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millefleur

National debt hits new milestone, topping $22 trillion

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The national debt has passed a new milestone, topping $22 trillion for the first time.

 

The Treasury Department's daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Trump took office on Jan. 20, 2017.

The debt figure has been rising at a faster pace following passage of Trump's $1.5-trillion tax cut in December 2017 and action by Congress last year to increase spending on domestic and military programs.

Michael Peterson, head of the Peter G. Peterson Foundation, says "our growing national debt matters because it threatens the economic future of every American."

 

Peterson said that interest on the national debt already costs more than $1 billion daily, and "as we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future."

 

The national debt is the total of the annual budget deficits. The Congressional Budget Office projects this year's deficit will be $897 billion, which would be a 15.1% increase over last year's imbalance of $779 billion. The CBO is projecting that the deficit will keep rising in coming years and will top $1 trillion annually beginning in 2022 and never drop below $1 trillion through 2029. Much of the increase will come from rising costs to fund Social Security and Medicare as baby boomers retire.

 

The Trump administration contends that its tax cuts will eventually pay for themselves by generating faster economic growth. However, that projection is disputed by many economists.

 

Forget the whole God thing, our money ought to say "In Debt We Trust"...it would be more accurate... :wow:


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17-Sep-2018: Received CORRECTED GC in the mail! Finally!! 😂

 

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12-Apr-2019: Extension letter arrives via mail

19-Apr-2019: Biometrics letter arrives via mail

30-Apr-2019: Biometrics appointment at local office

26-Jun-2019: Case ready to be scheduled for interview 

??-???-2019: TBA...

30-Mar-2020: N-400 early filing window opens! 🇺🇸

 

 

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  Thanks Obama Trump Bush Clinton congress jerks!

 

  We've ignored it for twenty+ years and I guess no surprise it hasn't gone away. There's really no more buck left to pass now. One way or another, financial austerity is coming to everyone. My dad used to say prepare for the worst and hope for the best. It's better than the other way around. Unfortunately at this point, I don't see much to hope for a way out that won't hurt. Just prepare for the worst and hope it doesn't last too long might be more appropriate.


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4 minutes ago, Steeleballz said:

 

  Thanks Obama Trump Bush Clinton congress jerks!

 

  We've ignored it for twenty+ years and I guess no surprise it hasn't gone away. There's really no more buck left to pass now. One way or another, financial austerity is coming to everyone. My dad used to say prepare for the worst and hope for the best. It's better than the other way around. Unfortunately at this point, I don't see much to hope for a way out that won't hurt. Just prepare for the worst and hope it doesn't last too long might be more appropriate.

Looking at you, Greece.....a sign of things to come? 😧 It's really frightening to think about, I think this is why politicians have just chosen to ignore the topic altogether...

 

ceb.jpg


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 🇷🇺  CR-1 via DCF in Moscow* (2016-2017) 🇺🇸 Info about my DCF experience here and here.

Spoiler

26-Jul-2016: Married abroad (USC + Russian husband) 👩‍❤️‍👨
21-Dec-2016: I-130 filed at Moscow USCIS field office*
29-Dec-2016: I-130 approved! Yay! 🎊 

17-Jan-2017: Case number received

21-Mar-2017: Medical Exam completed

24-Mar-2017: Interview at Embassy - approved! 🎉

29-Mar-2017: CR-1 Visa received (via mail)

02-Apr-2017: USCIS Immigrant (GC) Fee paid

28-Jun-2017: Port of Entry @ PDX 🛩️

21-Jul-2017: No SSN after three weeks; applied in person at the SSA

22-Jul-2017: GC arrived in the mail 📬

31-Jul-2017: SSN arrived via mail, hurrah!

 

*NOTE: The USCIS Field Office in Moscow is now CLOSED.

 

I-90 GC Replacment (for Erroneous GC)

22-Jul-2017: GC arrives in the mail – error in middle name 😕

01-Aug-2017: Sent in I-90 online via website

05-Aug-2017: Biometrics scheduled

23-Aug-2017: Biometrics done @ USCIS office; told to keep GC!

