This article might have had a point if governments were financed at all like companies. But thank goodness they aren't.
Something needs to be done about the out-of-control spending in the US, but I certainly won't be trusting any Republican-led initiatives to have those answers.
INSOLVENT? Have we tried REDUCING Taxes on the people who could LITERALLY PAY OFF ALL OUR DEBTS over the Course of a Decade?
What a crap headline. Of course neither the US government nor or the fed nor the treasury is insolvent. The national debt is a large number, has been for a long time, and can be an even bigger number forever. Has nothing to do with insolvency. The fed will always be able to conjure money out of thin air so there can’t even exist a situation in which the government is insolvent. Whether the world economy will forever cherish the dollars they print as a reserve currency is a different question (no it won’t ), and something that deserves scrutiny and public attention. But stupid fearmongering articles like this don’t add anything of value to that discussion.
This is kind of stupid. We're solvent. There are bases all over the world. Lots of resources to rape. Basically, this only means that BRIC countries make their own currency, people stop buying worthless US shit bonds, and the world economy slowly suffers as the US sucks the life out of everything to give Israel money for the death cult.
Eventually, a new currency arises, the world moves on, and the US becomes a huge isolationist North Korea with the Handmaid's Tale going on.
exactly! No problem whatsoever.
Not missed it. Not reported on because of fear of reprisals and majority of the media is right winged so it doesn't suit their narrative. The media in the US is completely controlled now. Freedom of the press is now a feverdream.
currency issuers are never insolvent in the currency they issue.
"we should pass legislation to limit all new federal spending, unless offset we should have a balanced budget."
Cool on paper but it'll be, cut everything humans use and the entire budget will go to Lockheed and palantir. Everyone dies.
we need to collect taxes and if cuts need to be made it should start with the military and not go to other things till its disbanded. social safety nets should get cut last.
Gonna need a v for vendetta moment for that to happen. It will eventually as all regimes end but in our current timeline...
Insolvency can’t hurt me, I’m an MMTist.
https://finance.yahoo.com/economy/policy/articles/treasury-just-declared-u-insolvent-151425143.html (for those who want to read through paywall)
Current public debt is $31.27T. At 4% average interest that is $1.25T/year in interest. Recent 0.4% rise in interest rates is an extra $125B in interest. Over $6k/year in interest per American 18-64. Was a $2.5T increase in debt and obligations for FY25. Another huge number is $15T in future benefits for Federal workers. $75k/working age adult.
The '26 budget deficit will be much higher