Debt Will Hit 50 Trillion By 2034

[2012Bearcat]

Debt will hit a shocking $50 trillion by 2034, as DC continues to spend, spend, spend

While Congress and the presidential campaigns continue with business as usual — pledging more government giveaways and deep tax cuts — the government’s own accountants have once again revealed that…

nypost.com

The combination of rising debt and interest rates has pushed up interest costs from $352 billion in 2021 to $892 billion this year — on their way to nearly $2 trillion annually a decade from now.

By next year, interest will surpass Medicare as the second most expensive federal expenditure after Social Security.

A decade from now, interest costs will consume 27% of all federal taxes — everything you pay to Washington through April 9th. What a waste.


We should be embarrassed for the fvcked up situation we are leaving our kids to deal with.

 

[Sunburnt Indian]

A fix? Recall the world's reserve currency. Issue a new "super buck" and start all over.

 

[2012Bearcat]

A fix? Recall the world's reserve currency. Issue a new "super buck" and start all over.

The only fix I see is massively curtailing both Medicare and Social Security. I remember this debate going on when I was just a kid entering the work force back in the late 70s. Simple math showed both programs were unsustainable but as usual people refused to listen, politicians refused to act and everyone kicked the can down the road. Now we are nearing the end of the road and the can can't be kicked down the road any further. We know what the solution is but no politician has the guts to address it knowing people on and getting close to aging into both Medicare and Social Security would revolt.
Thankfully the wife and I were smart or dumb enough to listen to the math and have based our retirement on not having Social Security but many have not. I was hoping to use our Social Security income to pay taxes but that desire is not looking good. Where we are going to run into problems is if Medicare goes away. If it goes away the lack of healthcare may ruin our retirement reserves if we have a major health event. If one of us get's sick and we do not have Medicare we will have to make a decision.

 

[Tulsaaggieson]

The only fix I see is massively curtailing both Medicare and Social Security. I remember this debate going on when I was just a kid entering the work force back in the late 70s. Simple math showed both programs were unsustainable but as usual people refused to listen, politicians refused to act and everyone kicked the can down the road. Now we are nearing the end of the road and the can can't be kicked down the road any further. We know what the solution is but no politician has the guts to address it knowing people on and getting close to aging into both Medicare and Social Security would revolt.
Thankfully the wife and I were smart or dumb enough to listen to the math and have based our retirement on not having Social Security but many have not. I was hoping to use our Social Security income to pay taxes but that desire is not looking good. Where we are going to run into problems is if Medicare goes away. If it goes away the lack of healthcare may ruin our retirement reserves if we have a major health event. If one of us get's sick and we do not have Medicare we will have to make a decision.

You do what they did in Argentina. Abuela!

 

[Forpetessake]

Debt will hit a shocking $50 trillion by 2034, as DC continues to spend, spend, spend

While Congress and the presidential campaigns continue with business as usual — pledging more government giveaways and deep tax cuts — the government’s own accountants have once again revealed that…

nypost.com

The combination of rising debt and interest rates has pushed up interest costs from $352 billion in 2021 to $892 billion this year — on their way to nearly $2 trillion annually a decade from now.

By next year, interest will surpass Medicare as the second most expensive federal expenditure after Social Security.

A decade from now, interest costs will consume 27% of all federal taxes — everything you pay to Washington through April 9th. What a waste.


We should be embarrassed for the fvcked up situation we are leaving our kids to deal with.

Has the Peso surpassed the dollar yet?

 

[TPOKE]

The only fix I see is massively curtailing both Medicare and Social Security. I remember this debate going on when I was just a kid entering the work force back in the late 70s. Simple math showed both programs were unsustainable but as usual people refused to listen, politicians refused to act and everyone kicked the can down the road. Now we are nearing the end of the road and the can can't be kicked down the road any further. We know what the solution is but no politician has the guts to address it knowing people on and getting close to aging into both Medicare and Social Security would revolt.
Thankfully the wife and I were smart or dumb enough to listen to the math and have based our retirement on not having Social Security but many have not. I was hoping to use our Social Security income to pay taxes but that desire is not looking good. Where we are going to run into problems is if Medicare goes away. If it goes away the lack of healthcare may ruin our retirement reserves if we have a major health event. If one of us get's sick and we do not have Medicare we will have to make a decision.

I remember years ago they said at the current rate Social Security would be completely bankrupt in 2029. I’ll be 65 in 2029 and planned on retiring a couple of years early. My wife and I have also saved for retirement as if Social Security would not be there. Nothing like paying into something your whole life, only to have it mismanaged and not be there. Gotta love the government.

 

[Medic007]

Serious question for you guys...

What do you think the US economy would look like if the government took $10 trillion out of our pockets over the next 10 years to begin to pay down this "debt?"

 

[LAY THE WOODY]

Serious question for you guys...

What do you think the US economy would look like if the government took $10 trillion out of our pockets over the next 10 years to begin to pay down this "debt?"

Dandelion says "what"?

 

[2012Bearcat]

Serious question for you guys...

What do you think the US economy would look like if the government took $10 trillion out of our pockets over the next 10 years to begin to pay down this "debt?"

They don't have to take 10 trillion out of our pockets, they have to become creative and more importantly honest. For example opening up Anwar with government Royalties would put billions into government coffers over night. Even though I think it's BS they need to at means testing Social Security. Quit spending billions buying votes and bringing in illegals. Etc. Etc.

 

[Medic007]

They don't have to take 10 trillion out of our pockets, they have to become creative and more importantly honest. For example opening up Anwar with government Royalties would put billions into government coffers over night. Even though I think it's BS they need to at means testing Social Security. Quit spending billions buying votes and bringing in illegals. Etc. Etc.

