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#308942 - 10/17/18 05:15 PM Debt Crises
NW Ponderer Offline
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Carpal Tunnel

Registered: 09/09/11
Posts: 16296
As we prepare for the 116th Congress to be seated in 2019, the nation faces a series of debt crises. First, of course, is the giant hole the 115th Congress created with the most irresponsible tax cut in the nation's history: Federal Deficit Jumps 17 Percent As Tax Cuts Eat Into Government Revenue (npr). As virtually every economist noted beforehand, a plunge in revenues was inevitable, and can't be made up. It is unlikely that the next Congress will be able to overcome this disaster. But that is not the end of the crises the 115th (and previous congresses) have delivered.

The Student Loan Debt Crisis Is About to Get Worse (Bloomberg).
Quote:
Student loans have seen almost 157 percent in cumulative growth over the last 11 years. By comparison, auto loan debt has grown 52 percent while mortgage and credit card debt actually fell by about 1 percent, according to a Bloomberg Global Data analysis of federal loans. All told, there’s a whopping $1.5 trillion in student loans out there (through the second quarter of 2018), marking the second largest consumer debt segment in the country after mortgages, according to the Federal Reserve. And the number keeps growing.
Moreover, new available data shows The looming student loan default crisis is worse than we thought (Brookings). The default rate is growing and is being led by for-profit "universities" that prey on the underprivileged (read Non-White) and have been unleashed by Betsy DeVos.

Finally, medical bankruptcy remains the number one cause of personal bankruptcy (Motley Fool). These bankruptcies are occurring despite increased coverage under the ACA, are having a profound ripple effect, especially in rural areas (Healthcare bankruptcies more than triple in 2017), and are a significant drag on the economy.

The American people in general, and Congress in particular, are not very good at seeing second- and third-order effects of their actions. They are so focused on the here and now, and the next election, that 5-10 years out are beyond their comprehension. That is why the deficit grows, climate change accelerates, and the economy cycles from crisis to crisis, while tales are told (and offices occupied) by idiots.
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#308943 - 10/17/18 05:58 PM Re: Debt Crises [Re: NW Ponderer]
jgw Offline
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Registered: 05/22/06
Posts: 2153
Loc: Port Angeles, WA
You have to give the Republicans credit. It was looking, at least a year ago, that the Republicans and Jackass were not going to leave yet another fiscal mess for the Dems to deal with. Now, however, they are starting to think that our debt will soon be bigger than our GDP and one can only imagine what happens then.

Remember, Jackass claimed to be the master of debt - he just didn't pay his debts (a number of suits will arise as soon as he is no longer president). Now, however, there is some evidence that he doesn't want to pay anything on the national debt either. After this one hopefully gets fixed by the Dems I would hope that they actually start 'educating', regularly and with vigor, every day, why we have yet another Republican mess to fix.

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#308944 - 10/17/18 05:59 PM Re: Debt Crises [Re: NW Ponderer]
chunkstyle Offline
member

Registered: 10/02/07
Posts: 1068
Yeah, more shock doctrine for us all...
Gotta cut us some programs and get whole again


Edited by chunkstyle (10/17/18 06:00 PM)

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#308947 - 10/17/18 06:36 PM Re: Debt Crises [Re: NW Ponderer]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 2153
Loc: Port Angeles, WA
This is just part of the Republican long term plan - get rid of ALL entitlements. Now that they feel they have fixed the courts this is their next long term plan. I also find it interesting that the Republicans are big on using the term "entitlements". EVERY Democrat running should point out, exactly, what "entitlements" mean, ie. healthcare, socials security, etc (you know, all expenditures not related to the military).

Its really kinda interesting. We are now spending more on paying the interest on the national debt than medicare costs us and that is going to get a LOT worse. They now have the deficit up to 3/4 of a trillion and climbing. They cleverly cut taxes during good times. Any economist, on either side, would tell you how bad a mistake that one was.

The last time we were in this fix was during WWII. The Dems fixed that one and they will have to fix this one too.

