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Title: CBO Report: Republicans Accelerate The US’s Path Toward Bankruptcy
Source:
SHTF Plan
URL Source: http://www.shtfplan.com/headline-ne ... ath-toward-bankruptcy_04172018
Published: Apr 17, 2018
Author: Mac Slavo
Post Date: 2018-04-18 09:38:14 by Deckard
Keywords: None
Views: 927
Comments: 17
It doesn’t take a math whiz to know that the nation is headed toward a complete bankruptcy. But now, a new CBO (Congressional Budget Office) report released is ripping the mask off of the Republicans in Congress and showing us who they really are: Democrats. After the last horrifying budget deal which saw trillion dollar deficits, Republicans can no longer be called the party of being fiscally conservative. It appears that the Deep State will get their way regardless of who is in power, and there’s nothing the rest of us can do about it. Last year the Congressional Budget Office warned that Uncle Sam was racing toward fiscal insolvency. Although the CBO expected the deficit to fall to “only” $487 billion this year, it would start growing again next year. By 2022 the flood of red ink would near $1 trillion. By 2027 it would reach $1.4 trillion. The cumulative deficit over the following decade would be more than $9.4 trillion and 4 percent of GDP, as outlays grew ever higher. Expenditures currently are about 21 percent of GDP, above the 50-year average of 20.3 percent. By 2027, CBO projected spending would hit 23.4 percent of GDP. –National Review The corporate government is bankrupt, and it’s only getting worse in spite of Republican promises to “fix” it. The CBO’s report on the federal government’s finances over the next decade is the stuff of nightmares. And with Republicans holding all three branches of government, there’s little they can do to shake the truth: they are all the same. As the agency politely put it, “projected deficits over the 2018-2027 period have increased markedly since June 2017.” The rise was almost entirely the result of the spending and tax bills approved last year: Uncle Sam will be spending a lot more while taking in a good bit less in the future. That is, the Republican-controlled executive and legislative branches went wild and abandoned even the pretense of fiscal responsibility. It wasn’t the first time, of course: In the early 2000s, President George W. Bush and the Republican Congress spent money faster than even Lyndon Johnson and his Democratic congressional majority. The latest round of GOP budget-busting provides a dramatic reminder that the spending problem in America is bipartisan. -National Review The US continues to move rapidly down the path of insolvency. And the numbers continue to look worse when peering down that path. According to the new CBO analysis, the deficit this year will exceed $800 billion, well above last year’s prediction. The deficit will be just shy of $1 trillion next year, continue to shoot upward to $1.3 trillion in 2027, and reach an astounding $1.5 trillion in 2028, higher than even during the financial crisis, which generated four years of trillion-plus-dollar deficits. Total red ink over the next decade will be around $12.4 trillion. As a percentage of GDP, the deficit will run 4.9 percent. In 2027 the total national debt held by the public will be $27 trillion and 94.5 percent of GDP, the highest it’s been since 1946 when the U.S. was paying down its World War II debt. Future deficit gaps will be accelerated by “mandatory spending” on entitlements, such as social security. According to the CBO, the “increase reflects significant growth— mainly because the aging of the population and rising health care costs per beneficiary are projected to increase spending for Social Security and Medicare, among other programs. It also reflects significant growth in interest costs, which are projected to grow more quickly than any other major component of the budget.” The agency figures that interest payments will rise three times in total and two times as a percentage of GDP by 2028. Revenues also will increase significantly, but not as fast as outlays. There is no real silver lining. Spending will not decrease, not enough to keep the government from its eventual implosion and collapse under its own weight anyway. The only thing we can do is to pay off as much debt as possible and prepare for an economic collapse of the government’s doing. 
