The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the ...

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The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
 
On Mon, 22 May 2023 14:56:26 -0700 (PDT), a a <manta103g@gmail.com>
wrote:

The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
Click to expand...

The US long ago ran of out of money and needs to borrow even more.
 
On Monday, May 22, 2023 at 10:55:04 PM UTC-4, John Larkin wrote:
On Mon, 22 May 2023 14:56:26 -0700 (PDT), a a <mant...@gmail.com
wrote:
The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
The US long ago ran of out of money and needs to borrow even more.
Click to expand...

Treasury Dept said U.S. in 2022 paid $800B just to service the debt on all the treasury instruments. That\'s what I call a dangerously high fraction of their total revenues. And most of that was on relatively low interest notes. So when all the much higher interest stuff they\'ve been issuing for the past two years catches up with them, there\'s going to be a big problem.
 
On Monday, May 22, 2023 at 5:56:30 PM UTC-4, a a wrote:
The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
Click to expand...

That\'s a bunch of bull. The government has tons of money that , by law, lasts until the end of the fiscal year.
 
On Tue, 23 May 2023 08:35:38 -0700 (PDT), Fred Bloggs
<bloggs.fredbloggs.fred@gmail.com> wrote:

On Monday, May 22, 2023 at 10:55:04?PM UTC-4, John Larkin wrote:
On Mon, 22 May 2023 14:56:26 -0700 (PDT), a a <mant...@gmail.com
wrote:
The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
The US long ago ran of out of money and needs to borrow even more.

Treasury Dept said U.S. in 2022 paid $800B just to service the debt on all the treasury instruments.
Click to expand...

I remember when the entire, balanced federal budget was $99 billion.

>That\'s what I call a dangerously high fraction of their total revenues. And most of that was on relatively low interest notes. So when all the much higher interest stuff they\'ve been issuing for the past two years catches up with them, there\'s going to be a big problem.

Exactly. Years of forced zero interest rates let the government borrow
without cost. Reasonable (or likely unreasonably see-sawed) interest
rates will make debt service impossible, and the US govenment will
renege on the debt by printing money, inflating the debt away, namely
stealing everyone\'s savings. Buy a Japanese car while you can still
afford one. Buy real estate.

I can understand this stuff because I\'m not a macroeconomist.
 
On Tuesday, May 23, 2023 at 12:57:13 PM UTC-4, John Larkin wrote:
On Tue, 23 May 2023 08:35:38 -0700 (PDT), Fred Bloggs
bloggs.fred...@gmail.com> wrote:
On Monday, May 22, 2023 at 10:55:04?PM UTC-4, John Larkin wrote:
On Mon, 22 May 2023 14:56:26 -0700 (PDT), a a <mant...@gmail.com
wrote:
The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
The US long ago ran of out of money and needs to borrow even more.

Treasury Dept said U.S. in 2022 paid $800B just to service the debt on all the treasury instruments.
I remember when the entire, balanced federal budget was $99 billion.
That\'s what I call a dangerously high fraction of their total revenues. And most of that was on relatively low interest notes. So when all the much higher interest stuff they\'ve been issuing for the past two years catches up with them, there\'s going to be a big problem.
Exactly. Years of forced zero interest rates let the government borrow
without cost. Reasonable (or likely unreasonably see-sawed) interest
rates will make debt service impossible, and the US govenment will
renege on the debt by printing money, inflating the debt away, namely
stealing everyone\'s savings. Buy a Japanese car while you can still
afford one. Buy real estate.

I can understand this stuff because I\'m not a macroeconomist.
Click to expand...

Krugman says there\'s no problem here.

He even \"called for the debt ceiling to be abolished, as the risk of a financial crisis offers Republicans a \"choke point\" on fiscal policy.\"

https://finance.yahoo.com/news/heres-why-us-doesnt-pay-035612736.html
 
On Tue, 23 May 2023 15:55:32 -0700 (PDT), Fred Bloggs
<bloggs.fredbloggs.fred@gmail.com> wrote:

On Tuesday, May 23, 2023 at 12:57:13?PM UTC-4, John Larkin wrote:
On Tue, 23 May 2023 08:35:38 -0700 (PDT), Fred Bloggs
bloggs.fred...@gmail.com> wrote:
On Monday, May 22, 2023 at 10:55:04?PM UTC-4, John Larkin wrote:
On Mon, 22 May 2023 14:56:26 -0700 (PDT), a a <mant...@gmail.com
wrote:
The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U.S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
The US long ago ran of out of money and needs to borrow even more.

