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(Snopes)   Snopes publishes fake news   ( snopes.com) divider line
    More: Obvious, national debt, United States public debt, debt-to-gdp ratio, public debt, national debt data, debt ceiling, Donald Trump, United States  
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8312 clicks; posted to Politics » on 27 Aug 2017 at 9:32 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-08-27 08:34:13 AM  
It's not fake news.  Trump had zero to do with this, but it's accurate.
 
2017-08-27 08:45:56 AM  
Read New York Post.
 
2017-08-27 08:46:12 AM  
Thanks, Obama
 
2017-08-27 08:47:57 AM  

bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.


When does Trump have something to do with it?
 
2017-08-27 08:48:18 AM  
CNN
 
2017-08-27 09:01:54 AM  
TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.
 
2017-08-27 09:37:40 AM  

Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.


Even shorter version:

Because of a stupid artificial debt limit, we're just taking on debt that doesn't count as debt.
 
2017-08-27 09:38:56 AM  

EvilEgg: bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.

When does Trump have something to do with it?


When any actions he has taken have an effect on it?
 
2017-08-27 09:43:25 AM  

bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.


Thanks Obama.
 
2017-08-27 09:43:34 AM  
i.imgur.com
 
2017-08-27 09:45:14 AM  

Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.


Except that's the exact opposite of what tfa says. Our total debt is declining, so we're not reaching that ceiling. It's gone down by just over $100 billion this year.
 
2017-08-27 09:46:50 AM  

gaspode: EvilEgg: bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.

When does Trump have something to do with it?

When any actions he has taken have an effect on it?


Trump's first fiscal year will start in October.

After then is when he will have something to do with it.  Maybe.
 
2017-08-27 09:46:59 AM  

Pats_Cloth_Coat: Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.

Except that's the exact opposite of what tfa says. Our total debt is declining, so we're not reaching that ceiling. It's gone down by just over $100 billion this year.


Go back and read more than the first paragraph.
 
2017-08-27 09:47:06 AM  

Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.


Yeah. So, basically, we're just not paying government employees, contractors, and vendors, or for needed infrastructure, maintenance, and projects. Which means people are losing jobs and income, necessary work isn't being done, and that the US gov is "lowering the debt" by being a deadbeat. Which, in a darkly humorous way, is a very Trumpian way to "lower the national debt", even if it is an entirely autonomous action taken by Treasury that Donnyboy doesn't have anything to do with.
 
2017-08-27 09:47:12 AM  

Pats_Cloth_Coat: Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.

Except that's the exact opposite of what tfa says. Our total debt is declining, so we're not reaching that ceiling. It's gone down by just over $100 billion this year.


Because we're not paying our bills.
 
2017-08-27 09:47:27 AM  
I guess that's what happens when you fire everyone.
 
2017-08-27 09:49:31 AM  

Heron: Yeah. So, basically, we're just not paying government employees, contractors, and vendors, or for needed infrastructure, maintenance, and projects. Which means people are losing jobs and income, necessary work isn't being done, and that the US gov is "lowering the debt" by being a deadbeat. Which, in a darkly humorous way, is a very Trumpian way to "lower the national debt", even if it is an entirely autonomous action taken by Treasury that Donnyboy doesn't have anything to do with.


Nope, we're still doing everything we would have otherwise in terms of spending.

We're just pretending some of our debt isn't debt, and spending extra money to do that.
 
2017-08-27 09:49:43 AM  
No, no, you're right: The guy who has spent ten quadrillion of our tax dollars going to his own resorts every weekend is "fiscally responsible."
 
2017-08-27 09:49:49 AM  

Pats_Cloth_Coat: Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.

Except that's the exact opposite of what tfa says. Our total debt is declining, so we're not reaching that ceiling. It's gone down by just over $100 billion this year.


Except that's exactly what tfa says.

TFA:
Instead, Bernstein told us, the cause of the drop in the debt is simple - the federal debt ceiling that has been in place since March 2017.
If you look at a plot of the total debt right now, it's holding steady at the limit, because to go over the limit is unconstitutional. So you either have to engage in extraordinary measures or eventually default, and the latter is unimaginable so right now Treasury is engaged in the former.
That is, they are delaying or suspending various payments that need to be made, particularly within some of their intra-governmental accounts... By those measures, they can hold the national debt where it is for a certain amount of time.
Eventually, Bernstein says, the debt ceiling will have to be lifted, and the payments that had been delayed will cause the national debt to increase once again.
 
