Michael Dukakis warns both parties need to start paying attention to the federal deficit

[hermosabeach]

Can we handle the Truth?

Michael Dukakis warns both parties need to start paying attention to the federal deficit | Fox News Video

Former Democratic presidential nominee Michael Dukakis says he's 'astonished' that the issue is not being addressed during the 2020 campaign.

video.foxnews.com

https://usdebtclock.org/

 

[SilentStalkr]

It’s an impossible debt to pay back which is why they will kill the dollar and usher in a new currency standard that more or less starts everything over. But, the politicians will im sure move all of their assets to said new currency before they kill the old one off and make copious amounts of money in the process.

 

[TheGerman]

It's a sad, but pretty easy to understand scenario.

You are deep in debt with no realistic way of paying it off. Even if you sell everything, go homeless and don't buy anything for the next 100 years, you'd barely make a dent in it.

Yet, you can still conjure up more ways to 'pay' for things by simply having to pay lip service to something that was initially put into place as a hard limit and has now simply become an arbritrary thing. The irony is, the ceiling put into place that you keep kicking higher and higher, was put there to prevent EXACTLY the problem you are having.

Everyone before you in recent history has. It's not like you'll be the first to do it. Plus, all those (Insert bullshit programs that we dont need, want, benefit from nor asked for HERE) rely on it and you don't want to hear about how some kids now don't get free lunch at school because their 'parents' are total failure at life or how someone who is 4th generation cradel to grave welfare will all of a sudden become homeless, right?

We have long passed the line where 'paying' for bullshit now (that we cant actually pay for) will eventually cost us everything. When, not if.

 

[hermosabeach]

$250,000 per person - state and local combined

 

[SilentStalkr]

$250,000 per person - state and local combined

I would say, “I ain’t paying shit,” as it’s not my problem. They don’t rescue me when I’m in trouble. As everyone else, I have to figure out how to make it work. Sadly, they can just come and take every asset that any of us own to pay their debt off. Think about that. I think that would definitely be the final straw and I think they know that which is why the smart thing is to usher in a new currency that everyone else will help prop up because we buy more shit than anyone else in the world.

 

[2ndamendfan]

This is a little long, but worth watching. It is 7 years old so it is even worse today.
Not sure of anyone's opinion of Tony Robbins (this is the only thing I have ever watched of him). Even if you hate him, it is still worth watching I think. If you do not drink you will after, out of despair for this country.

 

[2ndamendfan]

some might like this version better.

 

[Snipe260]

This is a little long, but worth watching. It is 7 years old so it is even worse today.
Not sure of anyone's opinion of Tony Robbins (this is the only thing I have ever watched of him). Even if you hate him, it is still worth watching I think. If you do not drink you will after, out of despair for this country.

This guys an inspiration! He told me I could do it!

 

[JuniperEyes]

Hate it for future generations. We are sorry sacks of shit for what we have done... or not done

 

[atepointer]

At this point there will 100 percent be a debt instrument bonfire and I hope I'm gone b/f it happens. It's the age of 'Free Money'. Wall Street has the Federal Reserve by the balls, the gubmint has the taxpayer by the throat and right now the David Stockman's of the world get a chance to scream about debt as if it's a new problem. I fear yesterday was the highest we will ever see the Federal Funds Rate again and the 10 year will ultimately be like the rest of the world: drop $1 into sovereign debt and get ..99 cents back at maturity. Never thought I'd have to consider investing in my lifetime possibly to 'lock in' safety in a money loser, but negative interest rates will come to rest on our shores potentially. There is still plenty of gravy left to hoover up for now, but my gosh what a crap storm on the horizon. Ugh.

 

[pmclaine]

From Mike Dukakis thats rich.

The guy that gave illegals fake ssns so they could collect.

The guy that earned the state name "Taxachusetts"

So the guy that helps light the fire now shows concern the house is burning down.

 

[Shooter McGavin]

Shit is just gonna get worse.

 

[W54/XM-388]

There is almost no point bothering anymore.
The FSA is so big and the percentage of those that don't pay taxes currently (YES that INCLUDES people on SS Tough!) is just about more than those that pay taxes so the politicians have zero incentive to have a balanced budget.

Both political parties use the "debt ceiling" as a negotiating tactic an neither have any actual interest in not raising it.

Just to balance the budget we would have to cut federal spending by 30% or more... and our politicans go ape and play games spending extra money to shut down services (that were not manned) over the budget only being increased by 1% over the past year instead of the 4% they want.

To stave off the day of reckoning your money is devalued by at least 25% each 20 years, more like 50% if you don't do the lying statistics the government does and add in everything you buy including vehicles, housing, fuel and food and that's just their openly stated Federal reserve policy Look back 20 years ago, how much did a gallon of Gas or a gallon of milk cost you vs. today.

