HODL! U.S. debt Alarm

[hugeblack]

After his election, Trump promised to wipe out the US national debt, but the national debt has already grown at a rapid rate and exceeded $ 22 trillion for the first time in February.
As experts say, this will be a concern because over time it can raise interest rates for consumers, which means higher rates of mortgages and other types of loans.


For more ---> Debt and deficits are skyrocketing. How does it affect you?
Source ---> 'Self-inflicted wound': Donald Trump signs budget bill as
experts warn he's on track to add trillions to U.S. debt


  Trump wrote:

Budget Deal is phenomenal for our Great Military, our Vets, and Jobs, Jobs, Jobs! Two year deal gets us past the Election. Go for it Republicans, there is always plenty of time to CUT!

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[Wilhelm]

The US monetary system is made to allow for an ever increasing debt.

[Febo]

After his election, Trump promised to wipe out the US national debt,

Do you have link to source of that promise. Sounds a dumb promise. Thx in advance.

[stompix]

Do you have link to source of that promise. Sounds a dumb promise. Thx in advance.

https://www.washingtonpost.com/news/post-politics/wp/2016/04/02/transcript-donald-trump-interview-with-bob-woodward-and-robert-costa/  
It's behind a paywall so here is the part:

DT We’re a debtor nation. We’ve got to get rid of — I talked about bubble. We’ve got to get rid of the $19 trillion in debt.
BW: How long would that take?
DT:  I think I could do it fairly quickly, because of the fact the numbers . . .  .
BW: What’s fairly quickly?
DT:  Well, I would say over a period of eight years.

Anyhow, Trump said a lot of stupid things....no point even counting them.
As for the debt itself, it has reached a point where it doesn't even matter how big it is and how much is growing.

[yesyes18]

And I'm not surprised at all. The kinda way the USA builds their economy will basically result in such. Printing money anyhow is one of the reasons and also that their undue economic supremacy they try to portray all the time. I learnt they're now considering a tax cut which will eventually lure people into keeping more at the banks lol. Bitcoin is indeed a safe haven.

[jossiel]

Can somebody tell me if this website[1] for the monitoring of US debt is viable and somehow accurate?

[1] https://www.usdebtclock.org/

Bitcoin is indeed a safe haven.

Yes, definitely but until now many US citizens still doesn't consider and know it.

[leftgirly]

All over the world, almost every country is in debt. That is how the world and the financial sector is moving in this century. The more responsibilities you put on yourself, the more you are likely to be in debt. Part of the  annual budget of the US government are used in military operations and taking   care of many deprived areas of the world. It is not surprising to see such financial reports on the United States.

[pugman]

There's no fucking way Trump clears out the entire US debt, I'd be surprised if he manages to wipe out 1% of it, and as small as the 1% may genuinely sound, realistically that's a fuckton of money, and that is 220,000,000,000$ aka 220 Billion.

Here's how I see it: Trump mines out all the fucking oil from these Middle-eastern and other oil rich countries, disintegrate all of those fucking countries so they dont fight back, and he makes US even more rich, prints out more money, and gives out more fucking loans,because they still need more money and it wont be enough to avert Global crisis.

HODL bitcoin or not, the recession that's at our necks is gonna fuck us all, and we can do literally nothing about it.

[mu_enrico]

DT:  Well, I would say over a period of eight years. And I’ll tell you why.

BW: Would you ever be open to tax increases as part of that, to solve the problem?

DT: I don’t think I’ll need to. The power is trade. Our deals are so bad.

BW: That would be $2 trillion a year.

DT: No, but I’m renegotiating all of our deals, Bob. The big trade deals that we’re doing so badly on. With China, $505 billion this year in trade. We’re losing with everybody. And a lot of those deals — a lot of people say, how could the politicians be so stupid? It’s not that they’re stupid. It’s that they’re controlled by lobbyists and special interests who want those deals to be made.

Source: https://www.washingtonpost.com/news/post-politics/wp/2016/04/02/transcript-donald-trump-interview-with-bob-woodward-and-robert-costa/

So he wanted to solve the trade deficit by renegotiating trade deals. However, the US had both trade and federal deficits AFAIK. IMO solving trade only addresses part of the problems. Hence, the US should reap the investment (profit) from all these years deficits/investments, e.g., cutting subsidies, raising interest, and more production/fewer consumption.

Alternatively, threatening to nuke the rest of the world to give them money.

PS: he might have different ideas in 2019 since the interview was in 2016.

[joelsamuya]

The USA economy (and similar nations who modeled their system from it) is now beyond redemption from the straggling debt and its insurmountable problems. No President can ever stop the mounting debt as doing so is considered as political suicide. Debt can mean more money for the government to do its job and more money for public services and projects which are undoubtedly good reasons to borrow more and more...leave to the future generations how they will cope the most important thing is to survive in the present. Now, if a Republican President could not stop the mounting debt, how much more a Democrat one? 

