Phat writes:
Of course, it was sarcastic.
That's not what sarcasm looks like.
Sometimes you guys insult me by imagining yourselves far smarter than I.
Stop saying things that aren't true. No one said they're smarter than you. Your posts exhibit a high frequency of demonstrated error, ignorance and naiveté. People have been commenting on this in an increasingly derogatory manner because you've become more and more persistent and determined to keep at it while ignoring the often informed feedback being provided.
I may correct you on that 300 billion servicing figure.
Sure go ahead. This is from
How High Are Federal Interest Payments? | Committee for a Responsible Federal Budget:
quote:
This year, the federal government will spend $300 billion on interest payments on the national debt.
Here's a higher figure from
Interest on the National Debt and How It Affects You:
quote:
The interest on the debt is $378 billion.
That figure can be found in their referenced document
Budget of the U.S. Government in the table on page 112 under the 2021 column for the "Net interest" line. I don't know why the difference from the other figure, but one possibility is that how much interest we incur and how much we actually pay in any given year are not the same thing.
But our interest payments will be growing over the coming years, soon passing the figure you cite, though you don't say where you got it. According to the aforementioned table, we won't surpass $500 billion for five more years.
It is now twice that, based on 9%.
9% of what? Federal revenue? The budget? 9% of federal revenue for fiscal 2021 is $348 billion.
The latest figure was 2020 and it was over 500 billion.
Uh, no. Why do you think this? What crazy YouTube guy are you listening to now?
And the problem with the dollar being backed by production is that the US is not an efficient producer anymore.
Not counting the pandemic, US productivity has been on a general upward trend for decades.
We have a financial system driven upwards as of late only through artificially infused stimulus.
Most countries throughout the world engage in deficit spending because of its stimulus effects. The analogy is home buying. If everyone waited to buy a home until they had saved a few hundred thousand dollars very few homes would be purchased. Use of mortgages (deficit spending at the personal level) enables everyone to live a better life.
I know that it is simplistic to compare globalism (all of the people) to nationalism (US people) but the dollar is a US currency as well as a global reserve currency.(currently the main one) If we keep borrowing and do not produce, the rest of the world will tire of our status quickly.
This is nonsense. We are not losing our ability to produce, just look at our GDP. Who is filling your head with this nonsense? Why do you constantly think it sufficient to throw cockamamie ideas out into the discussion without justification? Did you ever stop to think, "Is the US actually losing its ability to produce? I should go look up recent GDP trends."
Jar always argues that the proverbial bill will get paid, but I wonder if any of you know or care that the human productive backing of goods and services will not help us if the dollar becomes global....nor will it help us if any other currency takes its place.
This is word salad.
Do you understand what I'm trying to say?
Do even
*you* understand what you're trying to say? You're trying to convince us of ideas you've picked up from people who don't know what they're talking about. Whenever your information is faulty or doesn't make sense we tell you, but you just ignore us, wait a day or two, then say it all over again.
I hope that I am not coming across as too delusional.
You are both gullible and delusional.
Believe it or not, I'm no dummy.
When circumstances reach the point where you have to tell people , "I'm no dummy," guess what?
--Percy
Edited by Percy, : Add link to US Budget.
™ Version 4.2
