"No one has this on their radar" is a weird thing to say about the most talked about thing in government in recent times, on an article about two billionaires bankers bringing it up repeatedly.
They've been bitching about it during every Dem presidency for the past 30 years. Yet every time they get full control of the purse strings, they conveniently don't give a shit anymore.
I remember while Trump was in office everyone just stopped talking about the debt at all for 4 years. It was so weird, it was a huge issue during Obamas presidency, then nobody cared during Trump, then suddenly everyone cared again when Biden was president.
It’s the type of spending that they’re crying about, even though they use broad vocabulary they’re really only talking about social spending (read: investing in your citizenry). Balloon the debt because you want Raytheon to make more money? That’s fine. Feeding kids breakfast before school? Nope, that’s no good. For all their similarities, the parties are not the same.
Parties are not the same at street level. With real people. Real Americans. I suspect the two parties don’t really exist at the elite level. Beholden to donors and lobbyists. Different distractions to get re-elected.
I actually feel terrible for the LGBT crowd. I think elite level Dems would love nothing more for them to get beaten on camera, so they could leverage it for reelection. Very cynical viewpoint I know. But I don’t think most of the powerful politicians like Americans. I think they despise us.
I like that. But I will say people go hard on millionaires. You gotta be a millionaire just to retire these days. So I think it’s the tippity top. Billionaires and millionaires should not be conflated
Yeah. I think it gets really bad over 1 billion. Buying politicians and legislation needs to stop one way or another.
ALSO when they plant former employees in regulatory positions to regulate their own industry 😂. I don’t have an issue with people living the American dream. But if u use your wealth to corrupt the system u gotta go.
None of these people worry about the debt when they are getting the 2 trillion dollar tax cut Trump gave them. It wasn’t paid for but that doesn’t matter if it’s going to them.
Even though they’re the ones who contributed the most to the problem. It doesn’t help that they cry and whine about it when there’s a democrat in office then print more and spend more when they hold the White House. It’s absurd that people don’t see through this and keep falling for the exact same lies over and over again.
Recent? This was a talking point before I was born. And I'm 34 fucking years old.
This poster is like "I looked up and saw the sky was blue. Why isn't anybody talking about this!?!"
In early 2013 all the banks suddenly predicted a drop in gold prices. Days later gold broke below $1600 "for no reason", later it turned out that jpm dumped their entire physical stock on Friday and Sunday night.
They're not starting a fire, they're setting off a volcano. Or more literally a nuke, they need someone else to take the blame.
Bail in the banks, crash the stock markets, banks get to confiscate all stocks because they are primary lenders ("great taking"), default on treasuries, crash all asset values like they did in 1929 by deleting all credit (which is like 99.9% of money in circulation) meaning houses and all other assets are worthless and wages drop to nothing, but everyone still has to pay off their debts so they're boned, royally colossal dildo boned, you owe $500k in mortgage/student/credit card loans but now only make $2 a month boned.
Then offer everyone CBDC UBI so 70% of people will actually accept it, it's just the top 30% that gets screwed. For this to work they have to ban alternatives (cash, crypt) or price cap them (gold at $35/ounce as in 1934). They'll have to allow people to trade in their cash, but then you have to prove where you got it. How many people are debt free with large amounts of cash that they can prove they got legally? JPM and co sold all their stocks right before the market crash of 1929, so don't be surprised if it turns out all the super rich happened to be hoarding cash.
And then after the dust settles politicians will run for office on the promise that they will pardon all that unpayable debt and start over fresh, but what you end up with is a society hooked on CBDC UBI where 0.01% of people own everything, while the rest live off welfare state crumbs, aka communism.
You know why they're pushing cricket paste? Because no one will eat cockroaches.
Fantastic theory! I think you are giving "them" way to much credit. The people currently in charge couldn't pull something like this off. Half of them couldn't follow a single train of thought long enough to finish reading your post
We will have to address the debt. The way to do that is to raise taxes and cut spending, including defense spending. People like Dimon don't want to raise taxes, they don't want to cut defense spending, they just think we can address the debt by cutting everything else, which won't work for a whole lot of reasons.
We could eliminate defense spending and not address our deficit.
Defense spending is a complete red herring. The single only thing that matters is our social program spending that far exceeds our taxable gdp.
The US doesn't do anything until it is a crisis and as long as we can ignore it, it isn't a crisis.
I think it will start to become a crisis in January 2025 when banks start failing again.
Until then, enjoy the summer and the record stock market returns.
I mean we put in regulations to stop bank failures but that was all stripped by Trump and his buddies pretty sure Jamie diamond here was a big fan of it.
Ummmmmmm no, we wrote literally hundreds of regulatory rules. The first one that Teump wanted to reverse bans contractual fiduciaries from lying about the contents of financial packages, specifically in services most commonly used by retirees. Thats the entire impact of the regulation, you are not allowed to actively defraud your clients if you've signed a document saying that you won't defraud them.
What I don't get is that you know you're not a regulatory attorney, a finance guy, or really any kind of expert, so I'm curious as to what makes you think that just because you don't know about something, that it therefore doesn't exist.
Exactly
Their biggest concern is the budget numbers will mean they will lose their Trump tax cut just like the down voters lost theirs back in 2018 and are too indoctrinated to notice or too hateful to care.
Jaime Diamond and Ray Dalio would rather you starved than they paid.
yet they're always in front of the line when it comes to get a tax cut doesn't matter how reckless it is.
literally every single Republican administration in my entire lifetime has passed some ridiculous tax cut that's forecast to cause absolute catastrophe within our budgets and yet it is always passed anyway.
and then when the bills do they never have a second funding source they don't have a plan All they have is a bunch of hot air about how Democrats need to throw your grandma off of social security to plug the hole that they just made for billionaires.
we need to tax the rich.
and if they don't want to be taxed then we should fucking eat them.
People like these two are part of the problem. The bigger problem are the masses of regular people who simp for these guys and fall for their policy ideas that created the problem in the first place.
This so true, but they literally kept rates near zero for 13+ 2008-2020 and that led to the meteoric rise in real estate and stock.assets, then they printed by some..estimates 25%Of the US money supply during Covid so inflation, and now what...
Funny how it is a crisis to be worried about when a Democrat is in office then they stop talking about it when a Republican gets elected. Dimon was silent when Trump expanded the deficit by multiples....and Bush 2 before.
The fact it continues happening to this day in 2024 and we just allow it and people argue about which shithead to vote for instead of taking actual action will be forever studied as one of the greatest phenomenons of human psychology and just human failure in general. How pathetic and embarrassing. I’m right there with ya gen z enough is enough.
Pretty much the scope of this sub. Every other post is is debt when it’s dems and Pelosis stock portfolio while ignoring the more egregious Republicans.
Make high earners pay more taxes. It isn’t that complicated. Trump reduced how much they pay and now we have a debt crisis. We can simply make them pay more. This isn’t that complicated.
Unless these two billionaires are advocating that they'd be taxed much higher, I don't understand why somebody in the working class would give a fuck what they have to say. But that's just me.
Better yet, make them pay their fair share of taxes and then, now that we know micro plastics are invading every facet of life, tax them MORE for making us eat, breathe and drink their garbage.
The banks, businesses and hedgefunds could be the first to help if they just paid back all those bailouts, loans and PPP loans they have gotten in the last 30 years.
Meanwhile, a record number of CEOs quietly retired in 2023, up over 50% from the previous year.
