July 30, 2024
This should be the #1 issue for both candidates.
We are trapped. If debt is increasing faster than growth, it means that without debt growth it would be a depression now.
Since no politician will touch entitlements or has the political will to reduce spending, the only option is either tax more or throttle inflation.
2024 deficit is projected to be $1.6T, ~5.6% of GDP.
Gov spend (G) is a component of GDP:
GDP=C+I+G+(X−M)
Reducing gov spend will directly reduce GDP the same amount
2024 GDP is projected to grow 2.4%. Without deficit spend, GDP is -3.2%, a deep recession.
Since January 2020 the debt has ballooned by 50% from $23 trillion to $35 trillion.
Interest on the debt is also skyrocketed with higher rates, averaging around 5% lately.
76% of all tax revenue the government collects is going g to pay the debt.
We cannot afford to support the whims and corruption of the political class.
Posted by: Timothy Birdnow at
11:56 AM
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