The U.S. national debt has officially surpassed 100 percent of gross domestic product, crossing a once-unthinkable threshold and heading toward the record set after World War II.As of March 31, publicly held debt reached $31.265 trillion while GDP over the preceding year stood at $31.216 trillion, producing a debt-to-GDP ratio of 100.2 percent. The figure climbed from 99.5 percent at the end of the last fiscal year on September 30.https://www.wsj.com/economy/u-s-debt-tops-100-of-gdp-81c013d7 (paywalled link)
The federal government is spending $1.33 for every dollar it collects in revenue. Annual deficits are running near 6 percent of GDP and are projected at $1.9 trillion this year, little changed from 2025 as Republicans’ tax cuts take effect before spending cuts begin. These structural deficits will continue adding to the debt for the foreseeable future.One in every seven dollars of federal spending now goes toward interest payments. A mere 0.1 percentage point rise in interest rates would add $379 billion in costs over the next decade.The milestone marks a potent symbol of decades of fiscal stress. Lawmakers in both parties have expressed alarm but consistently prioritized tax cuts and spending increases with clearer short-term political benefits.Economists warn the rising ratio consumes resources that could be used more productively elsewhere and makes the government more sensitive to interest rates. Without policy changes, the U.S. is headed toward debt levels already seen in France, Italy, Greece and Japan.The Congressional Budget Office projects the ratio will reach 100.6 percent for the fiscal year ending September 30, exceed the post-World War II record of 106.1 percent by 2030, climb to 120 percent by 2036 and hit 175 percent by 2056 under current policies.Cumulative deficits over the next decade are projected at $24 trillion. Stabilizing the ratio around 100 percent would require roughly $10 trillion in spending cuts and tax increases.
ZIMBABWEFLATION HERE WE COME
It's irrelevant at this point. It can't be reversed and the US will eventually have a civil war and balkanize. It will probably be 45-50 trillion by the time Trump leaves and the next president will put it over 65 trillion
>>1511389>>1511390Last time this happened, we raised taxes on the rich to fix it.Which it did.
>>1511401Cool it with the anti-semitic remarks.
>>1511401this anon is correct, and it was the result of WWII. It didnt take Truman and Ike very long to get it under control and the economy boomed, once we acted like adults and got everyone to pay for it. That's what a real country does.
>>1511401Republicans will want to decrease taxes for the rich and fund munitions factories in the Midwest to supply Israel bombs to create jobs to spur the economy, and cut back on handouts to the poor. The Democrats Will do the munitions factory part to supply Israel ETC, and tried to create more jobs in the health industry by creating more rules and creating more middlemen. They probably will make the a very rich 1 to 2% less rich
>>1511433Sadly, the rich have convinced voters that the bank accounts of the rich = the economy
>>1511401Explain who the rich were and the taxation policy at the time without using AI
>>1511433Right now the "rich" pay almost all of our taxes.
>>1511529Bullshit.
>>1511530>Bullshit.>roughly 70%–72% of all federal income tax revenue comes from the top 10% of earners.
>>1511531Citation?
>>1511533https://usafacts.org/articles/who-pays-the-most-income-tax/
>>1511401too bad republicans live in the asses of billionaires
>>1511535Thanks. I stand corrected. Tax them more.
>>1511537Y'all used to bitch about millionaires until Bernie became one.
>>1511538So its not about fairness and instead your emotions?
>>1511541No.
>>1511394WOOOOOOOOOOOOOOOOOOOOOO
>>1511541He's correct because they have all the money.Jack that up to 96% rate.
>>1511540Bernie is to this day one of the least wealthy members of the Senate, and nobody stopped bitching about millionaires just cause Bernie's one.Tax the rich!
Going by the Laffer curve, this means we just haven't cut taxes enough.
>>1511389implying the yankee cunts are ever going to pay lol
>>1511567I still can't believe people are pushing that debunked shit.
>>1511570>I still can't believe people are pushing that debunked shit.You can't really debunk the Laffer curve since it's very much a real thing.The bullshit is that we're on the right hand side of the curve in the USA when in reality we're deep into the left hand side. The tax rate would have to be like somewhere north of 70% for cutting taxes to potentially raise revenue.