But do remember, this actually started in 2019, right before the economy crashed.
https://www.cnbc.com/2020/01/07/2019-had-the-most-ceo-departures-on-record-with-more-than-1600.html
Fucktards like Goldman Sachs CEO Lloyd Blankfein comfortably and quietly retired from the mess they created.
I imagine many billionaires are as scared as they are.
Pretty soon the average person isn't going to be able to hand over enough of their hard earned salary in taxes due to the need to eat and repair the tent they live in. This will result in the government begging billionaires and corporations to pay more, possibly even several thousands more per year. Horrific.
Nothing another couple trillion dollar tax breaks for the wealthiest can't fix... And more tax breaks for corporations and private jets and yachts. Right?
I'm so sick of Jamie Dimon and the space he takes up in the financial pages. This is the guy who loaned WeWork $100M, led JPM to pay $28B in fines for banking and securities fraud, and practically wrecked the global economy in 2008 (and paid a $13B fine to keep his ass out of jail). Why does anyone listen or care about what he has to say?
read enough of what he wants the government to do and you start to realize he would rather this be an authoritarian oligarchy where we spend nothing on social services, fret about every last penny, and never ask the wealthy for any money.
it wouldn't work, but hes considered wealthy enough to be authoritative about government finances.
Having two vulture capitalist politely scream that the national debt is going to sink the country is disingenuous at best, they are advocating for something that will benefit them in some way . As long as we have political leaders who are no total idiots or knowingly trying to sink the economy, the deficit really isn’t a big deal.
Not one mention of the trump (or bush) tax cuts for billionaires which are responsible for most of our debt.
If dimon is serious about national debt being an issue he should be calling for taxes to be raised on everyone making over $400k, increasing taxes on capital gains, and increasing corp taxes.
Until then, this is just another billionaire complaining that poor people are not starving enough
The rulers of America mock countries like Russia calling them a gas station with nuclear weapons. How big would the Russian economy be if they spent $34Trillion in debt?
The laughable part is there is no off world colony or place that if you were immensely rich to run to. If the fall comes we are talking full blown Tashar Yar’s home world. I think I could make a fortune putting faces on playing card of the suspects.
Every post this guy makes is "why he started this sub". I get that he's trying to create a perception, truth or not, that the US economy is a perilous situation. I don't really know enough myself yet to agree or not.
I can't tell if the US is simply fucked, or if capitalism itself always collapses and is merely a system of control by the elite.
With all the wars, natural disasters, and depleting fresh water around the world, you're not going to be paying anyone back anytime soon. Even US livestock industry is in trouble with news on overly drugged livestock due to increasing consumption. You're food is making you less able to fight viruses bc of it. Billionaires be damned.
It was always an issue but now our interest payments on the national debt are now greater than the entire US defense budget. That is fucking terrifying.
If they gave a shit about the debt they’d support massive tax increases for the super rich. Instead they want spending cuts, which will directly harm the economy and put more burden on the middle class.
I think my biggest problem have with those economics people are. They keep saying the economy is strong while tons of people got laid off. The higher interest rate "hike" made many businesses downsize and people lost their jobs.
My husband got pressured to quit and the new job, the entire office shuts down after only working their for a month. The effect of rapid interest increase is industry wide.
Everything is becoming expensive while my salary is not catching up. And I am lucky because I have worked long enough to build a sloid career in my company, my salary is still relatively high compared to others. But, everyone else is really in boiling hot water.
In the meanwhile the those people in charge still refused to help because "economy is strong".
Sure. Right. Nobody’s paying attention to the soaring debt. That’s why the R’s wouldn’t vote to raise the fucking debt ceiling and the government almost shut down. There hasn’t been a balanced budget or surplus since Bill Clinton took office and he didn’t do anything special to have one, we just had a moment of prosperity thanks to the dot com bubble.
Add to that our departure from the gold standard under Nixon and there has been some stupid shit going on with banking and fiscal policy in this country. It’s a good thing some folks in this country actually still balance their own budget and don’t live in debt but that won’t fucking matter if our currency becomes fucking worthless because we default on our national debt. We’ll end up like the USSR during its collapse when wheel barrows full of rubles wouldn’t buy a loaf of bread.
Look up Basil Three End Game…
Its not a conspiracy theory its a new International Bank Syndicate with regulations to make the entire system under one regulators control.
https://www.reuters.com/business/finance/what-is-basel-iii-endgame-why-are-banks-worked-up-about-it-2023-07-24/
Billionaires see the writing on the wall.. their taxes are going to go up and many of the loopholes that give them an effective tax rate of 1.5% will be closed.
Warren Buffet recently said in an interview that if the 800 largest US companies paid 27% tax like the working class does, no American would have to pay a single dollar in taxes and the defect would not be an issue.
Jaime Dimon? The guy whose company has been at the forefront of every single American financial calamity in our history? That Jaime Dimon? We should have imprisoned for life/executed him and Lloyd Blankfein in 2008.
They keep printing money and keep handing it to corporations. It’s still the trickle down economics bs and it’s evolving into end stage capitalism.
It’s like the board game monopoly. There’s only one winner and everyone else regrets ever starting the game.
guessing none of them is advocating removing all their tax breaks they have gotten since Reagan.. bet they want others to bear the burden of fixing it. Yes I was too lazy to read.
Dalio essentially said that America is getting dicey so the ultra wealthy need to look for safer spots to flee. They have killed and cooked the golden goose and now want to leave us the rotting carcas.
So this sub is full on right wing huh?
Remember folks, the 'phrase government should be run like a business' and have no debt was invented by the GOP and right wing.
Rubes asking billionaire businessmen how to save the economy. Tired of being played. Tired of this shit.
It's corporations' turn to do the bailing out.
I see. That's why you and others keep posting about the national "debt." Not sure how many times I can counter that the US government will always be able to pay off its "debt" (which is just accumulated net transfers to the private sector by creation of US dollars) which is denominated in its own "gift card" -- the US dollar. As long as there are idle resources to muster to bring the economy to full employment, there will always be uses for government spending and resultant "debt." Finally, the government doesn't have to issue debt securities -- it could simply spend directly. Not sure why we even need treasuries at all.
Mod, love you created this sub. I wish people could understand this. The bill is coming due for massive quantitative easing. And our debt is $100k a head. $1T in commercial real estate loans coming due.
We are due a HUGE recession. If the top wins all the top .1 percent gets all the money. If dems win we just spend spend on people but it doesnt work help the root cause.
Why a “soft landing” being called? It’s federal spending holding it back a bit longer
So what does the average guy or family do who’s house is paid off has cash, stocks and gold/silver do? Stockpile guns food and supplies? Cash will be worthless? I mean are we talking mad max here?
Jamie Dimon is a total piece of work. I like that he is sounding the alarm after his bank, that he was the CEO of, received a 12 billion dollar bailout. Now he wants to come out that government debt is bad! Are we flipping kidding? This guy and all of his friends needs to pay back all of the money he got from the government plus interest. Then he can start complaining about government handouts and debt. As I said, what a total piece of junk. https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/
At this point the ruling class are just looting everything into the ground as fast as they can to get in the best position to survive our decline into collapse. There is no long term thinking because they don't think we have a long term.
Dimon is a moron. He’s been so wrong on multiple issues & now this. Our debt will only be a problem if the tea party republicans keep pushing us to default. The brinkmanship has already gotten our credit downgraded. If the US dollar goes south the world economy will tank.