16-Jul-2018: RFE for original card!! 🤬

31-Jul-2018: USCIS Appointment at local field office..

22-Aug-2018: Mailed GC back to USCIS in response to RFE

29-Aug-2018: GC received by USCIS

17-Sep-2018: Received CORRECTED GC in the mail! Finally!! 😂

 

📑 I-751 Removal of Conditions - NBC (Apr-2019-???) 📝 MSC I-751 filers: Track your case here!

Spoiler

28-Jun-2019: Conditional GC expires

30-Mar-2019: Eligible to apply for ROC

01-Apr-2019: ROC in the mail to Phoenix AZ lockbox! 📫

03-Apr-2019: ROC packet delivered to lockbox

09-Apr-2019: USCIS cashed check

09-Apr-2019: Case number received via text - MSC 📲

12-Apr-2019: Extension letter arrives via mail

19-Apr-2019: Biometrics letter arrives via mail

30-Apr-2019: Biometrics appointment at local office

26-Jun-2019: Case ready to be scheduled for interview 

??-???-2019: TBA...

30-Mar-2020: N-400 early filing window opens! 🇺🇸

 

 

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2 minutes ago, millefleur said:

Looking at you, Greece.....a sign of things to come? 😧 It's really frightening to think about, I think this is why politicians have just chosen to ignore the topic altogether...

 

ceb.jpg

 

    We are not really close to being where Greece was yet. We probably won't ever get to that point. Their debt was over 200% of their GNP and we are years away from even getting to 100%. Our debt is also in US dollars which does give some options for a way out. We are just past the point now where there is an easy way out, and congress won't take a hard way out since it's political suicide. They are just going to wait it out until the end.

 

   There are so many scenarios out there for what could happen, even the so called "experts" vary on a lot of it. What they mostly agree on is the longer we indefinitely push it off until tomorrow, the worse tomorrow will end up being.


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7 minutes ago, spookyturtle said:

I thought Trump promised to quickly reduce the national debt? Wasn’t he going to eliminate it in 8 years? 

Still has six more years to do that😎

 

Anyways....I have been hearing about the debt and how it was going to ruin us for as long as I can remember. Yet...nothing ever happens.  I would at this point believe it is possible to increase the national debt every year and never suffer the catastrophe we have been warned about. 

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19 minutes ago, eieio said:

Still has six more years to do that😎

 

Anyways....I have been hearing about the debt and how it was going to ruin us for as long as I can remember. Yet...nothing ever happens.  I would at this point believe it is possible to increase the national debt every year and never suffer the catastrophe we have been warned about. 

But you believed it was a bad thing before Trump was President. 


R.I.P Spooky 2004-2015

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1 minute ago, spookyturtle said:

But you believed it was a bad thing before Trump was President. 

Its kind of like climate change. You keep hearing about impending disasters....but yet they never happen.  

 

Obama doubled the debt...but I don't ever remember talking about it.  It still seems foolish to spend more than you have, but in the case of the national debt...nothing ever happens. 

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27 minutes ago, eieio said:

Still has six more years to do that😎

 

Anyways....I have been hearing about the debt and how it was going to ruin us for as long as I can remember. Yet...nothing ever happens.  I would at this point believe it is possible to increase the national debt every year and never suffer the catastrophe we have been warned about. 


   It's possible the Yellowstone caldera could erupt in 10000 years or it could be tomorrow. We can be relatively sure it will happen at some point and we can be 100% certain is will be very bad when it does. I look at the national debt the same way. Sure, we will be fine while interest rates remain low and the dollar can be printed at will and all the other countries in the world want to trade in US dollars. Those things can all change though, and sometimes quickly. As they say, the doomsday scenario is only a remote possibility, but it does exist.


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1 hour ago, eieio said:

Its kind of like climate change. You keep hearing about impending disasters....but yet they never happen.  

 

Obama doubled the debt...but I don't ever remember talking about it.  It still seems foolish to spend more than you have, but in the case of the national debt...nothing ever happens. 

 



.

