Crazy budget proposals for 2025
https://www.axios.com/2024/03/11/biden-budget-2025-priorities-plans-credits
Others are getting concerned:
Gomes predicts America’s $34 trillion debt burden may upset the world’s financial markets as early as next year—should a president-elect announce a raft of expensive policies.
I’m buying a bit more metal 
“Biden’s budget, which assumes capturing trillions of dollars from corporations and wealthy Americans, still envisions trillion-dollar budget deficits for the next ten years, for a total of $16.3 trillion.”
Are there a couple of recessions factored into the projections?
DB2
The prophets of doom are never in short supply. When they are right the evidence becomes available but otherwise there is always a new day for it to happen. A second coming!
This is not to negate the negative aspects of excess debt which often ends in either bankruptcy or debt forgiveness, an age old practice.
- Leviticus
- Hittite-Hurrian text
- Ancient Athens
- The Quran
- Contemporary
What caused the 1929 crash? Debt, excessive debt, too much margin fueling excessive demand. Artificial demand. Unsustainable demand.
The Captain
Whenever a non-Democrat is elected President.
Unlike a budget surplus
An additional trillion dollars debt ever 100 days:
Multiple waves of unfunded tax cuts for “JCs” will do that.
Off topic - There is only one JC, and he will save us. Seriously, what does JC mean?
On topic - Politicians on both sides need to recognize that spending money you don’t have and cutting revenue below financial obligations are equally bad for the country.
Sometimes going into debt to kick start the economy is necessary. Permanently running an economy with a rising deficit is the road to ruin.
Trouble is it’s gone too far now and there is no way back.
JC is “job creator”, the universal excuse for giving money to those who already have the most.
(L&S) is “leader and statesman”, a healthy dose of snark for the legislators in the Michigan capital in Lansing, who take away from the Proles (“1984” reference) to give more to the “JCs”.
25 years ago, there was leadership in DC that could make a balanced budget happen. That leadership is gone. Now, it’s all about buying votes with spending, then, once in office, throwing more money at the “JCs”.
Steve
Thanks for the clarification!
I dunno. Not all spending is bad, not all revenue cutting is bad. To your point, spending and revenue adjustments should benefit all Americans, not just a select few.
Trickle down has been a disaster for middle class and lower income citizens. I’m a believer in enema economics. Probably need to come up with a more appealing name…
Seems that “benefiting all Americans” is now Communism. The previous Gov in Michigan, raised taxes on retirees and the working poor, cut funding to cities and counties, and ignored infrastructure to cover two rounds of tax cuts for the “JCs”. We have a new Gov now. A couple years ago, the state had a big surplus, which the new Gov proposed to be invested in education and infrastructure, which have long been underfunded in the state. The (L&Ses) that still controlled the legislature decreed all the surplus go into more tax cuts and passed a budget accordingly. The Gov vetoed the (L&S) budget, and, finally, pushed her’s through.
By the latest numbers I have seen, Michigan ranks 38th in the county on individual tax burden, between South Carolina, and Alabama, so it’s not like we are overtaxed. But all the (L&Ses) can think of is cutting taxes.
Steve
When push comes to show what counts is whether you can cover the debt, not what the debt was for.
The Captain
The USA’s dollar as the world’s reserve currency is both a blessing and a curse to the USA. Up until now the world has wanted dollars and the only way these can be supplied is by a massive and growing trade deficit. The USA is providing the rest of the world with the liquidity that it needs. This gives the USA what De Gaulle called “an exorbitant privilege”. This is truly a blessing, for a while anyway.
Those deficits turn into a pile of debt that becomes unmanageable. The rest of the world sees this as it is now, and this is when the problems start. This is the curse, and this where we are all drifting now.
It’s called The Triffin Dilemma, after Professor Triffin who advised Congress that Bretton Woods would not work:
In October 1959, a Yale professor sat in front of Congress’ Joint Economic Committee and calmly announced that the Bretton Woods system was doomed.
Congress took no notice of him!
I suspect that will happen in the next 10 years, which will make the debt numbers worse.
DB2