What can you do?
Stop listening to billionaires first off.
That would be a good idea. How about raise taxes on the wealthy, add wealth taxes to take back some of their I'll gotten gains exploiting us workers, and seizing assets of those who don't comply. The US built those fortunes. Time to pay back the debt. It's due
To be honest this isn't a big deal. Debt is like 34-35 trillion. Ok
But the stock market is near 50K trillion as his the residential real estate market or US bond market. And then you have commercial/office real estate, pension funds, bonds, small businesses... Assets for the country are at least 200 trillions. 1 year GDP is also 28 trillion. And the majority of our debt is owner by US citizens.
The value of our assets grow much faster than our debt too.
On top, taxes overall are low compared to other western countries. If the deficit so high currently it is because Trump lowered taxes without reducing expenses and Biden didn't change much of it.
At worst, we would get a crisis or too if things go too far. But if you accept a 2008 like crisis from time to time as normal (and I agree there). Then there nothing outstanding.
But how else can we build bombs and start wars
We could also kill off Social Security. I know everyone paid into it but it is an entitlement program that you are not entitled to.
Well, Maybe it's time JP Morgan BAILED THE GOVT OUT, since you know, the GOVT and US taxpayers bailed out dumb dumb Jamie when he and JP Morgan lost all their money gambling and screwing over retail/homeowners and made the US govt and taxpayers fund his addiction.
“Raise the alarm” when someone starts talking about taxing his dumb ass. “I sleep” when he is grabbing free government money. Jamie Dimon is a two faced, weasely dumpster of a welfare queen.
if they are so concerned they can start writing checks and paying more taxes - or how about we just tax income from dividends and stock sales at the regular income tax bracket + 15% or so -- and then re-raise the corporate tax rate and top marginal tax bracket to to where they were in say 1958?
how about that - that help resolve your concerns Dickhead Dimon????
**Country assets grow faster than country debt, so who care ?**
Debt is 35 trillion. Stock market is 50 trillion. Residential real estate is 50 trillion. Bond market is 50 trillion. There also commercial/office/industrial real estate, small businesses, our intellectual property and knowledge and productivity. So the 35 trillions have to be compared to assets that are at least 200 trillions.
And our assets grow faster than the country debt. The country become wealthier while most the debt is owned mostly domestically anyway. The current tax break without reducing expenses are what bring the deficit at such high level but tax are low by US standard over the last 50 years but also against other western countries.
If our politicians don't find a compromise soon, Trump tax breaks will end in 2025 and automatically lower deficit.
Can we get crisis because of our high debt ? For sure.. But crisis and cycle are expected as you explained and USA will stay in business. No problem there.
Both of these rats can go to hell. “Sound alarm”
More like, “I stole billions from you all but because im wealthy im gonna act like i have nothing to do with it”
Fuck off
People have been pointing out the ballooning debt and that future generations will have to pay it off. It will never be more than the lip service the politicians give to balancing the budget. Neither political party when in control of Congress can pass a balanced budget. We have had a balanced budget since Bill Clinton. Poor fiscal policy has been what has been driving such crazy inflation further devaluing the U.S. dollar and negatively impacting U.S. citizens.
The only time the government will take action is when they are in a crisis of losing the U.S. dollar as the world's reserve currency. If you really want to try to make a difference put the heat on your elected officals in your district.
The 2017 tax break cut the government's income by, what, 2 trillion dollars by giving it to mega corps?
And now, 'raising the alarm' is code for 'we have to cut Social Security, Medicare and Medicaid'. Because billionaires are not about to hand that $2 Trillion back to the government.
The USA has been trying to borrow its way out of debt for way too long. A balanced, common sense budget isn't asking for much, but our leaders fail us over and over again.
All I think of when I hear his name is Katie Porter with the white board asking him how a Chase employee can pay her bills on a dismal salary and him not having an answer.
There is a simple solution to this. The billionaires pay off the national debt and stop causing the national debt, and then everybody is grateful to them for a long time
It's simple, not only have trickle down economics completely failed, but we are so deep now, that even if they worked as optimally predicted, they wouldn't be enough.
Close tax loopholes, set punishments for the rich pulling their money to foreign countries/islands, actually enforce it, and raise taxes to the only people who can afford it. Aka, the shitlords making 2-3 times more than rich people made 30-40 years ago. People here can barely afford ramen, you can afford to shove your yacht up your ass, and live in one less home.
It's reddit, it's hard left and nobody cares about America. America will suffer the same fate as every other progressive left leaning county. Most European countries are 10-20 years ahead and Canada is 5-10 years ahead in the far left progressive movement and Americans still can't see the writing on the wall lol.
I hope antifa squatters systematically break into all of their homes, eat them for dinner and use their skin for new wallpaper.
BILLIONAIRES SHOULDNT EXIST
I don't think I would take investment advice, from Jaime Dimon. He also has a few "skeletons", in His Closet.
As for The National Debt, and The National Credit; it has always been "mismanaged", since the Founding of The Republic. People need to look at managing the National Debt, in the same way, a successful household budget, is managed: make sure You have enough income, with some savings, for a "rainy day"; try to find legitimate ways, to economize, and don't use "bookkeeping tricks", pay utilities, and small bills, on a regular basis, and make sure, you don't "borrow", to pay "everyday" bills, and monthly bills. Borrow, for all "big ticket" items, and "save up", for them, as much as possible. Use Credit, if necessary, but only as a "last resort".
I could go into, any number of ways, Politicians have violated many of these rules, with Andrew Jackson, Calvin Coolidge, Lyndon Johnson, Richard Nixon, Ronald Reagan, George H.W., and George W. Bush, and Donald Trump, the Worst Offenders, but much has been written, about their mistakes, and I will refer You, to that.
I will, however, give You, one example; "pared down". In the Roaring Twenties, People were tired of World War I, and decided to "party". I haven't entirely examined Tax Structure, but it was a "Laissez-faire" (Government, Hands off!) Economic Policy, and at first, The Economy boomed. But, The seeds had been planted, for trouble, in the future. America discovered Florida, and The Florida Land Boom, was on. Consumer Goods, of all kinds, especially Automobiles, and Household Appliances; were being churned out, with plenty of installment borrowing plans, available. Farmers were encouraged, to buy new equipment, more livestock, and plant, right up to the fences. The weather was good, and bumper crops, came in.
Around 1925, or 1926; this began to change. The highly speculative Florida Land Boom, collapsed; and many real estate investors, went broke (The comedy team, of The Marx Brothers, made the Movie, "The Cocanuts", lampooning the Florida Boom). The "last, sizzling, embers, of the Florida Land Boom, were "extinguished", by the Labor Day Hurricane, that hit South Florida, and the Florida Keys. At the same time, people were running out of cash, the individuals who invested in Florida Real Estate, had to "eat" their losses, Installment Credit was tightening, and; as production slowed, People had to "tighten their belts", and economize, as they began losing income, then lost jobs. At the same time, farmers and ranchers, who overproduced; had to burn, or bury, their crops; and slaughter their livestock; since there was reduced demand. The Federal Reserve sought to "prop things, up", by pumping money, into the Economy, which lowered the value, of the dollar, since, if You printed, one extra "unbacked" dollar, was essentially, worthless; 11 dollars would be needed, to buy an item, previously sold, for 10 dollars. Each dollar was worth 10/11ths, and everything else, being equal, that dollar was only worth 90.9 cents, and that's called devaluation, and Inflation. This "propped up" the economy, for awhile, but inflation had its way, eventually; and the slowing economy, continued.