I'm really not all that concerned anymore about the US debt, basically it will continue mounting up and nobody will do anything but lip service, till the day the global elites and our banking overlords decide now would be about the right time to do the next round of "we get all the stuff & everybody else looses everything they thought they had".

Then it will all come crashing down most will loose just about everything they thought they had, except for the few who had a plan to survive when all the money in your bank account goes bye and your retirement savings in a financial institution go bye and your cash is now worth a fraction of a penny on the dollar.

The global Elites and international bankers will enjoy having all the stuff and then the good little slaves get to blame each other and get back to the grindstone to try to earn back what they just lost, under some new "improved" regime under control of the bankers who will replace the politicians at will if they step out of line. (Look no further than the recent episodes in Greece and Cyprus for a small example).

There is nothing that can be done to stop it until there is some major civilization changing event or it hits the wall.

 

[Nik H]

The dumbass Greek and I can say that being Greek. He hardly got any votes from the Greek "working" community when he had his run.

The time for that has long past....LONG PAST....

It will continue as well until the next group of leftists get in....then taxes go up to continue paying out pork to the do nothings.

 

[atepointer]

I used to get incensed when I would read or hear Keynesian economists say 'deficits don't matter' b/c I tried to apply my rules of personal finance to federal governments around the world. Then once I stopped making that fallacious comparison in my head it became easier to digest the deficits don't matter statement.....'until they do'. And that's what the elites know that there is no stopping it now. 'Debt' to me infers some intent to repay which they don't. I mean the debt service layers are just comical now to the point where they may as well stand on the accelerator to the bullet train to hell. Japan is in the lead, Europe a close second and we are bringing up the caboose......should be one hell of a mess at the bottom.

 

[W54/XM-388]

I used to get incensed when I would read or hear Keynesian economists say 'deficits don't matter' b/c I tried to apply my rules of personal finance to federal governments around the world.

Basically because as is used by most governments, it's a modification on the Communist plan of taking all they can from the "haves"
Get people to give you their money now in exchange for supposedly more later. They don't care because when the ponzi scheme hits the wall, it's tough luck for the little guys and everything for the masters.

 

[atepointer]

Basically because as is used by most governments, it's a modification on the Communist plan of taking all they can from the "haves"
Get people to give you their money now in exchange for supposedly more later. They don't care because when the ponzi scheme hits the wall, it's tough luck for the little guys and everything for the masters.

When the US Dollar becomes insolvent it literally could be waking up to the news with a headline 'sorry folks you can trade in $1,000 of your old USD for 1 unit of the Flugelbinder our new currency. Thanks - the mangament'

 

[pmclaine]

They want us to give up by discussing these grim statistics.

The thing to do is to retrench in the ideals of the Founders.

History needs to repeat and it usually does.

As far as any creditors being butt hurt over the pending default just tell them 70 odd years of "Pax Americana" and free grain has a cost.

 

[W54/XM-388]

When the US Dollar becomes insolvent it literally could be waking up to the news with a headline 'sorry folks you can trade in $1,000 of your old USD for 1 unit of the Flugelbinder our new currency. Thanks - the mangament'

Pretty much what happens every time some tin pot communist dictator runs out of folks to bamboozle for "loans"
See Venezuela and Zimbabwe as just two of the more extreme examples of million to 1 change overs.
It has happened in South America and Africa for decades and only the extreme examples make the news.

 

[shootist2004]

lol...the guy who won one state makes the most sense.............

 

[atepointer]

Pretty much what happens every time some tin pot communist dictator runs out of folks to bamboozle for "loans"
See Venezuela and Zimbabwe as just two of the more extreme examples of million to 1 change overs.
It has happened in South America and Africa for decades and only the extreme examples make the news.

Oh I hear you I'm sickened at the repeatability of human stupidity. If you are ever bored on your reading list take in David Stockman's - The Great Deformation: The Corruption of Capitalism in America. He's been hammering on this tune for decades and at some point he will be dead on.

 

[pmclaine]

Cyprus just a few years ago...

Everyone went to their ATM and found out they had only 1/3 of the balance they had the day before.........

 

[SilentStalkr]

There is almost no point bothering anymore.
The FSA is so big and the percentage of those that don't pay taxes currently (YES that INCLUDES people on SS Tough!) is just about more than those that pay taxes so the politicians have zero incentive to have a balanced budget.

Both political parties use the "debt ceiling" as a negotiating tactic an neither have any actual interest in not raising it.

Just to balance the budget we would have to cut federal spending by 30% or more... and our politicans go ape and play games spending extra money to shut down services (that were not manned) over the budget only being increased by 1% over the past year instead of the 4% they want.

