Now that the budget bill has passed Congress, we can see what the projections look like for deficits, government debt, and debt service expenses. In brief, the bill is expected to lead to spending of about $7 trillion a year with inflows of about $5 trillion a year, so the debt, which is now about 6x of the money taken in, 100 percent of GDP, and about $230,000 per American family, will rise over ten years to about 7.5x the money taken in, 130 percent of GDP, and $425,000 per family. That will increase interest and principal payments on the debt from about $10 trillion ($1 trillion in interest, $9 trillion in principal) to about $18 trillion (of which $2 trillion is interest payments), which will lead to either a big squeezing out (and cutting off) of spending and/or unimaginable tax increases, or a lot of printing and devaluing of money and pushing interest rates to unattractively low levels. This printing and devaluing is not good for those holding bonds as a storehold of wealth, and what’s bad for bonds and US credit markets is bad for everyone because the US Treasury market is the backbone of all capital markets, which are the backbones of our economic and social conditions. Unless this path is soon rectified to bring the budget deficit from roughly 7% of GDP to about 3% by making adjustments to spending, taxes, and interest rates, big, painful disruptions will likely occur.
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Ranger Nation, we mourn together. Today, we celebrate the heart, strength, and raw talent that Jason David Frank brought to Power Rangers as Tommy Oliver. He was truly a legend among us and we will miss him. May the Power protect him, always.
To my former colleagues on the fence: “To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.” —Theodore Roosevelt.
My congressman has been a politician since before I was homeless, sleeping in a kiddie pool outside a gas station.
Now I’m running to unseat him. #TX24
Join us: https://t.co/XxjdILwpnE
Keep this in mind when you vote in November. With Biden, you get the technocratic expertise to deal with disasters. With Trump, you get, the "confederacy of dunces." With 80k dead already, I'll go with #TeamJoe.
#TrumpOwnsEveryDeath
Via Parker Butler
ADM McRaven career Navy Seal. Senior spec ops commander. The JSOC commander who organized killing Bin Laden. Integrity. Personal courage. Servant leadership. His concern for Trump’s disastrous impact on US national security is profound.
Essential workers, but exposed workers.
Read how Latinos—filling a large percentage of the essential jobs that make staying home possible for others—are twice as likely as non-Latinos to be uninsured.
#TeamLA#COVID19
Read the full #CESLAC report: https://t.co/9N50jSbQgk
“Preparedness is a choice. And poor preparedness is a choice.’ — This man worked on a literal pandemic playbook for Trump, and the president chose to ignore it