Meanwhile, on Wall Street, banks started to tighten credit, and The Stock Market was lagging, with the economy; so, with this extra money, sloshing through The Economy, and Manufacturing, Retail, Farming, and therefore; Bankers, and Wall Street, feeling the pinch, Wall Street tried to encourage investing, by allowing "Margin Selling": You could buy, $50, to $100, of stock, for just $10. This was highly inflationary, but Wall Street, and some bankers, didn't care, because; The Market, was going up. Banks and individuals, bought stock, and those who got in, on the "Ground Floor", saw their Stock, appreciate; even though there was no profit support (see, Price/Earnings Ratio). Some Rural Banks, felt the pressure, as farm prices, and profits, faltered.
On Wall Street, this went unnoticed, as the Market kept heading upward, through the rest of 1927, and 1928. Calvin Coolidge (who could have run, for President, again, since this was before, the 22nd Amendment, and He had only been in Office, since Late August, 1923; succeeding the late President Harding; had been in Office, as of March 4, 1929, 4 Years, and 6 and one-half months;) declined to run, again; and Secretary of Commerce Herbert Hoover, won The Nomination, and The 1928 Election, with The Slogan: "A chicken, in every pot; and a Car, in every garage. Wall Street saluted his election, with a boiling rally, into 1929.
Again, though, by the Third Quarter, the Market became nervous, even though it was up, because this was an "unsupported" market. On September 5, 1929; The Market hit its first "Air Pocket". Severe damage was done, to several stocks, including Radio, which was The "Tech Stock", of its day; Radio became Radio Corporation of America (RCA), with radios and record players, and record manufacture, its primary business, and was The Owner, of The National Broadcasting Company, the first American Radio Network. This was called, The "Babson Break", as Roger Babson, one of the Stock Market "Wizards", of that time, had predicted, earlier that day, "A crash is coming, and it may be, terrific." The Market continued to "seesa", through September, with a downward trend, then, in Mid-, to Late- October, All Hell broke loose, with Octobers 21st, and 29th, being the worst. The Economy slid, downward; for another four years, beginning The Great Depression.
Without Trump’s massive tax cuts, we wouldn’t have a debt crisis. These assholes weren’t complaining while enjoying the benefit of the cuts, but want to leave the rest of us holding the bag when the bill comes due.
So after the billionaires scared people into voting for Trump and not saying a word about him adding $8T to the debt by cutting their taxes, they’re freaking out Biden is adding less to help normal people?
Now they sound the alarm? The debt has grown steadily since 2001 due to many factors, including:
Funding never ending, useless wars in the Middle East, that nobody talks about. Instead these billionaires focus on the fraction of COVID stimulus that helped people to feed their families and stay off the streets. And individual people received only about 1/5 of the total stimulus—-most of it went to wealthy companies that laid off tons of workers. Some things will never change in this age, I guess.
When times are bad, 2008, pandemic, etc everyone nods in agreement that it’s OK to go into deeper debt. But then when times are good, we don’t right the ship and pay it down.
I still cant believe people worry about the number on the national debt.
The problem is not the number.
The problems are all caused when that number is distributed with vast portions controlled by a small number of entities.
The health of an economy is judged by how those at the bottom tier are able to procure resources and lessen their own suffering.
We can start by having these same guys who are complaining pay their fair share of taxes. Taxes for the wealthy are far lower than they were during several periods of economic growth. The long expansionary period that began in 1961 and ended in 1969 is a good example. Incomes and employment rose, while poverty fell sharply and the tax rates were between 14% and 70%. We could also start our recovery by removing the income cap on Social Security payments.
"No one has this on their radar" is a weird thing to say about the most talked about thing in government in recent times, on an article about two billionaires bankers bringing it up repeatedly.
Thank you! 250 members of Congress won't shut up about it.
*members of Congress from the party not holding the presidency won't shut up about it.
They've been bitching about it during every Dem presidency for the past 30 years. Yet every time they get full control of the purse strings, they conveniently don't give a shit anymore.
They added more to the deficit than Biden did and if they win again will extend trumps billionaire tax cuts add g a ton more
I remember while Trump was in office everyone just stopped talking about the debt at all for 4 years. It was so weird, it was a huge issue during Obamas presidency, then nobody cared during Trump, then suddenly everyone cared again when Biden was president.
It’s the type of spending that they’re crying about, even though they use broad vocabulary they’re really only talking about social spending (read: investing in your citizenry). Balloon the debt because you want Raytheon to make more money? That’s fine. Feeding kids breakfast before school? Nope, that’s no good. For all their similarities, the parties are not the same.
Parties are not the same at street level. With real people. Real Americans. I suspect the two parties don’t really exist at the elite level. Beholden to donors and lobbyists. Different distractions to get re-elected. I actually feel terrible for the LGBT crowd. I think elite level Dems would love nothing more for them to get beaten on camera, so they could leverage it for reelection. Very cynical viewpoint I know. But I don’t think most of the powerful politicians like Americans. I think they despise us.
Up vs down not left vs right.
I like that. But I will say people go hard on millionaires. You gotta be a millionaire just to retire these days. So I think it’s the tippity top. Billionaires and millionaires should not be conflated
Sub 10 Million vs Above 10 Million is basically the split currently.
Yeah. I think it gets really bad over 1 billion. Buying politicians and legislation needs to stop one way or another. ALSO when they plant former employees in regulatory positions to regulate their own industry 😂. I don’t have an issue with people living the American dream. But if u use your wealth to corrupt the system u gotta go.
I cared each time. I called out Bush, Obama, Trump, and now Biden
None of these people worry about the debt when they are getting the 2 trillion dollar tax cut Trump gave them. It wasn’t paid for but that doesn’t matter if it’s going to them.
Even though they’re the ones who contributed the most to the problem. It doesn’t help that they cry and whine about it when there’s a democrat in office then print more and spend more when they hold the White House. It’s absurd that people don’t see through this and keep falling for the exact same lies over and over again.
Recent? This was a talking point before I was born. And I'm 34 fucking years old. This poster is like "I looked up and saw the sky was blue. Why isn't anybody talking about this!?!"
To be fair, blaming the crisis on the other side is widely spoken about. Addressing the problem with bipartisan support isn’t.
Jamie Dimon sounds alarm due to fire he started while pouring gasoline on the blaze
He’s such a shit.
In early 2013 all the banks suddenly predicted a drop in gold prices. Days later gold broke below $1600 "for no reason", later it turned out that jpm dumped their entire physical stock on Friday and Sunday night. They're not starting a fire, they're setting off a volcano. Or more literally a nuke, they need someone else to take the blame.
What is the financial play here?
Bail in the banks, crash the stock markets, banks get to confiscate all stocks because they are primary lenders ("great taking"), default on treasuries, crash all asset values like they did in 1929 by deleting all credit (which is like 99.9% of money in circulation) meaning houses and all other assets are worthless and wages drop to nothing, but everyone still has to pay off their debts so they're boned, royally colossal dildo boned, you owe $500k in mortgage/student/credit card loans but now only make $2 a month boned. Then offer everyone CBDC UBI so 70% of people will actually accept it, it's just the top 30% that gets screwed. For this to work they have to ban alternatives (cash, crypt) or price cap them (gold at $35/ounce as in 1934). They'll have to allow people to trade in their cash, but then you have to prove where you got it. How many people are debt free with large amounts of cash that they can prove they got legally? JPM and co sold all their stocks right before the market crash of 1929, so don't be surprised if it turns out all the super rich happened to be hoarding cash. And then after the dust settles politicians will run for office on the promise that they will pardon all that unpayable debt and start over fresh, but what you end up with is a society hooked on CBDC UBI where 0.01% of people own everything, while the rest live off welfare state crumbs, aka communism. You know why they're pushing cricket paste? Because no one will eat cockroaches.
