There is no democratic socialism

No, that would be FDR. :wink:

That’s complete BS, the economy was still struggling mightily in 37 when we began the buildup for WWII and started supplying aid to the allies in 38.

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The only time the National Debt was paid was on January 1, 1835, president Andrew Jackson paid off the entire national debt , the only time in U.S. history that has been accomplished.

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I dont watch Fox news

  1. there is no such thing as unfettered capitalism, I challenge any leftist who can point out when did unfettered capitalism exist

  2. they might be the largest voting block but reality is they will not be in any position to dictate as our society in the last few decades have always tipped towards the folks with the money, if anything cronyism will get worse

The snowflakes are the ones lacking money, as long as the electoral college is in existence it will keep socialism at bay

Which is why they are working so hard to eliminate or circumvent it now.

True. But what I said to you was that by the time Carter left the presidency, the ND was 900 billion. And in 8 years it tripled under Reagan. It doubled again under Bush. So, both parties own the ND. And Trump, who promised to pay it off has only increased it. :man_shrugging:

Humpty-Dumpty

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The WW2 debt was never isolated in the debt which has never been paid in full in the last 100 years.

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The calculations I’ve seen showed it took till around 74 to pay it off.

I can’t remember exactly what it was based on. I know a big part of that was just the final payoff on all the war bonds, the rest I’m unsure of.

And you could also say Vietnam is paid for if you want to assume all money collected in taxes was dedicated to paying the Vietnam debt.

The reality is the US debt:
1945: 258,682,187,409.93
2018: 21,516,058,183,180.23

It did go down a few billion in a few years yet regain its upward march a year or 2 later.

They did pay off the war bonds by simply borrowing money to pay the war bonds off with new treasuries. A bit disingenuous of the government claiming they paid off the WW2 debt wouldn’t you say?

War Bonds were issued exclusively to fund the war.

I doubt at this point, we will get rid of the NB completely - or even close to.

It’s unlikely America will ever pay off its national debt. It doesn’t need to while creditors remain confident they will be repaid.

Most creditors don’t worry until the sovereign debt is more than 77% of GDP, according to the World Bank. In the first quarter of 2019, the U.S. debt-to-GDP ratio was 105%. That’s the $22.028 trillion U.S. debt as of March 31, 2019, divided by the $21.063 trillion nominal GDP.

Around $16 trillion of this debt is public debt. That’s what the government owes to investors. It also consists of debt the government owes to itself. That’s mostly the Social Security Trust Fund. The government will need to pay this one day, as Baby Boomers retire. Creditors aren’t worried about this component of the debt yet.

Since the debt has gone beyond the tipping point, why won’t the U.S. government do more to reduce the debt? There are three reasons why that probably won’t happen.

First, the U.S. economy has historically outpaced its debt. For example, the U.S. debt at the end of World War II was $260 billion. That was 14% more than GDP. But the economy grew beyond that in just three years. By 1960, it was double. Congress believes that today’s debt will be dwarfed by tomorrow’s economic growth.

Second, Congress has a lot to lose by cutting spending. For example, if elected officials cut Social Security or Medicare benefits, they will lose their next election.

Third, that can also happen if they raise taxes. A tax increase cost President George H.W. Bush his second term. Voters remembered he had said, “Read my lips. No new taxes.” He did raise taxes in 1990 to cut $500 billion from the deficit over the following five years. You will notice most elected officials only want to raise taxes or cut spending on their opponents’ constituents.

Most people assume the only way the United States will reduce its debt is if the American people are ready to tighten their belts and accept austerity measures. The most painless time to do so is when the economy is expanding. That’s when GDP growth rates are greater than 3% and unemployment is less than 5%. In fact, that’s the BEST time to cut the debt. It will prevent a boom and subsequent bust.

Booms and busts result from business cycle stages. These are the four phases a nation’s economy goes through. Economic expansion is part of this cycle. Its emergence and those of the other phases in the business cycle are dependent on many factors. Such factors include the effects of monetary and fiscal policies.

At least, I do not see it getting paid off in my lifetime. :slight_smile:

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Not only is that contradictory, are you suggesting there’s no number that’s too big. Furthermore, I love how the National debt was such a rallying cry for Trump during the campaign, and a weapon he beat Obama up with to the cheers of his supporters as he bragged how he would run balanced budgets and pay that debt off. Now he’s running RECORD budget deficits and swelling the ND and it’s crickets, while his supporters are suddenly saying (as you are here) that it’s no big deal. :roll_eyes:

It always amazed me; there is always money for war. Now this is far fetched; but try to imagine if there were never any wars, and all the extra funding went into technology & medical research. We would probably have OTC cancer meds. And I don’t think that’s a stretch. Then again, pharmaceutical companies are greedy. Even now, I’d risk saying, serious meds for life threatening diseases may be avalable, but on hold. Nothing would surprise me. And saying pharmaceutical companies are greedy may be a bit out of line; since many drugs are failures, and failures can still end up costing $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ for the research.

And a population explosion from various sectors that want lots of children.

The ND will never be paid down, all these Dems say that Clinton had a surplus , except what did he do with the surplus?

He didnt pay one dollar of it to the ND.

so if he supposedly had a surplus why wasn’t the ND paid down?

There was no real surplus.

There’s always money for war because we only go to war when the cost of not doing so is too high for us to bear.

Just like for such other things as earthquake and hurricane rescue and recovery you find the money or borrow it when you just don’t have any other choice.

Fortunately there are always gov’ts and individual willing to buy our bonds to finance such things.

Depends if the sectors have no qualms about dragging a country back to the Stone Age. There is living & there is existing.

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But, but, but you have to watch fox news, it’s all I have.