2017-08-27 09:52:20 AM  
Without bothering to read the data (its Sunday; I have a life) if the debt has fallen rather than merely not risen in line with expectation, that means ready cash from receipts or asset sales has been used to pay it down, presumably by buying back bonds and not issuing equivalent new ones. This is an awful idea, as, for Governnents, the value of cash now will always be greater than the value of reduced debt now. This is because, in the long term, inflation eats debt, reducing the relative value. I agree with Economics Guy FTFA that the debt ceiling is the reason. Debt ceilings are a terrible self-inflicted wound on the public finances.
 
2017-08-27 09:58:10 AM  
Government debt is not like personal debt.
 
2017-08-27 10:02:04 AM  

Cosmic_Music: Without bothering to read the data (its Sunday; I have a life) if the debt has fallen rather than merely not risen in line with expectation, that means ready cash from receipts or asset sales has been used to pay it down, presumably by buying back bonds and not issuing equivalent new ones. This is an awful idea, as, for Governnents, the value of cash now will always be greater than the value of reduced debt now. This is because, in the long term, inflation eats debt, reducing the relative value. I agree with Economics Guy FTFA that the debt ceiling is the reason. Debt ceilings are a terrible self-inflicted wound on the public finances.


But if we didn't have debt ceilings, the minority party wouldn't be able to hold the government hostage every year while the majority party explains how not raising the debt ceiling will destroy the union
 
2017-08-27 10:03:31 AM  

bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.


 That won't stop him from taking credit for it
 
2017-08-27 10:12:39 AM  
Bottom line, the government just isn't paying its bills so it's bank account is growing, while the "books" are showing it's payouts are declining in the same period.  At some point, they can't continue to play the game and are going to have to pay those bills, so this entire episode will be a wash.
 
2017-08-27 10:13:31 AM  
Turns out the month of april is a thing. Who knew?
 
2017-08-27 10:14:51 AM  

Pats_Cloth_Coat: Except that's the exact opposite of what tfa says. Our total debt is declining, so we're not reaching that ceiling. It's gone down by just over $100 billion this year.


You might want to actually read the entire article and the analysis of the situation.  There's actually a graph of the national debt that shows the other times the debt ceiling BS has happened before and guess what?  It's a flat line!

Payment is being delayed on things that can be delayed.  Things that still need to be paid are still getting paid.  In other words - LATE PAYMENTS - which will actually increase the debt accrued than if they had been paid on time.  It's the same situation if you delayed paying your credit card bill.

However, this is a completely unsustainable way to manage debt.  Keeping yourself from being flooded by digging the hole deeper can only go for so long until you hit rock bottom - which Trump has done several times.  He's used bankruptcy to blast the water out of the hole he'd dug himself and spread all that shiat over everyone else in the process.
 
2017-08-27 10:15:20 AM  
His 3 million dollar per trip Maralago visits and bankrupting the secret service is all part of his bigly plan to cut the deficit.
 
2017-08-27 10:15:38 AM  

lawboy87: so this entire episode will be a wash.


Actually, it will be worse - late payments and interest accrual.
 
2017-08-27 10:17:22 AM  

Cosmic_Music: Without bothering to read the data (its Sunday; I have a life) if the debt has fallen rather than merely not risen in line with expectation, that means ready cash from receipts or asset sales has been used to pay it down, presumably by buying back bonds and not issuing equivalent new ones. This is an awful idea, as, for Governnents, the value of cash now will always be greater than the value of reduced debt now. This is because, in the long term, inflation eats debt, reducing the relative value. I agree with Economics Guy FTFA that the debt ceiling is the reason. Debt ceilings are a terrible self-inflicted wound on the public finances.


You could have read the article in one minute, gee, you must be really busy.

Strange that you found time to post, how'd you manage that? It's a mystery
 
2017-08-27 10:18:13 AM  
img.fark.net
 
2017-08-27 10:21:53 AM  

pounddawg: [img.fark.net image 500x522]


Trump's lack of policy

FTFY
 
2017-08-27 10:28:34 AM  
Trumpsters: Trump is lowering the debt just by being in office! See, he's very fiscally responsible!

Reality: Trump hasn't actually done anything yet as relates to government spending except bankrupt the Secret Service by taking an obscene number of vacation days to his personal resorts.
 
2017-08-27 10:34:26 AM  

Heron: Voiceofreason01: TLDR: because we have reached the debt ceiling the Treasury either has to default(which would be bad) or take extraordinary measures to keep us below the limit. That's what's happening now.

