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US Gov't 20 Trillion in Debt- what do you think will happen

Discussion in 'Prepper Forum' started by oldgeezer, Aug 14, 2017.

  1. oldgeezer

    oldgeezer New Member

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    This debt is impossible to payoff unless the US drains everyone bank account. That just about cover the debt.

    Now, when the 2 trillion a year debt to run the US gov't cannot be borrowed. That is, no one will lend the US gov't the money due to risky credit, what do you think will happen? The US Gov't reduces size to minuscule gov't cutting about every program possible? NOT. The US gov't will be the last standing along with other powerful countries.



    First, the SS benefits will be cut down to next to nothing saving 2 trillion itself. On the books since the 1930s depression is anyone that has gold can have it seized by the US Gov't. It is the law. The US Gov't will seize your gold and jail others as an example that refused to release it. This will effectively strike fear in the US citizens in this country. Next, with one command to major banks, the US gov't in one day can empty out the cash in your bank accounts. You see, our gov't will not go away. It will simply take from its citizens as needed. It is not exactly the US gov't serving the people now, it is the people serving the US gov't.

    What can you do? I would have cash & gold assets in a Canadian bank. In Canada they speak English & you will blend in. The gold coins would be in a safety deposit box. When all this turmoil occurs, Canada will be slower to possibly seize bank accounts. They have only 30 million people to manage & feed. Their mineral deposits are the largest in the world & they have enough oil to not need imports. Your gold will buy anything and likely go up in value four times.

    So, when will all this mess occur? Not sure, but possibly with in 10 years. Not so likely sooner than 10 years. But, be prepared. IMO is more dangerous to your health & well being than a War on our ground.

    Myself? I will be preparing soon. Fortunately I have dual citizenship.
     

  2. gamegetter

    gamegetter Well-Known Member

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    there are a lot of variables and so many of them intertwined on this subject but it seems that your greatest concern is social security. on that point, i too am concerned as a boomer. my thought is that when the boomers retire, social Security will cash in its treasury holdings to pay benefits. But the cash to pay this debt will have to come from somewhere. There are fewer working-age people than boomers. As a result, the dependency ratio is worsening. The Treasury will have to issue more debt or Congress must raise taxes.
     
  3. BJ radionut

    BJ radionut Supporting Member and 6m addict

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    https://www.washingtonpost.com/news...gtime-republican-goal-of-eliminating-deficit/

    https://www.vox.com/policy-and-politics/2019/3/11/18259789/trumps-2020-budget-proposal-cuts
    Ahead of 2020, Trump is going after Medicare, Social Security, Medicaid, and more.
    education, and health care to national defense, seeks to slash $845 billion from Medicare — a program Trump notably promised to leave untouched !

    The White House wants to gut the nation’s social safety net to give more funding to the nation’s defense programs and allow for tax cuts primarily benefiting corporations and America’s wealthiest.

    $25 billion in cuts to Social Security

    $207 billion in cuts to the student loan program

    ADD: $8.6 billion in funding for the southern border wall

    The deficit has swelled under Republican leadership in large part because of the tax cuts enacted last year. Trump’s administration, however, has balked at the notion that the decrease in revenue from cutting corporate taxes is the root cause of the growing debt.
     
    Captain Kilowatt and gamegetter like this.
  4. gamegetter

    gamegetter Well-Known Member

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    the tax cuts and job act signed in 2017 by president went into effect in 2018 and run until 2025

    Key Takeaways:
    Business tax cuts are permanent while the individual cuts expire in 2025.
    Individual tax rates have been lowered, the standard deduction raised, and personal exemptions were eliminated.
    Many itemized deductions have been removed.
    The maximum corporate tax rate has been lowered from 35% to 21%.
    Passthrough companies receive a 20% deduction on qualified income.
    The plan encourages corporations to repatriate foreign earnings.
    The Act will add $1 trillion to the debt over the next 10 years.
     
  5. gamegetter

    gamegetter Well-Known Member

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    Looking at the national debt strictly from an economist standpoint:
    the historical trend is that it has generally increased year after year and every year is different as to the why especially when you look at major events like war, banking crisis, depression, recession, spending, etc, etc.
    what makes the national debt grow really, is that we are not producing like we used to in the past. this can open a huge conversation on it's own.
    How much do we owe compared to what we put out is very important to investors, leaders, and economists. allows us to guage our ability to pay debt and whether investors(other countries) are willing to take on our debt.
     
    Shadetree Mechanic likes this.
  6. Shadetree Mechanic

    Shadetree Mechanic 808 On The North Side of Dover

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    As long as we can count on China to stock pile our currency to keep it out of circulation, we will be ok. I believe we are still in the "super dollar" phase where we are printing money as fast as we can, and the value of the dollar is going up at the same time.

    I anticipate that the federal government will legalize pot in order to get the tax revenue they are missing out on. It's the same reason they lifted the prohibition on alcohol.
     
