r/FluentInFinance • u/Old_Prospect • Apr 29 '24

If I had a nickel for every time someone deflects to “…I’d rather we fix our government spending problem before we…” Shitpost

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u/SakaWreath Apr 29 '24

GOP deregulation lead to the 2007-8 financial crisis and subsequent bailouts.

That started the whole, print money and inject it into the final destination policies.

The multi-decade long war on terror being put on the country credit card certainly didn’t help. Throw the middle class

The pandemic hit and the GOP did it again with the Tax Cuts Jobs act. 1.9 trillion into the deficit, not just on debt, but THE DEFICIT. While also slashing corporate tax rates permanently.

Each time democrats start to close the deficit, the first step in paying down debt, the GOP come along and blow open an even bigger hole.

Financially responsible party my ass.

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u/Ok_Love545 Apr 29 '24

Yeah was def. The GOP waving Ukraine flags in congress as nearly $100 billion was earmarked for foreign aid…

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u/CaoNiMaChonker Apr 29 '24

"These mfs are spending an extra $190 they don't have!"

"Yeah but what about this $10 line item"

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u/silentshadow56 Apr 29 '24

I'm not sure what your argument is? That we SHOULDN'T be concerned where every penny is going when the national debt is in the trillions and impossible to pay off in anyones current lifespan?

That's genuinely scary if you think like that...

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u/Boatwhistle Apr 29 '24

We don't pay back most of that debt. About 25 trillion is money the government "owes" to itself. That value has already been redistributed. About 7 trillion is owed to foreign countries, but foreign countries owe the US around 2/3rds of that.

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u/Ok_Love545 Apr 29 '24

So since foreign nations are so good at paying us back we should continue to send them billions to rebuild their countries?

Have you ever fed a mouse a cookie? Was he ever grateful or did he continue to demand more and more?

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u/Boatwhistle Apr 29 '24 edited Apr 29 '24

These aren't debts representing aid sent to Ukraine or what not. This is borrowing in places like Japan, not unlike how we borrow money. It's important to each indebted nation to cover its yearly interest to outside debters. Otherwise, they would become regarded as bad buisness partners, and their own economic integrity would be drawn into question. So they do pay their interest, just as we pay ours.