February 19, 2025

2 thoughts on “Be Prepared for Your Financial Ruin

  1. An excellent and timely article that most likely will be ignored or poo-p00ed as unnecessary alarmism, because hey, everybody knows that this is America and in America we have the very best and the very brightest watching over these things and they will never let an economic crash happen, and besides I got to go shopping right now because there is another big party tonight and I need something fancy to wear, because it’s about the party, and I ain’t got time for this negativity which is such a real downer it’s not funny!

    If EVERYBODY would just do the right thing and get some rose-colored glasses and look at the world that way, why, it is just such a beautiful, kind place where economic crashes simply don’t happen.

  2. And in the meantime, so much for Elaine Luria’s outrageous lies about Joe Biden and his worthless pack of Democrats reducing our national debt, and when it is the “PRO JOE” New York Times commenting on it, you know we are in trouble, deep:

    Fox News

    “New York Times report warns of rising debt, says it is a ‘political problem’ for Biden”

    Joe Silverstein

    4 October 2022

    The New York Times published an article Tuesday warning that the rising national debt, which just surpassed a historic $31 trillion, poses “a political problem” for President Biden and an economic problem for the United States as a whole.

    The article, titled “U.S. National Debt Tops $31 Trillion for First Time”, briefly was featured as the New York Times’ front page story and was written by economic policy reporter Alan Rappeport and White House correspondent Jim Tankersley.

    In the piece, Rappeport and Tankersley warned that rising interest rates will make it more expensive for the federal government to borrow money, a departure from the comparatively cheap money it has been able to obtain in recent years due to low interest rates and inflation.

    “America’s gross national debt exceeded $31 trillion for the first time on Tuesday, a grim financial milestone that arrived just as the nation’s long-term fiscal picture has darkened amid rising interest rates,” The Times reported.

    “The breach of the threshold, which was revealed in a Treasury Department report, comes at an inopportune moment, as historically low interest rates are being replaced with higher borrowing costs as the Federal Reserve tries to combat rapid inflation,” the article continued.

    Higher interest rates make borrowing more expensive, including for the government, which sells various debt products to the public to finance its expenditures.

    “Higher rates could add an additional $1 trillion to what the federal government spends on interest payments this decade, according to Peterson Foundation estimates,” the reporters wrote, noting “its borrowing costs rise and fall along with interest rates.”

    They pointed to a report by the Congressional Budget Office published earlier this year which warned that mounting debt can cause investors to lose confidence in the U.S. government’s ability to pay back what it owes: “Those worries, the budget office said, could cause ‘interest rates to increase abruptly and inflation to spiral upward.’”

    As for the political implications of the rising debt, The Times reporters wrote, “The $31 trillion threshold also poses a political problem for President Biden, who has pledged to put the United States on a more sustainable fiscal path and reduce federal budget deficits by $1 trillion over a decade.”

    They noted The Committee for a Responsible Federal Budget estimates Biden’s spending has added $5 trillion to the deficit.

    “That projection includes Mr. Biden’s signature $1.9 trillion economic stimulus bill, a variety of new congressionally approved spending initiatives and a student-loan debt forgiveness plan that is expected to cost taxpayers nearly $400 billion over 30 years,” The Times reported.

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