    2NC995 likes this.
  7. Redbeard U812

    Redbeard U812 Sr. Member

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    Bullshit, published by a socialist run news media. No offense to you BJ.....but anything published by that organization is pure propaganda siding with radical left. So many of their articles are false, so false....even the "false" Snopes can't check it.
     
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  8. 2NC995

    2NC995 WDX995 / DAN

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    They’re more communist than Bernie is.
     
    Redbeard U812 likes this.
  9. Redbeard U812

    Redbeard U812 Sr. Member

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    Sounds like a plan. I prefer the Mason jar method. Except, not jars, PVC pipe and caps.

    Ammo for all necessary protection. Common caliber weapons so trade ammo or scavenging. Basics in first aid, water filtering, and comms.

    Best to hold tight out of site rather than go mobile, unless absolutely necessary.

    As far as precious metals.....those wont be as important as the aforementioned.
     
  10. Robb

    Robb Yup

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    The main stream media ('MSM') is gas lighting the public and stirring them up against their own gov't. If one takes the time to hear an opposing view of all of the facts; then they will see it for themselves.

    Trump colluded with the Russians. Um no; Mueller said out of his own mouth that he did not.
    There are gounds for impeachment! Um no, Prof.Alan Dershowitz (a democrat - BTW) pretty much spelled out what is impeachable and not impeachable. Clearly, the impeachment was another hoax, just like the Russian collusion charge.

    There is a $22.3 T debt. Yes! That IS true.
    So; how do you fix THAT one; Prez Trump?

    Well, you don't fix it by destroying the country's ability to have money flowing. Otherwise, you have a recession or even a depression if deep enough. You also have to make the economy robust and virile. SO, Trump removed restriction and regulations from business and provided a tax cut to prime the money pump. This stimulated spending and job openings.

    OF course, I steered away from who was the guilty party that made this debt that big. I think we all know who was pushing the debt limit; don't we? It was Obama that wanted to raise the Debt limit (oooops!) to take the country even further into debt. His job was was to preserve, protect, and defend the Constitution of the US. In fact, he took and oath to do just that. And did his very worst that he could to destroy the same country that he gave an oath to protect.

    What about the debt; you press on?
    Getting the country to the point that it doesn't have more money flowing out than it does coming in is a start. A good start at that. Having a different trade policy is essential for that to be so, so the USMCA had been ratified. Mexico went along with it, but Trudeau hasn't signed it yet. Even though Canada desperately needs it, he would have a lot to answer for to his fellow ideologues when he does. He will; Canada's gov't may fail without it. China was a major outflow point. If they stick to the new deal or not, there will be tariffs brought instantly when they do not comply. Money stays in the country.

    In addition, now that the UK is out of the EU, we already are beginning to negotiate a new trade deal with them. Looks like either Italy or Poland will be leaving the EU next, and even more trading partners from Denmark and many of the Balkan and Slavic countries to follow in the future now that the UK called it quits.

    Sooo back to the US debt. In Canada several decades back, they had a tremendous debt they had to deal with. They fixed it. How did they; you ask? They did it by removing much bureaucracy and removing much of the unnecessary taxes from both business and their people, and removed regulations that stifled growth. It took a decade; but it worked just fine for them. Good for you, Canada!

    Now, you can figure out the rest.
     
  11. Captain Kilowatt

    Captain Kilowatt Professional Amateur
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    And it took a liberal government to do it. Go figure. https://business.financialpost.com/uncategorized/lessons-from-canadas-basket-case-moment
     
  12. Shockwave

    Shockwave Sr. Member

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    Liberal government in Canada did not have to promise all types of NEW free benefits in order to "purchase" support for their party at the expense of taxpayers either. I've been a registered Independent since the late 1980's. Not confined to a particular party and free to select whichever person I thought was best for the job.

    It took Trump to convert me to lean more conservative and it really had little to do with Trump himself. It was how Trump disclosed the reality that our government will never let an Independent have any chance and it took someone as strong as Trump to not let go of what he was elected to do in spite of the continuous 100% resistance he has been threatened with and received fully. Now, I feel like I only want outsiders not connected to a lifelong history of politics and being groomed as a "selected candidate".
     
    #12 Shockwave, Feb 16, 2020 at 4:34 AM
    Last edited: Feb 16, 2020 at 4:41 AM
  13. Captain Kilowatt

    Captain Kilowatt Professional Amateur
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    Unfortunately that is not the case with the current asshole running the country now.
     
  14. Shockwave

    Shockwave Sr. Member

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    I haven't followed that close enough to comment but it does get offensive to taxpayers to watch your politicians offering all types of free stuff to non citizens, that I had to pay for myself and now do it again for them.
     
  15. Shadetree Mechanic

    Shadetree Mechanic 808 On The North Side of Dover

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    Politics is one of the few professions that the more experience you have, the less qualified you are. The founding fathers intended Congress members to participate as their Civic duty. The positions were unpaid.
     
    HomerBB and WECSOG like this.

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