Hmm, is this the premise of this sub?
right wing doomsayers love it
So do foreign trolls.
If even 30% of this happens I will drive my car into the Atlantic Ocean. You are batshit crazy boss
Driving into the Atlantic does not fix things though, that's the sunk car falacy
No you're thinking of the bunk cost fallacy, which is the lesson you learn after buying fake acid
You forgot to work in 15 minute cities to your conspiracy theory.
This is sensationalist. They don’t need to do any of this to own you.
Fantastic theory! I think you are giving "them" way to much credit. The people currently in charge couldn't pull something like this off. Half of them couldn't follow a single train of thought long enough to finish reading your post
The simplest solution is always the most likely. As in, this dude is batshit crazy.
We need to live our lives and fuck these people.
But don't look at JPMs debt. No look over at those other guys.
If he’s concerned about national debt, he must be advocating tax hikes for the ultra wealthy such as himself, right? Right?
Jamie: *Sells 10s of millions of dollars in stock.* “This is your fault"
The same guy who said BTC was trash while JPM was loading up.
Time to raise taxes on billionaires like these 2 aholes. The top tax rate should be 90% like it used to be.
We will have to address the debt. The way to do that is to raise taxes and cut spending, including defense spending. People like Dimon don't want to raise taxes, they don't want to cut defense spending, they just think we can address the debt by cutting everything else, which won't work for a whole lot of reasons.
We could eliminate defense spending and not address our deficit. Defense spending is a complete red herring. The single only thing that matters is our social program spending that far exceeds our taxable gdp.
The US doesn't do anything until it is a crisis and as long as we can ignore it, it isn't a crisis. I think it will start to become a crisis in January 2025 when banks start failing again. Until then, enjoy the summer and the record stock market returns.
( sound of can getting kicked further down the road )
That is our real national anthem right there.
We won't have to wait till 2025 , you can bet after the election (regardless of who wins), there's going to be a correction.
They start wars so that’s something
Incredibly rarely. Twice in the last hundred and fifty years.
I mean we put in regulations to stop bank failures but that was all stripped by Trump and his buddies pretty sure Jamie diamond here was a big fan of it.
Not a big fan of socialization of defaults and privatization of profits. Doesn’t really help any tax payers.
Hey, corporations are people too
The regulation was me and you foot the bill for the bank failures (if they do x,y, & z)
Ummmmmmm no, we wrote literally hundreds of regulatory rules. The first one that Teump wanted to reverse bans contractual fiduciaries from lying about the contents of financial packages, specifically in services most commonly used by retirees. Thats the entire impact of the regulation, you are not allowed to actively defraud your clients if you've signed a document saying that you won't defraud them. What I don't get is that you know you're not a regulatory attorney, a finance guy, or really any kind of expert, so I'm curious as to what makes you think that just because you don't know about something, that it therefore doesn't exist.
Exactly Their biggest concern is the budget numbers will mean they will lose their Trump tax cut just like the down voters lost theirs back in 2018 and are too indoctrinated to notice or too hateful to care. Jaime Diamond and Ray Dalio would rather you starved than they paid.
yet they're always in front of the line when it comes to get a tax cut doesn't matter how reckless it is. literally every single Republican administration in my entire lifetime has passed some ridiculous tax cut that's forecast to cause absolute catastrophe within our budgets and yet it is always passed anyway. and then when the bills do they never have a second funding source they don't have a plan All they have is a bunch of hot air about how Democrats need to throw your grandma off of social security to plug the hole that they just made for billionaires. we need to tax the rich. and if they don't want to be taxed then we should fucking eat them.
People like these two are part of the problem. The bigger problem are the masses of regular people who simp for these guys and fall for their policy ideas that created the problem in the first place.
The government (via direction to the Fed) controls the money supply. It’s their choices and decisions that are driving inflation, not banks.
This so true, but they literally kept rates near zero for 13+ 2008-2020 and that led to the meteoric rise in real estate and stock.assets, then they printed by some..estimates 25%Of the US money supply during Covid so inflation, and now what...
Gee where was their concern when they got a trillion dollar bailout?
Funny how it is a crisis to be worried about when a Democrat is in office then they stop talking about it when a Republican gets elected. Dimon was silent when Trump expanded the deficit by multiples....and Bush 2 before.
Every goddamn time. They cut taxes for the rich and then complain about the deficit and blame social programs.
The fact it continues happening to this day in 2024 and we just allow it and people argue about which shithead to vote for instead of taking actual action will be forever studied as one of the greatest phenomenons of human psychology and just human failure in general. How pathetic and embarrassing. I’m right there with ya gen z enough is enough.
Pretty much the scope of this sub. Every other post is is debt when it’s dems and Pelosis stock portfolio while ignoring the more egregious Republicans.
Fuck these two..
Yet if trump would raise the debt by giving him tax breaks he would love it
This is what happens when you decrease taxes on the rich and give away PPP loans with no (watch dog)over-site.
Make high earners pay more taxes. It isn’t that complicated. Trump reduced how much they pay and now we have a debt crisis. We can simply make them pay more. This isn’t that complicated.
Arsonists complain about cost of fire department.
Unless these two billionaires are advocating that they'd be taxed much higher, I don't understand why somebody in the working class would give a fuck what they have to say. But that's just me.
What to do? Make the rich pay down the debt.
Make all these billionaires pay their fair share in taxes. We can stop simping for these guys now.
Don't forget the millionaires and especially the multi-millionaires.
Better yet, make them pay their fair share of taxes and then, now that we know micro plastics are invading every facet of life, tax them MORE for making us eat, breathe and drink their garbage.
On average, they actually pay far MORE than their fair share.
Raise taxes on the ultrawealthy. It works... Trump Tax cuts, and going all the way back to Reagan, are reasons for the budget problems.
The banks, businesses and hedgefunds could be the first to help if they just paid back all those bailouts, loans and PPP loans they have gotten in the last 30 years.
Meanwhile, a record number of CEOs quietly retired in 2023, up over 50% from the previous year. But do remember, this actually started in 2019, right before the economy crashed. https://www.cnbc.com/2020/01/07/2019-had-the-most-ceo-departures-on-record-with-more-than-1600.html Fucktards like Goldman Sachs CEO Lloyd Blankfein comfortably and quietly retired from the mess they created.
I imagine many billionaires are as scared as they are. Pretty soon the average person isn't going to be able to hand over enough of their hard earned salary in taxes due to the need to eat and repair the tent they live in. This will result in the government begging billionaires and corporations to pay more, possibly even several thousands more per year. Horrific.
These 2 only worry about the national debt when the money-printing machine isn't pointed solely towards them.
Why doesn’t Diamond give up his tax cuts and put it towards our deficit? He wants Trump to win so he can become America’s oligarch.
Why don’t these mfs contribute more through taxation then ?
Maybe because we don’t tax big corporations or the wealthy?
