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oldsoftie

(12,533 posts)

23. But the huge majority of that wealth isn't actual "money".

Wed Oct 5, 2022, 06:47 AM

Oct 2022

You can't cash in all of Musk's Tesla stock & actually get what its worth today or even close to it. Same with all the rest of the super wealthy. And thats even getting past the fact that no one anywhere taxes everything of the top people.

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America's national debt has now surpassed $31 trillion [View all] mahatmakanejeeves Oct 2022 OP

And to think the media was apoplectic when, in '81, it reached ONE trillion peppertree Oct 2022 #1

I think I remember something similar at 3 T, maybe because it was during Clinton's presidency? LT Barclay Oct 2022 #2

$3 trillion? That would be the elder Bush peppertree Oct 2022 #9

Yes, $3T near the end of President Clinton's second term. roamer65 Oct 2022 #34

Maybe someone knows something we don't Marthe48 Oct 2022 #3

I don't get it either. And yet the dollar currency soars!?? Bieing the world reserve currency is why Alexander Of Assyria Oct 2022 #25

8 trillion in two years is insane madville Oct 2022 #4

Money is fake, just print more OtterDave Oct 2022 #15

"Just print more" will also bring you MORE inflation. oldsoftie Oct 2022 #24

Yep, it's a tax on every consumer madville Oct 2022 #30

It doesn't hurt corporations or countries madville Oct 2022 #32

I agree DashOneBravo Oct 2022 #35

This message was self-deleted by its author DashOneBravo Oct 2022 #36

Tax cuts plus Covid relief money Warpy Oct 2022 #17

A Democrat MUST be in the White House. The debt isn't "fuzzy math" or "money we owe ourselves" ck4829 Oct 2022 #5

By my lousy math, that's about 100k for every man, woman, and child 867-5309. Oct 2022 #6

DICK Cheney said, "Ronald Reagan proved debt doesn't matter" (Except when a D's in the WH) czarjak Oct 2022 #7

Ronald Reagan tripled the debt of this country in 8 years. louis-t Oct 2022 #28

Maybe some tax cuts and war will help this problem IronLionZion Oct 2022 #8

Yeah, that sounds like a lot... DemocraticPatriot Oct 2022 #10

Democrats were in charge of the house the entirety of Reagans two terms MichMan Oct 2022 #11

It didn't have to be this way. moondust Oct 2022 #12

this is getting into the weeds, but each year the actual national debt still went up, regardless of Celerity Oct 2022 #19

Congress determines the federal budget and spending, not the president. MichMan Oct 2022 #21

Not necessarily Johnny2X2X Oct 2022 #37

Yet, it still has to pass congress before being signed by the president. MichMan Oct 2022 #38

A reminder... deficits are NOT the national debt. WarGamer Oct 2022 #46

The numerical amount of debt is not relevant. What is relevant is debt/yearly gdp grantcart Oct 2022 #13

And once again, its all Biden's fault! Bayard Oct 2022 #14

Not just the bottoming under Trump karynnj Oct 2022 #33

The top 1% have about 41.5 trillion in wealth. (2021 number) Midnight Writer Oct 2022 #16

But the huge majority of that wealth isn't actual "money". oldsoftie Oct 2022 #23

So? Pandemic + war + not taxing the wealthy for 40 years produces big debt. PSPS Oct 2022 #18

Bingo Picaro Oct 2022 #31

American annual GDP is 23 trillion.... pbmus Oct 2022 #20

And we will never do what's needed to reduce it. NEVER. oldsoftie Oct 2022 #22

A 4 tier flat tax newdayneeded Oct 2022 #26

Add a sales tax to that. Far too easy to evade income taxes. oldsoftie Oct 2022 #27

Sales taxes Zeitghost Oct 2022 #42

I dont care. It works well in the EU & elsewhere. EVERYONE should pay into the system. oldsoftie Oct 2022 #44

"Deficits don't matter" - V.P. Dick Cheney in a TV interview. n/t TeamProg Oct 2022 #29

Info on deficit and debt Mysterian Oct 2022 #39

Since all spending must be authorized by congress, it would be interesting to see the same data MichMan Oct 2022 #40

Thats a fair point. And 2020 HAS to be looked at as an outlier. oldsoftie Oct 2022 #45

Pretty small compared to China's EX500rider Oct 2022 #41

Yep. And it's lower than the debt/gdp of a number of other countries, as well. ancianita Oct 2022 #43