$22 Trillion and accelerating . . . .

[errolanderson]

U.S. public debt hit $22 trillion yesterday. Government spending continues to accelerate rapidly.

A mind-boggling fact: Yearly service charges (interest costs) on this debt pile now nearly as large as entire annual cost of the U.S. military.

[the big wheel]

U.S. public debt hit $22 trillion yesterday. Government spending continues to accelerate rapidly.

A mind-boggling fact: Yearly service charges (interest costs) on this debt pile now nearly as large as entire annual cost of the U.S. military.

Errol the tax cuts that happened are supposed to generate more activity which is supposed to more than compensate for the cuts. How long will it be before we see that or should we have seen that already. There is all kinds of arguments here that the tax cuts were good and bad depending on political views more than fact. I know the trade deals etc muddy the water as to what is doing more good or damage to the debt.

[dmlfarmer]

U.S. public debt hit $22 trillion yesterday. Government spending continues to accelerate rapidly.

A mind-boggling fact: Yearly service charges (interest costs) on this debt pile now nearly as large as entire annual cost of the U.S. military.

Oh, don't worry Errol, Republicans, (ike Conservatives) have always opposed government debt and called for balanced budgets. I sure they will do so again the next time they lose office. And as far as interest and service charges exceeding military spending, I have no doubt the current government can increase military spending again to ensure it continues to be the most prominent spend of the government.

[chuckChuck]

I did a quick look on the internet and It looks like the USA has a higher total public debt to GDP ratio than Canada.

The OECD projection says Canada's % of public debt to GDP will be 92.6% in 2019 falling to 92.1% in 2020.


The OECD projection says the USA's % of public debt to GDP will be 109.9% in 2019 rising to 113.3% in 2020.

Both have similar debt ratings although Standard and Poors is AAA for Canada and AA+ for the USA.

[SASKFARMER3]

Just watching this on tv now.

Basically it’s about building back the military. China and Russia are back and the USA doesn’t want to be left behind.


It’s a lot yes

[jazz]

Trump raised the GDP by a full percentage point which should more than offset the increase in debt. Its not a worry yet.

[chuckChuck]

Canada's GDP growth is lower than the US primarily because of lower world prices for energy resources.

Canada has a lower debt to GDP ratio than the US and Canada's is falling.

It seems that when the US increases its debt it is not so much a problem for the Canadian fiscal conservatives and US Republicans.

But when the Liberals run up the debt they are accused of being big spenders and bad managers. Why the difference?

[SASKFARMER3]

Pissing away money on useless shit like buying a pipeline just to shit it down.

Or the green movement that’s insanely costly.

Or giving billions to the world and our own starve.

Liberals are a disease chuck but nice solar panel that probably was subsidized

[chuckChuck]

SF3, you are always so thoughtful and careful with your words! Too much sun? LMAO

[seldomseen]

I guess I was raised with the idea that debt was a bad thing and public debt was the worst. Stealing from your children and grand children for your lifestyle today.

The Liberal's first Trudeau really got Canada's debt ramped up. Mulroney wasn't able to pull it down much but he got the GST in which Chretien and Martin used to cut running up more debt. Harper came next and he tried to keep a lid on debt. Next came the second Trudeau and he is fast and loose with public spending just like the first Trudeau.

Canada's debt isn't really a party thing. Its a TRUDEAU thing and they just happen to be in the Liberal Party Of Canada.

[Guest]

I guess I was raised with the idea that debt was a bad thing and public debt was the worst.

Stealing from your children and grand children for your lifestyle today.

The Liberal's first Trudeau really got Canada's debt ramped up. Mulroney wasn't able to pull it down much but he got the GST in which Chretien and Martin used to cut running up more debt. Harper came next and he tried to keep a lid on debt. Next came the second Trudeau and he is fast and loose with public spending just like the first Trudeau.

Canada's debt isn't really a party thing. Its a TRUDEAU thing and they just happen to be in the Liberal Party Of Canada.

"stealing from your children and grandchildren for your lifestyle today" is the definition of a liberal

[samhill]

Not spending on our military helps I guess. (tic)

[jazz]

Not all GDP are the same. Canadas is made up more of commodities and real estate speculation and govt handouts. The US GDP is much more manufacturing based so it has a better quality GDP that we do.

[ajl]

Not all GDP are the same. Canadas is made up more of commodities and real estate speculation and govt handouts. The US GDP is much more manufacturing based so it has a better quality GDP that we do.

Forgot to mention tax audits. Yes I am aware that the IRS does them too but they do not make as big a component of GDP in the US as Canuckistan.

[grassfarmer]

..... Harper came next and he tried to keep a lid on debt. Next came the second Trudeau and he is fast and loose with public spending just like the first Trudeau.

Canada's debt isn't really a party thing. Its a TRUDEAU thing and they just happen to be in the Liberal Party Of Canada.

More of your fake news. A reminder of the figures posted by dmlfarmer on another thread:

From 2009 to 2011 Canada's debt increased by 88 billion
From 2010 to 2012 Canada's debt increased by 64 billion
From 2011 to 2013 Canada's debt increased by 58 billion

You're outraged by Trudeau increasing debt by 58 billion in 2 years but Harper equalled that once and did worse in two other 2 year periods - yet he "tried to keep a lid on debt" ....suuuure!