I cannot calculate the curve and complete the figure by the experience of sight; I can divine it by conscience. But from what I see I am sure it bends towards justice -Theodore Parker

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China is laughing all the way to the bank? Strange...wouldn't that bank be....us? 🤔 According to this, China is not going to collect on that debt any time soon:

 

Quote

 

What Happens If China Called in Its Debt Holdings

China would not call in its debt all at once. If it did, the demand for the dollar would plummet. This dollar collapse would disrupt international markets even more than the 2008 financial crisis. China's economy would suffer along with everyone else's.

 

It's more likely that China would slowly begin selling off its Treasury holdings. Even when it just warns that it plans to do so, dollar demand starts to drop. That hurts China's competitiveness. As it raises its export prices, U.S. consumers would buy American products instead. China could only start this process if it further expands its exports to other Asian countries and increases domestic demand. 

 


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 🇷🇺  CR-1 via DCF in Moscow* (2016-2017) 🇺🇸 Info about my DCF experience here and here.

Spoiler

26-Jul-2016: Married abroad (USC + Russian husband) 👩‍❤️‍👨
21-Dec-2016: I-130 filed at Moscow USCIS field office*
29-Dec-2016: I-130 approved! Yay! 🎊 

17-Jan-2017: Case number received

21-Mar-2017: Medical Exam completed

24-Mar-2017: Interview at Embassy - approved! 🎉

29-Mar-2017: CR-1 Visa received (via mail)

02-Apr-2017: USCIS Immigrant (GC) Fee paid

28-Jun-2017: Port of Entry @ PDX 🛩️

21-Jul-2017: No SSN after three weeks; applied in person at the SSA

22-Jul-2017: GC arrived in the mail 📬

31-Jul-2017: SSN arrived via mail, hurrah!

 

*NOTE: The USCIS Field Office in Moscow is now CLOSED.

 

I-90 GC Replacment (for Erroneous GC)

22-Jul-2017: GC arrives in the mail – error in middle name 😕

01-Aug-2017: Sent in I-90 online via website

05-Aug-2017: Biometrics scheduled

23-Aug-2017: Biometrics done @ USCIS office; told to keep GC!

16-Jul-2018: RFE for original card!! 🤬

31-Jul-2018: USCIS Appointment at local field office..

22-Aug-2018: Mailed GC back to USCIS in response to RFE

29-Aug-2018: GC received by USCIS

17-Sep-2018: Received CORRECTED GC in the mail! Finally!! 😂

 

📑 I-751 Removal of Conditions - NBC (Apr-2019-???) 📝 MSC I-751 filers: Track your case here!

Spoiler

28-Jun-2019: Conditional GC expires

30-Mar-2019: Eligible to apply for ROC

01-Apr-2019: ROC in the mail to Phoenix AZ lockbox! 📫

03-Apr-2019: ROC packet delivered to lockbox

09-Apr-2019: USCIS cashed check

09-Apr-2019: Case number received via text - MSC 📲

12-Apr-2019: Extension letter arrives via mail

19-Apr-2019: Biometrics letter arrives via mail

30-Apr-2019: Biometrics appointment at local office

26-Jun-2019: Case ready to be scheduled for interview 

??-???-2019: TBA...

30-Mar-2020: N-400 early filing window opens! 🇺🇸

 

 

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No country is going to call another country’s debt unless said other country’s economy was failing miserably.  Which ours is not.  It would cause a worldwide economic crisis.

Edited by ALFKAD

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10 hours ago, spookyturtle said:

I thought Trump promised to quickly reduce the national debt? Wasn’t he going to eliminate it in 8 years? 

Why dont you link us up since it was your claim.

 

Didnt obummer say debt was unpatriotic 

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12 hours ago, refugee said:

 

 

   I'm more worried about the public debt. Not having the money to pay social security will affect us all down the road, and retiree's are already one of the groups at risk to suffer the most in a crisis. Foreign debt, as I see it China and other countries were willing to take the risk on US dollars and knew what they were getting into. Both parties agreed to the conditions. On the other hand, nobody ever asked any of us about dipping into social security. 


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