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#308948 - 10/17/18 08:15 PM Re: Debt Crises [Re: jgw]
chunkstyle Offline
member

Registered: 10/02/07
Posts: 1068
Originally Posted By: jgw
This is just part of the Republican long term plan - get rid of ALL entitlements. Now that they feel they have fixed the courts this is their next long term plan.


Makes you Nostalgic for the days when Clinton and Gingrich wanted to merely privatize social Security. Privatization may be in the cards still. Memories of the meltdown are hazy and the reasons for it obscure.

Guess we'll have to wait and see what Mitch has on his mind.

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#308952 - 10/17/18 10:24 PM Re: Debt Crises [Re: jgw]
Greger Offline

Pooh-Bah

Registered: 11/24/06
Posts: 14364
Loc: Florida
Quote:
This is just part of the Republican long term plan - get rid of ALL entitlements.

Which is balanced out by the Democrat's long term plan - making everything an entitlement.
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#308953 - 10/17/18 10:47 PM Re: Debt Crises [Re: NW Ponderer]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 2153
Loc: Port Angeles, WA
Just curious. "making everything an entitlement" what are the new entitlements you have in mind? I, consider "entitlements", for the Republicans, to be any gov expenditure that is not for the military. My suspicion is that healthcare for all, with gov taking over the entire healthcare industry, to be one that should be put in place before the entire nation is broke. If most of Europe has been able to do this successfully I expect we could too.

I also find it interesting that Obamacare, even though it was poorly written and seriously over regulated, was starting to reduce the cost curve, gather a huge database on what was working and what was not, and standardized much of the paperwork. If another run is made hopefully it will be a complete takeover and all the insurance companies will go away and all the reset (drugs, equipment, etc) will also get seriously regulated (suggest a movie called "the bleeding edge" to understand the greed, corruption and incompetence in the medical device industry).

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#308957 - 10/18/18 03:33 AM Re: Debt Crises [Re: NW Ponderer]
pdx rick Offline
Member
Carpal Tunnel

Registered: 05/09/05
Posts: 41048
Loc: Puget Sound, WA

Every Republican administration for the past 110 years - repeat, EVERY ONE has seen a recession.

Hmm


...and guess who gets America out of these recessions? It's not the Republicans.

coffee
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#308968 - 10/18/18 09:39 PM Re: Debt Crises [Re: NW Ponderer]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 2153
Loc: Port Angeles, WA
I thought it was only from Hoover up. In any case I find it really strange as I have yet to hear a single Dem mention it. Instead they let the Republicans tar them with the "raise taxes" thing. Right now the debt is spiraling and we will have a really dandy mess to fix this time around yet few, if any, are mentioning this one. I particularly liked the Republican plan to cut taxes, during a boom and then notify everybody that they gotta cut "entitlements" as they are out of money. At least Reagan actually raised taxes "to pay the bills". Now we have Jackass who, I think, just plans to not pay any debts, just as he has done his entire life (and has the law suits against him to pay his debts to prove it.

If the Dems actually do get the house the very first thing they should do is to roll back the gifts given to the 1% in the "tax cut" and, as far as I am concerned, go right ahead and raise their taxes too!

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#309023 - 10/22/18 07:00 PM Re: Debt Crises [Re: NW Ponderer]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 2153
Loc: Port Angeles, WA
Jackass, yesterday, tweeted that he wants to have another tax cut, this time for just the middle class. The current deficit is nearing a TRILLION dollars and another tax cut will take that one right over the top. This will mean that this administration has manager to do what no other has been able to do, raise the national debt by 3 TRILLION dollars all within 2 years!

Paying off the interest on the debt is getting very close to the amount we spend on the military and will probably actually be more by the end of the year. Our national debt is now larger than our entire GDP!

So, I guess, the mantra of the current administration goes something like; "tax cuts for everybody and the greatest debt increase EVER!" All of this will, of course, eventually collapse our economy, probably just in time for the Dems to step up and try and fix a Republican economy - yet again.

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