[Maestro75]

Some how it was the financial meltdown of 2008 in the United States of America that gave rise to the idea of Bitcoin and now it is look like the same America will further strengthen bitcoin indirectly through its inability to solve its debt backlog. We are waiting for this.

[stompix]

Now, if a Republican President could not stop the mounting debt, how much more a Democrat one? 

Well, Clinton managed to do it.
So, for the last period, at last, Republicans managed to increase the deficit far more than Democrats.
Anyhow, I wouldn't consider Trump as a republican, the man is whatever he thinks is cool to be.

Can somebody tell me if this website[1] for the monitoring of US debt is viable and somehow accurate?

[1] https://www.usdebtclock.org/

Not really, they get the data from sources that publish them quarterly or yearly and make projections of it.
So the clock might go forwards when in fact for the whole period the situation changed, or it can have a higher or lower speed than it is actually happening.

[Kakmakr]

Politicians lie and that is one thing you can always bargain on. Donald Trump's main goal with these trade wars was to build the local economy and to create more jobs in the USA. The problem with that is that certain industries started to collapse, after he started with these trade wars, because other countries like China had control over certain imports that was needed to sustain certain industries within the USA.

It also does not give him a 100% guarantee that more jobs would lead to less debt. People's lust for consumer goods and junk food is just one of the problems that the USA have to deal with. <Change people's spending habits and their reliance on debt to feed their need for these worthless products> 

[NeuroticFish]

All countries fiat currency allows debt. EURO is a little bit different because there are more countries that have to reach an agreement on the max allowed yearly percents, but that's all.

Since the debt is in US dollars, I guess that the "easy" way to reduce it is by inflation: make the same debt worth less. Just US doesn't afford to have too big inflation, because then the US Dollar will not be considered by the weaker countries to safe heaven. But every tenth of a percent matters a lot.

All in all, while the debt increases indeed, the US Dollar may not fall too deep. Actually I expect that the increased influence of US in Arabia is exactly to keep oil prices in US Dollar, keeping the currency strong.
If that changes, then indeed, US Dollar may get into tough times.

[yoseph]

After his election, Trump promised to wipe out the US national debt,

Do you have link to source of that promise. Sounds a dumb promise. Thx in advance.

I really have my doubts that Trump said anything about wiping out the national debt, This actually coming from a businessman who has has declared bankruptcy a number of times seems untrue. And also being an apt businessman, i think he knows its not really feasible. His main promises i believe was securing their borders and making sure that there is jobs for Americans.

[slaman29]

Hard to imagine that kind of debt... 22 trillion dollars! Doesn't the country see what's happening and doesn't it realize it is only delaying the collapse of its own economy? Or will the world bank and all US allies step in to save them?

Bitcoin people are happy but they should also worry if the world's largest economy collapses.

[Lucius]

What should be emphasized is that this promise or rather the utter nonsense is from 2 April, 2016 based on link stompix posted,, and we know that after 3+ years there were no positive changes regarding the reduction of national debt, but it happened just the opposite - so that debt grew from $ 19 trillion to $22 trillion in time of Trump presidency. Does anyone think that this debt will go down in next 4-5 years? Only if they appoint the greatest miracle worker of all time instead of the president in White House.

Maybe Trump plans to reduce national debt with the purchase of Greenland? When Denmark say no to that offer, he is canceled state visit to that country

https://www.theguardian.com/world/2019/aug/21/trump-state-visit-cancellation-over-greenland-shocks-danes

[crzy]

This debt will never runs out, it will continue to grow as they continue to improve their country and become a better nation. The recession are coming and no one can stop that, the U.S debt continues to hurt their economy and the trade war with China is a bad decision for U.S, they can't stop China on this way. Hold more good assets, and if you have mortgages expect a higher interest rates in the coming years so try to buy more bitcoin for now.

[Duzter]

In every country this is common to see the wiping out of debt on the election agenda. American president Trump too have given the same statement, and later they understand about the reality. From my understanding in one term of ruling it is impossible to make every plans executed, at least two term of governance will make the plans implemented.

Importantly when the debt goes beyond limits USA will always have the plans of printing the currency of their own to stop the inflation.

[Harlot]

Last time I check was when the debt has risen in an alarming rate in the US it triggered a recession in their country so I expect all of their markets will follow up and start having a bear market. With all their investors liquidating their assets for some quick cash I know only the safest place to go now is to international markets like Forex and also the crypto market. The crypto market will play an important role here but I doubt that it will be a guaranteed positive effect because we do have some whales in the market not to mention a lot of traders already existing in there.