34
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 06 Feb 2024
34 points (73.6% liked)
News
23397 readers
1678 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
It's a presidential election year; time for every single Republican to suddenly start talking about a "debt crisis" that for some reason didn't exist while they were running up record deficits to cut taxes for the wealthy.
Not just cut taxes for the wealthy but hand out $2T in cash to wealthy people/companies while us regular people collected the falling pocket change.
It doesn't change the fact that the US has an unsustainable growth in the national debt which continues every year. Broken clock right twice a day etc. The US spending more than it makes on a consistent basis is not good long-term. It's a bipartisan issue, both parties regularly approve budgets well above what we can afford.
Jerome Powell is the fed chair, he was nominated to the post by President Barack Obama in 2012, he was subsequently elevated to chairman by President Donald Trump (succeeding Janet Yellen), and renominated to the position by President Joe Biden.
Cool, why doesn’t he talk about eliminating the carried interest tax dodge for the wealthy?
Because he's being paid not to
He's also a bureaucrat, not an elected official who can change the tax laws. He literally has no standing when it comes to making laws.
He could certainly make a suggestion. Congress is the one that has us on an unsustainable path and he has no problem pointing that out; so why not a solution?
And elected officials would have a fit if he did, 'cause it'd be crossing into their legal territory.
The national economy of a global imperial power doesn't follow the same rules as your friend who's always broke a few days before pay day.
Talking about one like it's the other is either proof of ignorance or an obvious attempt to deceive.
You're right. We can spend more than we make forever. There will be no consequences to such a fiscal plan. Don't listen to Jerome Powell, he doesn't know what he's talking about.
National debt is not the same thing as spending more than you make.
Have you taken an economics class before?
How is it the federal debt and the public debt are perfectly aligned in that chart? Are those labels wrong? Am I missing something? Seems sus...
I believe this is where it's from. If you look up similar charts you'll see similar data. Most debt is publicly owned in the form of bonds, treasury notes, etc https://econofact.org/why-is-the-u-s-debt-expected-to-keep-growing
Short answer, I misunderstood. "Debt held by the public" sounds like my credit card debt, but it's not. That is (obvious now) private debt.
https://www.crfb.org/papers/qa-gross-debt-versus-debt-held-public
https://research.stlouisfed.org/publications/page1-econ/2020/03/02/making-sense-of-private-debt