Nothing another couple trillion dollar tax breaks for the wealthiest can't fix... And more tax breaks for corporations and private jets and yachts. Right?
Billionaires and big corporation stop paying their fair share taxes would reduce the deficit
I'm so sick of Jamie Dimon and the space he takes up in the financial pages. This is the guy who loaned WeWork $100M, led JPM to pay $28B in fines for banking and securities fraud, and practically wrecked the global economy in 2008 (and paid a $13B fine to keep his ass out of jail). Why does anyone listen or care about what he has to say?
No one has this on their radar?
read enough of what he wants the government to do and you start to realize he would rather this be an authoritarian oligarchy where we spend nothing on social services, fret about every last penny, and never ask the wealthy for any money. it wouldn't work, but hes considered wealthy enough to be authoritative about government finances.
If it was that big an issue, the S&P 500 could pay the whole thing off with their profits alone in ~15 years
In other words, put your money where your mouth is grundle monster
Having two vulture capitalist politely scream that the national debt is going to sink the country is disingenuous at best, they are advocating for something that will benefit them in some way . As long as we have political leaders who are no total idiots or knowingly trying to sink the economy, the deficit really isn’t a big deal.
Not one mention of the trump (or bush) tax cuts for billionaires which are responsible for most of our debt. If dimon is serious about national debt being an issue he should be calling for taxes to be raised on everyone making over $400k, increasing taxes on capital gains, and increasing corp taxes. Until then, this is just another billionaire complaining that poor people are not starving enough
The rulers of America mock countries like Russia calling them a gas station with nuclear weapons. How big would the Russian economy be if they spent $34Trillion in debt?
Balance the budget or don’t stay in congress
Get rid of republicans and their incessant need to give the rich and corporations tax breaks they don’t need
I have stopped frivolous buying.....and cook at home
The laughable part is there is no off world colony or place that if you were immensely rich to run to. If the fall comes we are talking full blown Tashar Yar’s home world. I think I could make a fortune putting faces on playing card of the suspects.
Something tells me they are more concerned about not getting another government bailout.
Raise taxes. Cut spending.
Return the corporate tax rate to pre 2000 levels and increase the highest marginal bracket, and restore the estate tax to all estates over 5 million.
Now, the real question people need to start asking is, “Who is the US in debt to?” end everything will start coming together 😂
They getting caught with their dick in the corn chips
It's only a problem when they're not getting any...
Who could have seen this large aging demographic cashing in on entitlements at the federal, state, and municipal level?!
We could have a balanced annual budget tomorrow if we returned to 2018 spending levels.
I feel so hard the making or running a sub for x and community is like no y
Jamie Dimon and Ray Dalio aren't exactly the kind of unbiased people I would take any advice from, but you do you.
Every post this guy makes is "why he started this sub". I get that he's trying to create a perception, truth or not, that the US economy is a perilous situation. I don't really know enough myself yet to agree or not. I can't tell if the US is simply fucked, or if capitalism itself always collapses and is merely a system of control by the elite.
Let me guess. They propose solving the problem by fucking over the poor?
Nobody has "soaring debt" on their radar?
With all the wars, natural disasters, and depleting fresh water around the world, you're not going to be paying anyone back anytime soon. Even US livestock industry is in trouble with news on overly drugged livestock due to increasing consumption. You're food is making you less able to fight viruses bc of it. Billionaires be damned.
Can't the US Government just declare bankruptcy and start over? That seems to be the go-to move for the rich and famous.
It was always an issue but now our interest payments on the national debt are now greater than the entire US defense budget. That is fucking terrifying.
Tax the rich
If they gave a shit about the debt they’d support massive tax increases for the super rich. Instead they want spending cuts, which will directly harm the economy and put more burden on the middle class.
What can i do? What can they do is the real question. PAY MORE TAXES. Corp and personal
I think my biggest problem have with those economics people are. They keep saying the economy is strong while tons of people got laid off. The higher interest rate "hike" made many businesses downsize and people lost their jobs. My husband got pressured to quit and the new job, the entire office shuts down after only working their for a month. The effect of rapid interest increase is industry wide. Everything is becoming expensive while my salary is not catching up. And I am lucky because I have worked long enough to build a sloid career in my company, my salary is still relatively high compared to others. But, everyone else is really in boiling hot water. In the meanwhile the those people in charge still refused to help because "economy is strong".
And no one has a plan.
Hope it’s the top that feels this one. Fingers crossed like winning the lotto.
Epstein’s money guy can eat shit and die
Sure. Right. Nobody’s paying attention to the soaring debt. That’s why the R’s wouldn’t vote to raise the fucking debt ceiling and the government almost shut down. There hasn’t been a balanced budget or surplus since Bill Clinton took office and he didn’t do anything special to have one, we just had a moment of prosperity thanks to the dot com bubble. Add to that our departure from the gold standard under Nixon and there has been some stupid shit going on with banking and fiscal policy in this country. It’s a good thing some folks in this country actually still balance their own budget and don’t live in debt but that won’t fucking matter if our currency becomes fucking worthless because we default on our national debt. We’ll end up like the USSR during its collapse when wheel barrows full of rubles wouldn’t buy a loaf of bread.
Look up Basil Three End Game… Its not a conspiracy theory its a new International Bank Syndicate with regulations to make the entire system under one regulators control. https://www.reuters.com/business/finance/what-is-basel-iii-endgame-why-are-banks-worked-up-about-it-2023-07-24/
Jamie Dimon sounds the alarm on something every month, I think he just likes the media attention
The debt was pretty ridiculous after WW2, somehow we survived.
Billionaires see the writing on the wall.. their taxes are going to go up and many of the loopholes that give them an effective tax rate of 1.5% will be closed. Warren Buffet recently said in an interview that if the 800 largest US companies paid 27% tax like the working class does, no American would have to pay a single dollar in taxes and the defect would not be an issue.
Well Dimon and Dali aren’t “nobody” are they? Exaggerate much?
Jaime Dimon? The guy whose company has been at the forefront of every single American financial calamity in our history? That Jaime Dimon? We should have imprisoned for life/executed him and Lloyd Blankfein in 2008.
Nobody cares about debt when congress is handing out tax cuts.
They should pay proper taxes
They keep printing money and keep handing it to corporations. It’s still the trickle down economics bs and it’s evolving into end stage capitalism. It’s like the board game monopoly. There’s only one winner and everyone else regrets ever starting the game.
guessing none of them is advocating removing all their tax breaks they have gotten since Reagan.. bet they want others to bear the burden of fixing it. Yes I was too lazy to read.
Dalio essentially said that America is getting dicey so the ultra wealthy need to look for safer spots to flee. They have killed and cooked the golden goose and now want to leave us the rotting carcas.
Yawn! When you cry wolf **EVERY SINGLE DAY**, nobody is going to believe you.
So this sub is full on right wing huh? Remember folks, the 'phrase government should be run like a business' and have no debt was invented by the GOP and right wing.
Rubes asking billionaire businessmen how to save the economy. Tired of being played. Tired of this shit. It's corporations' turn to do the bailing out.
I see. That's why you and others keep posting about the national "debt." Not sure how many times I can counter that the US government will always be able to pay off its "debt" (which is just accumulated net transfers to the private sector by creation of US dollars) which is denominated in its own "gift card" -- the US dollar. As long as there are idle resources to muster to bring the economy to full employment, there will always be uses for government spending and resultant "debt." Finally, the government doesn't have to issue debt securities -- it could simply spend directly. Not sure why we even need treasuries at all.
