Why do i feel like trump will win in 2024, im scared...

@whowasthatmaskedman What's problem #1, in your opinion, please?

@whowasthatmaskedman Uh, have you had a look around, your own turf?😉

@helenS #1 Would be over $30 Trillion in foreign debt to other countries, for goods and services that Americans have already had and consumed.. Thats everything from oil imports to cheap clothing, car components to make "American" cars and Ferrarris and Armani suits as well as just about everything Walmart sell. And it adds up to over $80,000 for ever man, woman and child in America and will have to be paid for sooner or later.
And Just for the record. # 2 is China and the fact that they own a substantial portion of that debt and are in a position to purchase more from others and take out the $US as the world trade currency.😷

@Oster1 I sure have and it isnt encouraging I admit.. But he currently have "Albo" who has a certain Blandness about him, but a strong team he seems to listen to. Luckily, the right here doesnt seem to have learned a thing, so they shouldnt cause trouble for a couple of terms...😷

@whowasthatmaskedman I will never understand national debts. I learned from my mother that it's a bad idea to spend more money than I have in my pocket. I have $50 ==> I can purchase things for $50, and [b]not more[/b]. If I want something else, then I will have to wait until there's enough money to buy it. As a result, I don't have any debts, and then there is even some money on my bank account. When my motor scooter kicks the bucket at some point in the future I can buy another one because I have the money. 😑
Don't spend money you don't have. I don't understand why that simple rule should not hold for a country.

@helenS i was in dept after college for a while. Once i paid off i vowed never again.
Dept free even paid off mortgage.

@helenS I get it. Let me break it down to chewable bites. Your parents get a new credit card, and over a month, they max it out buying clothes, steaks, a new BBQ and going to the movies and having your teeth fixed.. The first of the month rolls around and they get a NEW credit card, make a minimum payment on last months on a cash advance, then go on a Holiday to hawaii taking the family and max out the new one.. The First of NEXT month rolls around and they make minimum payments on both old maxxed cards. and buy a new car and upgrade their Cable service...And so on and so on. And none of the debt ever gets repaid. Just the minimums and there are more of those to pay every month. Pretty soon your whole new card is taken up, making minimum payments.. So you need ANOTHER card to fill the car and put on snow tyres.. And America has been living like that for decades now...😷

@Confined Knowing I'm in dept would make me feel uneasy. I'm surprised that many people couldn't care less. But at least, that's their own problem – nothing to do with me. Yes there were times when I had to eat bread and peanut butter daily because I didn't have money for a decent lunch.
Governmental debts, now that's a different story. I will have to pay interest on debts made by somebody else 🤬

@helenS Sure, But this is different to budget or Current account deficit. Thats the government debt. Of course, that can be funded by instruments like T Bonds, which can also be sold overseas. I can go on. but it does start to get complex. Economic basics can be shown as Housekeeping on a grand scale...😷

@whowasthatmaskedman Here's my personal opinion: when it's about financial stuff, [u]everything[/u] which is complex or sophisticated is [u]bad[/u]. Governmental finances should be so easy to understand that a 15-yo school girl is able to get it.

@whowasthatmaskedman One more thing: you said "30 trillion". That's
$30,000,000,000,000.
If the annual interest rate is 3%, then that would amount to
[b]$900,000,000,000[/b] every year, [u]without[/u] any debt repayment. But who knows, maybe the government borrows new money to pay the old interest?

@helenS Actually You are at least in part correct.. Back in the day, the US government pledged to back every dollar of currency with gold in places like Fort Knox.. This was called "The Gold Standard" and pegged the dollar to a weight of gold..Making it 100% reliable and very stable.
But Nixon undid that, to allow something called "deficit funding" (This complex, but just trust on that) And that gave the politicians a tool to spend more than the nation earned, year after year. And every administration since on both sides has found a reason to do just that on something (again thats complex) But there is no denying that America is in hock to the world and not all the people America owes money to like you. So you should be nervous..😷

@helenS And Yes. The US government does regularly roll over debt with places like Saudi Arabia, Japan and other trading partners, .. Again I can give you a houshold example. GE sell white goods and electrical appliances originally and went into the business of proving credit on those goods to increase sales. Many years ago, GE started making more money out of their financial businesses than they ever did from selling the appliances.😷

@whowasthatmaskedman In European countries, conservatives brag about their ability to handle money much better than anyone else, but in reality they make as many depts as their "progressive" counterparts.

@helenS True..And the past few years and Covid have shown up weaknesses in many countries. No one says America has a monopoly on mismanagement. Greece and Spain are great examples..😷