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submitted 6 months ago by girlfreddy@lemmy.ca to c/news@lemmy.world

For Mike Johnson it was effectively a Day 1 priority.

It’s well past time, the newly elected House speaker said in October, to establish a bipartisan commission to tackle the federal government’s growing $34.6 trillion in debt. “The consequences if we don’t act now are unbearable,” he said, echoing warnings from his predecessor and other House Republicans.

More than six months later, the proposal appears all but dead, extinguished by vocal opposition from both the right and the left.

The collapse underscores an unyielding dynamic in Washington, with lawmakers in both parties loath to consider the unpopular tradeoffs that would be necessary to stem the nation’s swelling tide of red ink — particularly in an election year. Facing the reality that any fiscal commission would almost certainly suggest that Americans pay more or get less from their government, lawmakers have time and again done what they do so well: punt the problem to the next Congress. And they seem poised to do so again.

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[-] Buffalox@lemmy.world 31 points 6 months ago* (last edited 6 months ago)

That's a lot of money and the most in the world, but USA is also the worlds biggest economy. The better way to measure is by % of GDP, and when you look at it that way, USA is number 45, with 95% as of December. With a few countries with bigger debt percentage, that are considered very strong and healthy economies like for instance Norway and Denmark.

https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

this post was submitted on 11 May 2024
115 points (92.0% liked)

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