Why does Donald Trump want to abolish the debt ceiling?
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I heard someone online last evening that says that right now, there is no debt ceiling. It was suspended back in 2023, IIRC.
They gave a convincing reason why he wants to stop it for now, but I can't remember what it was... a goober search is needed....
They gave a convincing reason why he wants to stop it for now, but I can't remember what it was... a goober search is needed....
a quote from the BBC
Since first setting a debt limit of $45bn in 1939, the debt ceiling has been raised 103 times. The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025.
Since first setting a debt limit of $45bn in 1939, the debt ceiling has been raised 103 times. The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025.
Apparently, the left, and congress are ok spending like drunken sailors, but they want the debt ceiling to be reinstated at the start of Trump's presidency.
He is being castigated for wanting to do exactly what they have been doing for the past 4 years, at least.
He is being castigated for wanting to do exactly what they have been doing for the past 4 years, at least.
this is a highly complex issue, that I don't understand more than a smidge.... but apparently congress sees things like Social Security payments as something that can only be paid through borrowing more money....
because THEY SPENT IT ALL already. Money that we as taxpayers INVESTED into what was supposed to be a locked box, to give us an income after retirement.
The government MADE us give a percentage of our wages, because we could not be trusted to invest for ourselves.
If I had all the money that I have put into SS, and could have started my own savings plan "back then".... I would be a multi-millionaire at this point in time.
Instead, I get the pittance the government tells me is my monthly benefit. This is MY MONEY that they are trickling back out to me....
Actually, what they are giving me is money that is being borrowed to pay SS, because they stole it to begin with.
because THEY SPENT IT ALL already. Money that we as taxpayers INVESTED into what was supposed to be a locked box, to give us an income after retirement.
The government MADE us give a percentage of our wages, because we could not be trusted to invest for ourselves.
If I had all the money that I have put into SS, and could have started my own savings plan "back then".... I would be a multi-millionaire at this point in time.
Instead, I get the pittance the government tells me is my monthly benefit. This is MY MONEY that they are trickling back out to me....
Actually, what they are giving me is money that is being borrowed to pay SS, because they stole it to begin with.
actually, I was looking into this.... the money taken from SS was paid back by the government.
apparently, according to the experts, the reason SS is becoming insolvent is because of the growing number of people collecting it. We apparently are living longer than "they" had planned for.
Also, the rising cost of medical care is affecting it.
And there are fewer people that are paying in from their paychecks... fewer workers.... or fewer "permanent" workers....
Those bad ol baby boomers..... oh, wait... nevermind.
Most experts think that they will cut the SS benefits, to help save money, and will likely raise the SS tax that is taken out of paychecks.
apparently, according to the experts, the reason SS is becoming insolvent is because of the growing number of people collecting it. We apparently are living longer than "they" had planned for.
Also, the rising cost of medical care is affecting it.
And there are fewer people that are paying in from their paychecks... fewer workers.... or fewer "permanent" workers....
Those bad ol baby boomers..... oh, wait... nevermind.
Most experts think that they will cut the SS benefits, to help save money, and will likely raise the SS tax that is taken out of paychecks.
This right here is the answer.
But also because we are on FIAT currency so "government debt" is a meaningless word that's used mainly in politics.
But yes, imagine how childish and stupid the left is being with this move.
-We will spend like drunken sailors until YOU go into office. Then we need to stop.
For any who may be curious, the image here is showing the rumble seat, in the back.
The crank would be in the front of course. By the way, this image is not quite authentic because the cars were all black.
The crank would be in the front of course. By the way, this image is not quite authentic because the cars were all black.
It's all about Trump's ego. He can't stand to have anyone tell him no, which is what the Republicans usually do over debt ceiling increases. He takes it personally; if he can't get his way, it means he's a loser; in his own mind at least. He's going to need a high debt ceiling (or no debt ceiling) so he can borrow more to finance his agenda; and the cost will be high. The Republicans were a thorn in his side over the debt ceiling in his first term, and it looks like they will be again. So once again it comes down to what's good for the Donald, not the country necessarily. He has to be the hero. What will this mean for the country if he gets his way? Higher inflation of course.
He's also trying to establish the Trump/MAGA brand as an alternative to the Republican party. He wants people who will obey him no matter what. If you want to be part of MAGA, you must submit unquestioningly.
He's also trying to establish the Trump/MAGA brand as an alternative to the Republican party. He wants people who will obey him no matter what. If you want to be part of MAGA, you must submit unquestioningly.
The Donald wants to rack up as much debt as he wants so he can do things he thinks will make him a great president. He wants to be able to say I did all these great and beautiful things, look how great I am. Then he'll leave office in four years and let the next poor saps worry about how to clean up his mess.
The BIGGEST problem is those who have paid less than 40 calendar quarters getting the same benefit as those who paid in 120-160 calendar quarters. And those who have paid in that long are getting robbed by the illegal aliens receiving benefits.
Or
If you have paid in 120 calendar quarters but become disabled....you STILL have over a year's wait to get a hearing to be denied until you can get an appeal.
Which is nuts....because 30 years of paying in ought to be proof enough that a person likely is disabled....they worked.
There currently is a bill running through congress to greatly EXPAND those who can get SS benefits by being here illegally or disadvantaged or chemical dependent. Meaning just about anyone can get benefits. Just for the asking. Bankrupting the whole system.
Meanwhile, congress wants a 40% pay increase while SS beneficiaries get a 5%.
The system is screwed up. Massively.
Meanwhile, congress wants a 40% pay increase while SS beneficiaries get a 5%.
The system is screwed up. Massively.