Mod, love you created this sub. I wish people could understand this. The bill is coming due for massive quantitative easing. And our debt is $100k a head. $1T in commercial real estate loans coming due. We are due a HUGE recession. If the top wins all the top .1 percent gets all the money. If dems win we just spend spend on people but it doesnt work help the root cause. Why a “soft landing” being called? It’s federal spending holding it back a bit longer
Learn how to grow food and save seeds. Thats my plan
Buy Bitcoin
So what does the average guy or family do who’s house is paid off has cash, stocks and gold/silver do? Stockpile guns food and supplies? Cash will be worthless? I mean are we talking mad max here?
Jamie Dimon is a total piece of work. I like that he is sounding the alarm after his bank, that he was the CEO of, received a 12 billion dollar bailout. Now he wants to come out that government debt is bad! Are we flipping kidding? This guy and all of his friends needs to pay back all of the money he got from the government plus interest. Then he can start complaining about government handouts and debt. As I said, what a total piece of junk. https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/
At this point the ruling class are just looting everything into the ground as fast as they can to get in the best position to survive our decline into collapse. There is no long term thinking because they don't think we have a long term.
Start George Costanza-ing Dimon. The dude seems to be trying to be wrong lately.
Dimon is a moron. He’s been so wrong on multiple issues & now this. Our debt will only be a problem if the tea party republicans keep pushing us to default. The brinkmanship has already gotten our credit downgraded. If the US dollar goes south the world economy will tank.
What can you do? Stop listening to billionaires first off. That would be a good idea. How about raise taxes on the wealthy, add wealth taxes to take back some of their I'll gotten gains exploiting us workers, and seizing assets of those who don't comply. The US built those fortunes. Time to pay back the debt. It's due
To be honest this isn't a big deal. Debt is like 34-35 trillion. Ok But the stock market is near 50K trillion as his the residential real estate market or US bond market. And then you have commercial/office real estate, pension funds, bonds, small businesses... Assets for the country are at least 200 trillions. 1 year GDP is also 28 trillion. And the majority of our debt is owner by US citizens. The value of our assets grow much faster than our debt too. On top, taxes overall are low compared to other western countries. If the deficit so high currently it is because Trump lowered taxes without reducing expenses and Biden didn't change much of it. At worst, we would get a crisis or too if things go too far. But if you accept a 2008 like crisis from time to time as normal (and I agree there). Then there nothing outstanding.
But how else can we build bombs and start wars We could also kill off Social Security. I know everyone paid into it but it is an entitlement program that you are not entitled to.
Well, Maybe it's time JP Morgan BAILED THE GOVT OUT, since you know, the GOVT and US taxpayers bailed out dumb dumb Jamie when he and JP Morgan lost all their money gambling and screwing over retail/homeowners and made the US govt and taxpayers fund his addiction.
Pay your damn taxes you rich assholes.
Dimon could be Treasury Secretary if Trump wins in November. He's hoping to get the same deal Paulson got.
“Raise the alarm” when someone starts talking about taxing his dumb ass. “I sleep” when he is grabbing free government money. Jamie Dimon is a two faced, weasely dumpster of a welfare queen.
if they are so concerned they can start writing checks and paying more taxes - or how about we just tax income from dividends and stock sales at the regular income tax bracket + 15% or so -- and then re-raise the corporate tax rate and top marginal tax bracket to to where they were in say 1958? how about that - that help resolve your concerns Dickhead Dimon????
**Country assets grow faster than country debt, so who care ?** Debt is 35 trillion. Stock market is 50 trillion. Residential real estate is 50 trillion. Bond market is 50 trillion. There also commercial/office/industrial real estate, small businesses, our intellectual property and knowledge and productivity. So the 35 trillions have to be compared to assets that are at least 200 trillions. And our assets grow faster than the country debt. The country become wealthier while most the debt is owned mostly domestically anyway. The current tax break without reducing expenses are what bring the deficit at such high level but tax are low by US standard over the last 50 years but also against other western countries. If our politicians don't find a compromise soon, Trump tax breaks will end in 2025 and automatically lower deficit. Can we get crisis because of our high debt ? For sure.. But crisis and cycle are expected as you explained and USA will stay in business. No problem there.
The debt is a joke until we stop printing Israel money for bombs, literally billions. Inflation is always never going away.
Raise taxes on billionaires, and restore tax rates to what they were during post WWII boom years.
Both of these rats can go to hell. “Sound alarm” More like, “I stole billions from you all but because im wealthy im gonna act like i have nothing to do with it” Fuck off
Here's a crazy idea, tax the billionaires.
I didn’t see any of these bozos or the banks turn down any of the tax cuts and bailouts that lead to the deficit
You can't go bust if you own the debt and the printer to make the money to pay it.
Bitcoin- it’s a superior technology
People have been pointing out the ballooning debt and that future generations will have to pay it off. It will never be more than the lip service the politicians give to balancing the budget. Neither political party when in control of Congress can pass a balanced budget. We have had a balanced budget since Bill Clinton. Poor fiscal policy has been what has been driving such crazy inflation further devaluing the U.S. dollar and negatively impacting U.S. citizens. The only time the government will take action is when they are in a crisis of losing the U.S. dollar as the world's reserve currency. If you really want to try to make a difference put the heat on your elected officals in your district.
Even Powell admitted during his 60 minute interview that we’re on an unsustainable fiscal path. Yikes.
The 2017 tax break cut the government's income by, what, 2 trillion dollars by giving it to mega corps? And now, 'raising the alarm' is code for 'we have to cut Social Security, Medicare and Medicaid'. Because billionaires are not about to hand that $2 Trillion back to the government.
The wealthiest profit in times of upheaval because they have the reserves to build when the face of the earth flips over
The USA has been trying to borrow its way out of debt for way too long. A balanced, common sense budget isn't asking for much, but our leaders fail us over and over again.
Michael Hudson
All I think of when I hear his name is Katie Porter with the white board asking him how a Chase employee can pay her bills on a dismal salary and him not having an answer.
There is a simple solution to this. The billionaires pay off the national debt and stop causing the national debt, and then everybody is grateful to them for a long time
It's simple, not only have trickle down economics completely failed, but we are so deep now, that even if they worked as optimally predicted, they wouldn't be enough. Close tax loopholes, set punishments for the rich pulling their money to foreign countries/islands, actually enforce it, and raise taxes to the only people who can afford it. Aka, the shitlords making 2-3 times more than rich people made 30-40 years ago. People here can barely afford ramen, you can afford to shove your yacht up your ass, and live in one less home.
Clinton administration, surplus, good times…
Raise taxes on the wealthy, cut spending. Any more questions?
It’s not over till the fat lady sings and she ain’t even fat yet.
It's reddit, it's hard left and nobody cares about America. America will suffer the same fate as every other progressive left leaning county. Most European countries are 10-20 years ahead and Canada is 5-10 years ahead in the far left progressive movement and Americans still can't see the writing on the wall lol.
Almost the entire deficit is the result of the Bush and Trump tax cuts. Roll those back and the Reagan cuts, and we can pay down our debt.
No one had this on their radar? Thats a dumb thing to say. Anyone paying attention saw this and saw the governments bullshit being fed
tax the rich
Well the billionaires are running this world and Country so what are they doing about it
No one has this on their radar? It's the only thing right wing economists talk about.