To stave off the day of reckoning your money is devalued by at least 25% each 20 years, more like 50% if you don't do the lying statistics the government does and add in everything you buy including vehicles, housing, fuel and food and that's just their openly stated Federal reserve policy Look back 20 years ago, how much did a gallon of Gas or a gallon of milk cost you vs. today.

I'm really not all that concerned anymore about the US debt, basically it will continue mounting up and nobody will do anything but lip service, till the day the global elites and our banking overlords decide now would be about the right time to do the next round of "we get all the stuff & everybody else looses everything they thought they had".

Then it will all come crashing down most will loose just about everything they thought they had, except for the few who had a plan to survive when all the money in your bank account goes bye and your retirement savings in a financial institution go bye and your cash is now worth a fraction of a penny on the dollar.

The global Elites and international bankers will enjoy having all the stuff and then the good little slaves get to blame each other and get back to the grindstone to try to earn back what they just lost, under some new "improved" regime under control of the bankers who will replace the politicians at will if they step out of line. (Look no further than the recent episodes in Greece and Cyprus for a small example).

There is nothing that can be done to stop it until there is some major civilization changing event or it hits the wall.

Or people man up, get together and descend on the rat infested waters and demand change. Sadly, most people that care are in their 60-70’s probably. I’m an exception being in my 30’s.

Cyprus just a few years ago...

Everyone went to their ATM and found out they had only 1/3 of the balance they had the day before.........

Exactly.

 

[Ken Burton]

When it comes to the Gov't running anything it FAILS or cost money. THEY have shit for brains as they don't teach their kids to run a household the way they run the Gov.

 

[softcock]

Cyprus just a few years ago...

Everyone went to their ATM and found out they had only 1/3 of the balance they had the day before.........

-
MyBookie.com in Vegas is paying 16-1 on guessing US debt 'Due Date' .... ( just joking )
Will our Federal Gov. meet it's goal of '100% gun control' or total disarmament before they make Default happen ? ...( another joke )

So, 2/3 of the Debt. owed is public debt. Bill, notes and bonds bought by people and other world governments . The rest of the Debt is what US Fed. Government pays/owes to itself .
Does anyone actually know when this will happen ? , Fact.. The debt ceiling can not be raised infinitely . When the Debt does come due , When ? and What will happen ? The United States is now 108.02% of it's GDP . and for example Venezuela was @ 190% of it GDP when it's 'public reset button' was pushed .
When the US ' is ' in default of debt. In the shadow of economic collapse of the US dollar, The US debt due . ' Will be declared a National emergency . Have no doubts, you got a small taste of that the day after 911 . Markets were shut down, all US air traffic halted...etc . What will the Dept. Treasury and Dept. Homeland Security, offices of asset forfeitures will do ??? , when all FDIC bank doors are closed, when the leash is pulled off in a fear and panic ? . Scary Shit that the US public has 100% zero control over .
.

 

[Shooter McGavin]

When you say "The rest of the Debt is what US Fed. Government pays/owes to itself ." Do you mean what the Federal Government owes the Federal Reserve (Central Bank)?

 

[atepointer]

When you say "The rest of the Debt is what US Fed. Government pays/owes to itself ." Do you mean what the Federal Government owes the Federal Reserve (Central Bank)?

Fed's balance sheet is public debt. Social security, pension funds, cash to fund gubmint comprises the intragovernmental holdings.

 

[softcock]

Fed's balance sheet is public debt. Social security, pension funds, cash to fund gubmint comprises the intragovernmental holdings.

I mean like paying all the Fed. agencies, employees, SS , medicare. 401k, pension plans ...etc.
I not in anyway financial/market literate but all debt's come due . It like death and tax's and doing laundry it all come's up and need to be taken care of in fact's of life . It is pretty obvious with just common sense and seeing just the way government works/operates, that when it all goes down, I will see the biggest Federal power grab in my lifetime when peoples lives financially collapse .
.

 

[atepointer]

when it all goes down, I will see the biggest Federal power grab in my lifetime when peoples lives financially collapse .
.

And IMO that power grab already started with the biggest wealth redistribution experiment in the history of our country: The Affordable Care Act. It was built to fail so when the population couldn't pay any more for it they would scream 'gubmint please come save us' and they will gladly say 'sure not a problem. private insurance market bye bye. we run it all now'. Obumble knew he couldn't jump all the way to a federally administered healthcare system for the entire population. So, he took a stop gap measure with a built to fail system based on parts of the plan crafted by Mitt the Shitt who is one of the worst RINOs we have right now.

 

[ArmyJerry]

2008 was our last chance to peaceably bring our fiscal house to order, now we are on a trajectory that will lead to civil war. Fuck them all, DC is the number 1 threat to the republic and must be stopped one way or another.