I'm not familiar with "opening up Anwar." How would that pay the national "debt?"

 

[2012Bearcat]

I'm not familiar with "opening up Anwar." How would that pay the national "debt?"

Artic National Wildlife Reserve.

 

[Medic007]

Ok, ANWR, definitely familiar with what that is, but I'm unfamiliar with how it will pay the national debt.

 

[2012Bearcat]

Ok, ANWR, definitely familiar with what that is, but I'm unfamiliar with how it will pay the national debt.

Government royalties.
It will never be a silver bullet to pay off the debt but it is an example of the creativity needed to solve the debt problem. No one idea is going to provide the solution to tens of trillions of debt. It will require numerous creative ideas to increase revenue and a set of priorities to reduce spending. More importantly it's going to require the desire to solve the problem.

 

[Medic007]

Government royalties.
It will never be a silver bullet to pay off the debt but it is an example of the creativity needed to solve the debt problem. No one idea is going to provide the solution to tens of trillions of debt. It will require numerous creative ideas to increase revenue and a set of priorities to reduce spending. More importantly it's going to require the desire to solve the problem.

By government royalties, do you mean the government is going to be receiving profits from the production?

And yes, paying off the "debt" will require a budget surplus to pay back the bond holders. That budget surplus can only come from the private sector which is ultimately our pockets.

 

[2012Bearcat]

By government royalties, do you mean the government is going to be receiving profits from the production?

And yes, paying off the "debt" will require a budget surplus to pay back the bond holders. That budget surplus can only come from the private sector which is ultimately our pockets.

The federal government's revenues over the next 10 years from oil and gas drilling in the Arctic National Wildlife Refuge would come entirely from bonus bids that companies would offer to buy the rights to drill in a 1.5 million-acre area of the Arctic Refuge's coastal plain.

There are all kinds of ways for government to produce revenue if you are creative enough and even more ways to save money on spending by becoming more efficient. At this point every dollar government spends should be looked at from a return on investment standpoint. Will each dollar spent provide a substantial benefit that justifies the expense?
Might want to look into all the reports government spend millions of dollars on that have identified waste, overlap and duplication instead of ignoring them.

Annual Report on Government Fragmentation, Overlap, and Duplication Flags Billions of Dollars in Potential Savings

Washington, D.C. (May 11, 2022) – The U.S. Government Accountability Office (GAO) today issued its 12 th annual report identifying opportunities to...

www.gao.gov

 

[Tulsaaggieson]

The federal government's revenues over the next 10 years from oil and gas drilling in the Arctic National Wildlife Refuge would come entirely from bonus bids that companies would offer to buy the rights to drill in a 1.5 million-acre area of the Arctic Refuge's coastal plain.

There are all kinds of ways for government to produce revenue if you are creative enough and even more ways to save money on spending by becoming more efficient. At this point every dollar government spends should be looked at from a return on investment standpoint. Will each dollar spent provide a substantial benefit that justifies the expense?
Might want to look into all the reports government spend millions of dollars on that have identified waste, overlap and duplication instead of ignoring them.

Annual Report on Government Fragmentation, Overlap, and Duplication Flags Billions of Dollars in Potential Savings

Washington, D.C. (May 11, 2022) – The U.S. Government Accountability Office (GAO) today issued its 12 th annual report identifying opportunities to...

www.gao.gov

There are only three departments called for by the Constitution. Everything else is government waste. I would even be in favor of calling the dept of defense the dept of war again to align with the constitution. Tarrifs on Chinese goods would be a way to generate money for the government. Would the American people pay it, yes. Would they have to pay for the debt anyway, yes. So it's another revenue sourse initially paid for by China but ultimately paid for by the US citizenry. It's a way to get the money now, and would incentivizes companies to return or provide a competitive product to China. Before people jump me for free markets, trading with a communist nation is never a free market. It's time we recognize that.

 

[2012Bearcat]

There are only three departments called for by the Constitution. Everything else is government waste. I would even be in favor of calling the dept of defense the dept of war again to align with the constitution. Tarrifs on Chinese goods would be a way to generate money for the government. Would the American people pay it, yes. Would they have to pay for the debt anyway, yes. So it's another revenue sourse initially paid for by China but ultimately paid for by the US citizenry. It's a way to get the money now, and would incentivizes companies to return or provide a competitive product to China. Before people jump me for free markets, trading with a communist nation is never a free market. It's time we recognize that.

A fact ignored by far to many that scream free trade.

 

[Medic007]

The federal government's revenues over the next 10 years from oil and gas drilling in the Arctic National Wildlife Refuge would come entirely from bonus bids that companies would offer to buy the rights to drill in a 1.5 million-acre area of the Arctic Refuge's coastal plain.

There are all kinds of ways for government to produce revenue if you are creative enough and even more ways to save money on spending by becoming more efficient. At this point every dollar government spends should be looked at from a return on investment standpoint. Will each dollar spent provide a substantial benefit that justifies the expense?
Might want to look into all the reports government spend millions of dollars on that have identified waste, overlap and duplication instead of ignoring them.

Annual Report on Government Fragmentation, Overlap, and Duplication Flags Billions of Dollars in Potential Savings

Washington, D.C. (May 11, 2022) – The U.S. Government Accountability Office (GAO) today issued its 12 th annual report identifying opportunities to...

www.gao.gov

I don't disagree with any of that but it's not paying off the "debt."

 

[2012Bearcat]

I don't disagree with any of that but it's not paying off the "debt."

Depends. Congress pulls it's head out of it's ass, passes a balanced budget, sticks to it and then uses any revenue from ANWR, tariffs or other creative ideas strictly as payment towards the debt it would. The likelihood of Congress doing any of that is damn near zero.