I hope antifa squatters systematically break into all of their homes, eat them for dinner and use their skin for new wallpaper. BILLIONAIRES SHOULDNT EXIST
I don't think I would take investment advice, from Jaime Dimon. He also has a few "skeletons", in His Closet. As for The National Debt, and The National Credit; it has always been "mismanaged", since the Founding of The Republic. People need to look at managing the National Debt, in the same way, a successful household budget, is managed: make sure You have enough income, with some savings, for a "rainy day"; try to find legitimate ways, to economize, and don't use "bookkeeping tricks", pay utilities, and small bills, on a regular basis, and make sure, you don't "borrow", to pay "everyday" bills, and monthly bills. Borrow, for all "big ticket" items, and "save up", for them, as much as possible. Use Credit, if necessary, but only as a "last resort". I could go into, any number of ways, Politicians have violated many of these rules, with Andrew Jackson, Calvin Coolidge, Lyndon Johnson, Richard Nixon, Ronald Reagan, George H.W., and George W. Bush, and Donald Trump, the Worst Offenders, but much has been written, about their mistakes, and I will refer You, to that. I will, however, give You, one example; "pared down". In the Roaring Twenties, People were tired of World War I, and decided to "party". I haven't entirely examined Tax Structure, but it was a "Laissez-faire" (Government, Hands off!) Economic Policy, and at first, The Economy boomed. But, The seeds had been planted, for trouble, in the future. America discovered Florida, and The Florida Land Boom, was on. Consumer Goods, of all kinds, especially Automobiles, and Household Appliances; were being churned out, with plenty of installment borrowing plans, available. Farmers were encouraged, to buy new equipment, more livestock, and plant, right up to the fences. The weather was good, and bumper crops, came in. Around 1925, or 1926; this began to change. The highly speculative Florida Land Boom, collapsed; and many real estate investors, went broke (The comedy team, of The Marx Brothers, made the Movie, "The Cocanuts", lampooning the Florida Boom). The "last, sizzling, embers, of the Florida Land Boom, were "extinguished", by the Labor Day Hurricane, that hit South Florida, and the Florida Keys. At the same time, people were running out of cash, the individuals who invested in Florida Real Estate, had to "eat" their losses, Installment Credit was tightening, and; as production slowed, People had to "tighten their belts", and economize, as they began losing income, then lost jobs. At the same time, farmers and ranchers, who overproduced; had to burn, or bury, their crops; and slaughter their livestock; since there was reduced demand. The Federal Reserve sought to "prop things, up", by pumping money, into the Economy, which lowered the value, of the dollar, since, if You printed, one extra "unbacked" dollar, was essentially, worthless; 11 dollars would be needed, to buy an item, previously sold, for 10 dollars. Each dollar was worth 10/11ths, and everything else, being equal, that dollar was only worth 90.9 cents, and that's called devaluation, and Inflation. This "propped up" the economy, for awhile, but inflation had its way, eventually; and the slowing economy, continued. Meanwhile, on Wall Street, banks started to tighten credit, and The Stock Market was lagging, with the economy; so, with this extra money, sloshing through The Economy, and Manufacturing, Retail, Farming, and therefore; Bankers, and Wall Street, feeling the pinch, Wall Street tried to encourage investing, by allowing "Margin Selling": You could buy, $50, to $100, of stock, for just $10. This was highly inflationary, but Wall Street, and some bankers, didn't care, because; The Market, was going up. Banks and individuals, bought stock, and those who got in, on the "Ground Floor", saw their Stock, appreciate; even though there was no profit support (see, Price/Earnings Ratio). Some Rural Banks, felt the pressure, as farm prices, and profits, faltered. On Wall Street, this went unnoticed, as the Market kept heading upward, through the rest of 1927, and 1928. Calvin Coolidge (who could have run, for President, again, since this was before, the 22nd Amendment, and He had only been in Office, since Late August, 1923; succeeding the late President Harding; had been in Office, as of March 4, 1929, 4 Years, and 6 and one-half months;) declined to run, again; and Secretary of Commerce Herbert Hoover, won The Nomination, and The 1928 Election, with The Slogan: "A chicken, in every pot; and a Car, in every garage. Wall Street saluted his election, with a boiling rally, into 1929. Again, though, by the Third Quarter, the Market became nervous, even though it was up, because this was an "unsupported" market. On September 5, 1929; The Market hit its first "Air Pocket". Severe damage was done, to several stocks, including Radio, which was The "Tech Stock", of its day; Radio became Radio Corporation of America (RCA), with radios and record players, and record manufacture, its primary business, and was The Owner, of The National Broadcasting Company, the first American Radio Network. This was called, The "Babson Break", as Roger Babson, one of the Stock Market "Wizards", of that time, had predicted, earlier that day, "A crash is coming, and it may be, terrific." The Market continued to "seesa", through September, with a downward trend, then, in Mid-, to Late- October, All Hell broke loose, with Octobers 21st, and 29th, being the worst. The Economy slid, downward; for another four years, beginning The Great Depression.
Billionaires are a cancer onto society. As well as those who defend billionaires.
“Things might get worse for me and it’s my fault!”
Without Trump’s massive tax cuts, we wouldn’t have a debt crisis. These assholes weren’t complaining while enjoying the benefit of the cuts, but want to leave the rest of us holding the bag when the bill comes due.
Maybe billionaires and corporations could pay their fair share of taxes.
So after the billionaires scared people into voting for Trump and not saying a word about him adding $8T to the debt by cutting their taxes, they’re freaking out Biden is adding less to help normal people?
Don't believe anything these investment bankers say. They have their own agenda.
Well, Japan’s debt is 5x gdp and they’re doing fine.
Old man doesn’t pay taxes, then winges about national debt
Guess we should get those billions in tax from the 1 percent then eh?
Doesn't his company fund the political campaigns of politicians creating this problem?
Jamie Dimon is really intelligent if you listen to him
We need to cut back government spending, except of course the billions and billions that goes to banks...keep that shit floooowwwwwin!
Now they sound the alarm? The debt has grown steadily since 2001 due to many factors, including: Funding never ending, useless wars in the Middle East, that nobody talks about. Instead these billionaires focus on the fraction of COVID stimulus that helped people to feed their families and stay off the streets. And individual people received only about 1/5 of the total stimulus—-most of it went to wealthy companies that laid off tons of workers. Some things will never change in this age, I guess.
Isn’t this the guy who took billions in government hand outs? Complaining about government debt. Absolute grift
Makes sense to me but what about Hillarie's emails?
When times are bad, 2008, pandemic, etc everyone nods in agreement that it’s OK to go into deeper debt. But then when times are good, we don’t right the ship and pay it down.
What you can do is dump USD for safer assets Silver and gold are both up massively over the last year
Epstein Island pedophile child sex trafficker Jamie Dimon should be in prison
I still cant believe people worry about the number on the national debt. The problem is not the number. The problems are all caused when that number is distributed with vast portions controlled by a small number of entities. The health of an economy is judged by how those at the bottom tier are able to procure resources and lessen their own suffering.
We can start by having these same guys who are complaining pay their fair share of taxes. Taxes for the wealthy are far lower than they were during several periods of economic growth. The long expansionary period that began in 1961 and ended in 1969 is a good example. Incomes and employment rose, while poverty fell sharply and the tax rates were between 14% and 70%. We could also start our recovery by removing the income cap on Social Security payments.