd.

 

[lawgator1]

"Reagan took the deficit from $70 billion to $175 billion. Bush 41 took it to $300 billion. Clinton got it to zero. Bush 43 took it from zero to $1.2 trillion. Obama halved it to $600 billion. Trump’s got it back to a trillion."


Fact checked as true.

PolitiFact - Here's how the deficit performed under Republican and Democratic presidents, from Reagan to Trump

 

[volinbham]

For reference - estimated total Federal revenue for 2021 is $3.86 trillion. The budget is baking in an annual 55% deficit or over $2 trillion.

 

[Orangeburst]

Ok, all you Republicans who put your fiscal responsibility ideals on the shelf the previous 4 years. Get them off the shelf. Dust them off real good. And make sure all the pieces are still in working order. Did you do it? Good. Now let's see the wailing and gnashing of teeth on budgets, debt, and deficits. Go!

Well we tried to tell you guys to pick the best of the worse. At least we had a chance to turn the ship

 

[utvolpj]

"Reagan took the deficit from $70 billion to $175 billion. Bush 41 took it to $300 billion. Clinton got it to zero. Bush 43 took it from zero to $1.2 trillion. Obama halved it to $600 billion. Trump’s got it back to a trillion."


Fact checked as true.

PolitiFact - Here's how the deficit performed under Republican and Democratic presidents, from Reagan to Trump

Clinton didn't go to zero he just changed some rules. These are also min/max depending on the potus so we can call them sort of true

Attempting to justify a planned deficit of $1.4T is dumb even for you

 

[NorthDallas40]

"Reagan took the deficit from $70 billion to $175 billion. Bush 41 took it to $300 billion. Clinton got it to zero. Bush 43 took it from zero to $1.2 trillion. Obama halved it to $600 billion. Trump’s got it back to a trillion."


Fact checked as true.

PolitiFact - Here's how the deficit performed under Republican and Democratic presidents, from Reagan to Trump

Right on cue