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#3. To: Deckard (#0)
Well, we damn sure better get on with cutting spending. Not just a slice here & there. We better start cutting with chainsaws. Our nation is on course to follow the example of the Wiemar Republic !!! There is no difference between the Republiturds ( maybe a very few exceptions ) and the Demonturds. They all vote against the interests of the USA, and spend like drunken sailors. Sorry, do not intend to slime drunken sailors. Our nation cannot continue borrowing and spending like we are !!!! We are in for a world of hurt !!! Everyone better get ready !!! GET OUT OF DEBT !!! Avoid buying things that depreciate, only buy items that appreciate !!
We could take a lesson from the Weimar Republic. Why did the currency inflate so much? Because they printed enough of it to pay their reparations bills from World War I. They paid in inflating currency and thereby freed themselves of debt and washed their hands of the affair. Then they went onto a gold standard again and the crisis cleared up in a few months. In other words, they printed money to pay debts and thereby gave themselves a debt jubilee. This is the answer to a government being trapped by its own debt. Print money to pay it. Pay it with the money. Accept the inflation, and then change the money to a new currency. It's essentially a debt jubilee. I prefer the more honest approach of just outright declaring the default and haircut of the investor class.
Vic, I understand what you are saying. Pay off the debt with newly printed money, and screw the investor class. I agree to a point. Unfortunately, it will put the screws to everyday Joe & Jane 6 pack, everyone that earns a paycheck, draws a retirement, etc. T bills and bonds are part of a lot of retirement accts. The rapid inflation would be devastating to all prices. A lot of good people will get hurt badly. Very few would be prepared for the collapse. For example, my 88 yr old mother in law lives on SS. The rapid inflation would destroy her ! Do you see a practical way to do it without hurting them ?? If so, I would like to hear it ! Regards, Stoner
No. There is no practical way out of our situation without people getting hurt. The rich are going to have to get hurt, but when they do, everybody else also gets hurt. There is a slow way out, with a lot of pain, with everybody pulling at the oars together, but that is not our way, not our culture. Because of our limitations, there is no way out without a lot of pain. If we were able to cooperate better, there would still be pain, but it would be greatly diminished. But again, we're not going to do it the right way. There will be pain.
Well, I knew that before I asked. At a minimum, we need to go on a massive reduction of expenses, cut govt budgets below the bone, with chainsaws. Abolish the Fed Res. Cut govt payrolls, retirements, all of it. Abolish ALL foreign aid, withdraw from UN, no more "contributions". Drastically cut ALL federal salaries / retirements, perks, etc, of both elected, appointed Fed officials. Sell off massive amounts of unneeded fed assets, cars, land, building, etc. I think the politicos that caused this need to pay a price for what they have caused! And I don't mean early retirement with slightly reduced benefits !! Use asset forfeiture to take all their assets, cash, realestate, stocks, bonds, etc. ???
Slash the military by about 75%, bring the forces home from abroad and rely upon cheap nuclear weapons for our core national security.
There are no replies to Comment # 11. End Trace Mode for Comment # 11.
Top • Page Up • Full Thread • Page Down • Bottom/Latest" There is no real silver lining. Spending will not decrease, not enough to keep the government from its eventual implosion and collapse under its own weight anyway. The only thing we can do is to pay off as much debt as possible and prepare for an economic collapse of the government’s doing. "
#6. To: Stoner (#3)
Our nation is on course to follow the example of the Wiemar Republic !!!
#8. To: Vicomte13 (#6)
#9. To: Stoner (#8)
Do you see a practical way to do it without hurting them ?? If so, I would like to hear it !
#10. To: Vicomte13 (#9)
" No. There is no practical way out of our situation without people getting hurt. "
#11. To: Stoner (#10)
At a minimum, we need to go on a massive reduction of expenses, cut govt budgets below the bone, with chainsaws. Abolish the Fed Res. Cut govt payrolls, retirements, all of it. Abolish ALL foreign aid, withdraw from UN, no more "contributions". Drastically cut ALL federal salaries / retirements, perks, etc, of both elected, appointed Fed officials. Sell off massive amounts of unneeded fed assets, cars, land, building, etc.
Replies to Comment # 11.
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