Yeah. So, basically, we're just not paying government employees, contractors, and vendors, or for needed infrastructure, maintenance, and projects. Which means people are losing jobs and income, necessary work isn't being done, and that the US gov is "lowering the debt" by being a deadbeat. Which, in a darkly humorous way, is a very Trumpian way to "lower the national debt", even if it is an entirely autonomous action taken by Treasury that Donnyboy doesn't have anything to do with.


And I can speak from experience.  One of my customers does work with the government and the payment cycle has jumped from about 2 months to 6 months.  So yes, the government is just not paying it's bills on time, most likely because Treasury is slowing down to prolong hitting the debt ceiling.
 
2017-08-27 10:38:35 AM  

lawboy87: Bottom line, the government just isn't paying its bills so it's bank account is growing, while the "books" are showing it's payouts are declining in the same period.  At some point, they can't continue to play the game and are going to have to pay those bills, so this entire episode will be a wash.


Sounds like one way businessmen cook the books to show better than expected numbers for a quarter.

Must be a coincidence.......
 
2017-08-27 10:39:07 AM  
Is this like when I have an extra $1000 but it's because I forgot to pay my rent?

rta

Oh yeah let's all applaud this...
 
2017-08-27 10:39:13 AM  
Hopefully the rest of the episode can come true before the nazi in chief ruins more of America.
 
2017-08-27 10:39:38 AM  
If you are dumb enough to believe Trumps' policies have anything to do with our current economy, then you truly are dumb enough to be a Trumpster.
 
2017-08-27 10:40:16 AM  

AliceBToklasLives: Government debt is not like personal debt.


Right. This government cuts revenue (taxes) when it owes too much.
 
2017-08-27 10:49:49 AM  
If the GOP pushes through their plans for tax "reform," they'll fix that blip in a very big way.

Also if they push through Wall Street regulatory "reform" so their owners can take our 401ks back to the casino. Papa needs a brand new megayacht.
 
2017-08-27 10:53:23 AM  
The reason I stopped believing Snopes.com-
http://www.snopes.com/meredith-mciver-exists/
 
2017-08-27 10:53:30 AM  

EvilEgg: bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.

When does Trump have something to do with it?


When he pardons racists and acts like a toddler in eighteen wheelers. You know, stuff he does.
 
2017-08-27 10:53:36 AM  
The six-month data doesn't really matter. There are times of the year when the government spends more and times when the government takes in more taxes. There have been times during the Obama Administration when the national debt gone down too, even though each year saw a net deficit.
 
2017-08-27 10:54:17 AM  

lj1330: If you are dumb enough to believe Trumps' policies have anything to do with our current economy, then you truly are dumb enough to be a Trumpster.


They were dumb enough to blame Obama for the 2008 collapse.
 
2017-08-27 11:06:46 AM  

Billy Bathsalt: lj1330: If you are dumb enough to believe Trumps' policies have anything to do with our current economy, then you truly are dumb enough to be a Trumpster.

They were dumb enough to blame Obama for the 2008 collapse.


...and the bailout.
 
2017-08-27 11:07:31 AM  

EvilEgg: bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.

When does Trump have something to do with it?


When it's his own actual budget and policies in play. See, the previous president sets a budget for the year. You think someone coming in wipes all previous spending and sets new stuff in place on day one? The country can't wait for someone to get their shiat together, (lucky for us, too, Trump can't actually get his shiat together)so things like budgets carry over for the first year before you see any change in spending.
 
2017-08-27 11:09:56 AM  
This is because, as a small-government Conservative, Predisent Trump has elected to leave lots of vacant positions unfilled since they are unnecessary. #draintheswamp #goodbyedeficits #hellosurplus #maga
 
2017-08-27 11:22:57 AM  

stevecore: bronyaur1: It's not fake news.  Trump had zero to do with this, but it's accurate.

 That won't stop him from taking credit for it


He already has.
 
2017-08-27 11:25:11 AM  
The debt is going to shoot up precipitously when (if?) the republicans get the debt ceiling raised. I'm sure Trump will apologize for raising the debt when that happens.
 
2017-08-27 11:40:14 AM  
Everyone (at least the Trump supporters) knows (if they were told by Alex Jones or the voices in their head) that Snopes is run by Soros to discredit Trump.
Or something.
Seriously, google snopes soros. Or don't. It's awful, so don't.
 
2017-08-27 11:47:18 AM  

pounddawg: [img.fark.net image 500x522]


All..  congress...  Congress has the power of the purse.  Everyone Obama submitted a budget.. It got laughed at.
 
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