We're Already on Track for a $2 Trillion Deficit this Year \ stacker news ~econ

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We're Already on Track for a $2 Trillion Deficit this Year mises.org/power-market/were-already-track-2-trillion-deficit-year?utm_source=MI+Subscriptions&utm_campaign=e351c14e2b-EMAIL_CAMPAIGN_2024_03_01_07_02_COPY_01&utm_medium=email&utm_term=0_-fb69bb184c-230095776

588 sats \ 16 comments \ @Undisciplined 16 Nov econ

By Ryan McMaken

The Treasury Department posted its latest revenue and spending totals this week, and deficits continue to mount at impressive speed.

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20 sats \ 2 replies \ @BlokchainB 16 Nov

Someone is getting $2T in assets backed by the full faith and credit of the United States people.

0 sats \ 1 reply \ @Undisciplined OP 16 Nov

And, bitcoin's purchasing power tends to increase at 9x the rate of money printing.

0 sats \ 0 replies \ @BlokchainB 16 Nov

Chart?

16 sats \ 0 replies \ @grayruby 16 Nov

Pocket change

15 sats \ 2 replies \ @Satosora 16 Nov

The bitcoin reserve wont help in any way. The usa needs to get their spending on a tighter leash.

10 sats \ 1 reply \ @Undisciplined OP 16 Nov

Hopefully, that's coming soon.

24 sats \ 0 replies \ @Satosora 16 Nov

Have to wait and see what kind of shitstorm trump brings

15 sats \ 6 replies \ @Msd0457890 16 Nov

This is due to the inflation that is already in the United States ? or to the uncontrolled printing of the same government ? and we are talking about Baiden's management because Trump has not yet taken office.

0 sats \ 5 replies \ @Undisciplined OP 16 Nov

It's what they're on pace for already. This projection is based on the first month of the new fiscal year (which is not the same as the calendar year, for some obscure reason), so it is still the Biden administration.

12 sats \ 4 replies \ @Msd0457890 16 Nov

So legally they continue to denigrate or take away value from the currency, that is, the 💲 dollar.

0 sats \ 3 replies \ @Undisciplined OP 16 Nov

Yeah, Congress passes funding resolutions and the President oversees the spending.

23 sats \ 2 replies \ @Msd0457890 16 Nov

But what measures should they take to reduce spending? Because from what I know they were spending more than what was coming into their economy and that is totally harmful.

12 sats \ 1 reply \ @Undisciplined OP 16 Nov

There are lots of good options, but they aren't likely to do them:

Bring the troops home and sell off the foreign bases
End all corporate subsidies
Smooth out the welfare cliffs
End "foreign aid"
Relocate federal agencies away from DC (it's the most expensive place in the country)
Rescind locality pay for remote eligible workers
Cut departments and agencies down to their minimal size
Give managers/directors/secretaries bonuses for reducing expenses
Sell off or rent out federal lands and properties

20 sats \ 0 replies \ @Msd0457890 16 Nov

That's how the government is, that's how the system is. They know the solution but not the practice.

0 sats \ 0 replies \ @B_rian 16 Nov

Late stage 🤡 🌍

0 sats \ 0 replies \ @Bit_Alb 16 Nov

That's very bad!