>>1511529>>1511535>>1511541>>1511531>only 70%They should pay almost all of it. That is the price of owning 99% of wealth: You pay 99% of taxes. That's why the oligarchs of old didn't WANT to own 99% of wealth, they didn't want to be on the hook for all those taxes, and they didn't want to be on the hook for running 99% of society. right now you're saying it's fine that they pay WAY LESS proportionally than you ever will in your life. But you think it's "OK" because they're paying "70%" (70% of liquid income, btw, which is almost nothing compared to their stock assets, their actual wealth).In short eat shit retard.
>>1511401Last time this happened we had a cohesive nation with high social capital rather than being the "diverse" judeo-globalist economic zone we are today.
>>1511595We get it, you're an anti Semite, don't careRaise taxes on the rich.
>>1511598>calls others "anti Semite">immediately turns around and demands higher taxes on the jewish ruling classok buddy
>>1511594>That is the price of owning 99% of wealth: You pay 99% of taxesSo, in America we tax "income" not "wealth". The top 10% carry more of their fair share. The bottom 50% pay less than 5% of all income tax. And fyi the top 10% is people who make $187,000 or more. Which isnt actually that much.
>>1511565>>1511566Tax the Rich is the slogan of losers. Its not about fiscal policy, its about resentment. And yes, I am old enough to remember when Bernie tweeted about making millionaires pay their fair share, until he became one. Then it became "the rich" or "the billionaires".
>>1511389sorry, but the jew did it
>>1511618Actually there are taxes on wealth and not just income. Are you stupid?
Let me know when AI can balance the budget.
>>1511618$250000 a year to be in the top 10% you god damn liar. Which is a shitload of money to make.>>1511619Fuck off with your oligarch bullshit. The number one indicator of future wealth is how rich your parents are. This is just a fact and has nothing to do with hard work or intelligence.
>>1511656>$250000 a year to be in the top 10% you god damn liar. Which is a shitload of money to make.Household income of that is not hard to make.>>1511656>This is just a fact and has nothing to do with hard work or intelligence.That attitude is why you're poor.
>>1511619Probably because the billionaires started making overt power moves to shit up the country so it was easier to single them out as they were blatantly making things worse.
>>1511659how did you end up with such a humiliating job, shill? we all know you're making pennies at your little shill job
>>1511661Yeah, its definitely them shitting up California and NY and in no way the people actually running those states.
>>1511663The shill is so hilariously mindbroken that they only make sense when trying to say ridiculous thingsDon't worry, I'm sure billionaires will start fleeing NY soon, instead of just saying they will and doing nothing
>>1511603>Doubles down on being an anti-semiteWe get it. Tax the rich.>>1511619Actually it is fiscal policy because putting all the money in the hands of a few people harms the economy.Also you have the same mindset of blaming the poor that the conservatives in France did in 1788. How did that turn out for them?
>>1511665>I'm sure billionaires will start fleeing NY soonAnon >~$10 billion/year in income lost (2022 alone)>Net out-migration of residents (especially higher earners) reduced New >York’s taxable income by about $10B annually.>~$14 billion in high-earner income (NYC-focused estimate)>Some estimates focused on top earners suggest roughly $14B in gross income tied to wealthy movers.
>>1511667>blaming the poor that the conservatives in France did in 1788Conservatives? Lmao, you're Indian.
>>1511673>(2022 alone)So 4 years ago. Meanwhile tax revenue actually fucking went UP in that time, so evidently who fucking cares.
>>1511673They can either pay more tax or leave, nobody’s forcing them to live anywhere and there’s plenty of places in the world where you can pay basically zero tax. If they stay in NY and pay more tax there’s two things happen; firstly they can afford it, and secondly NY will be improved by their money going towards public services
>>1511675>ProjectionClassic, and yes, royalists are textbook conservatives. Why else would republicans be sucking up to the royal family of Britain, the same group the founding father fought to break away from?
>>1511712You're Indian.