Treasury Dept said U.S. in 2022 paid $800B just to service the debt on all the treasury instruments.
I remember when the entire, balanced federal budget was $99 billion.
That\'s what I call a dangerously high fraction of their total revenues. And most of that was on relatively low interest notes. So when all the much higher interest stuff they\'ve been issuing for the past two years catches up with them, there\'s going to be a big problem.
Exactly. Years of forced zero interest rates let the government borrow
without cost. Reasonable (or likely unreasonably see-sawed) interest
rates will make debt service impossible, and the US govenment will
renege on the debt by printing money, inflating the debt away, namely
stealing everyone\'s savings. Buy a Japanese car while you can still
afford one. Buy real estate.

I can understand this stuff because I\'m not a macroeconomist.

Krugman says there\'s no problem here.

He even \"called for the debt ceiling to be abolished, as the risk of a financial crisis offers Republicans a \"choke point\" on fiscal policy.\"

https://finance.yahoo.com/news/heres-why-us-doesnt-pay-035612736.html
Click to expand...

The national debt is now about $250K per taxpayer. On the way to a
million. No problem?

I can envision a doom loop here.
 
On Wednesday, May 24, 2023 at 9:34:47 AM UTC+10, John Larkin wrote:
On Tue, 23 May 2023 15:55:32 -0700 (PDT), Fred Bloggs
bloggs.fred...@gmail.com> wrote:
On Tuesday, May 23, 2023 at 12:57:13?PM UTC-4, John Larkin wrote:
On Tue, 23 May 2023 08:35:38 -0700 (PDT), Fred Bloggs
bloggs.fred...@gmail.com> wrote:
On Monday, May 22, 2023 at 10:55:04?PM UTC-4, John Larkin wrote:
On Mon, 22 May 2023 14:56:26 -0700 (PDT), a a <mant...@gmail.com
wrote:
The U.S. Treasury Department says the U.S. could run out of money by June 1. If no action is taken by Congress to raise the debt limit, the U..S. government would be unable to pay its bills at that time. #cgtnamerica

http://ow.ly/u2Yb50OtQjP
The US long ago ran of out of money and needs to borrow even more.

Treasury Dept said U.S. in 2022 paid $800B just to service the debt on all the treasury instruments.
I remember when the entire, balanced federal budget was $99 billion.
That\'s what I call a dangerously high fraction of their total revenues. And most of that was on relatively low interest notes. So when all the much higher interest stuff they\'ve been issuing for the past two years catches up with them, there\'s going to be a big problem.
Exactly. Years of forced zero interest rates let the government borrow
without cost. Reasonable (or likely unreasonably see-sawed) interest
rates will make debt service impossible, and the US govenment will
renege on the debt by printing money, inflating the debt away, namely
stealing everyone\'s savings. Buy a Japanese car while you can still
afford one. Buy real estate.

I can understand this stuff because I\'m not a macroeconomist.

Krugman says there\'s no problem here.

He even \"called for the debt ceiling to be abolished, as the risk of a financial crisis offers Republicans a \"choke point\" on fiscal policy.\"

https://finance.yahoo.com/news/heres-why-us-doesnt-pay-035612736.html

The national debt is now about $250K per taxpayer. On the way to a million. No problem?
Click to expand...

The taxpayers own the country, in the same way that share-holders own a company. The question is what the country is worth - China would probably pay quite a bit for it if you decided to sell.

> I can envision a doom loop here.

Any idiot can envision a doom loop. You get quite critical when Fred talks about the real risks of unrestrained anthropogenic global warming, which could get into a doom loop, if one that you decline to take seriously.

--
Bill Sloman, Sdney
 
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