I’ve posted about this before, not necessarily US debt, but national debt in general. Elon Musk recently said something to the effect of the US being on the edge of bankruptcy. This was an overlooked comment he made in the midst of the Ukrainian peace deal with Zelensky. Is this true? I can’t tell you, none of us really can. But one thing I do know is that the elastic band that is debt will eventually snap and unless something is done the US will either default, or they’ll keep raising the debt ceiling to the point where the debt can never be paid off.
How much debt is the US in?
The US is now 36 trillion in debt. One thing I didn’t know is that the US has what is a pretty good interest rate which means it’s paying out a bit under 1 trillion per year in interest. That still works out to repayments of roughly $50 per week for every person in the US to contribute to keep the interest at bay. This doesn’t actually pay down the debt. The other thing you have to keep in mind that amongst the US population a large proportion of these people will be children, elderly, unemployed, stay at home parents, some of them will be illegal immigrants or cash economy workers none of whom will be making significant (if any) contributions making the actual burden much higher on those that do.
Debt and the Ukraine War
Each time the US goes in to fight someone else’s war, it puts more money on this credit card. Wars are expensive there’s no two ways about this. I actually kind of agree with Trumps idea of negotiating for the Ukraine’s rare minerals. Why should the US put itself at financial risk when other countries are not contributing in a fair manner?
What’s the fair solution? There might not be one. Either way in a war somebody gets f–ked over. Ideally Russia shouldn’t have gone in there the way they did, but there’s even two sides to that story. But we have the situation we have, and the only way out now is to find a solution and hopefully find it fast before too many more people die.
As much as everyone is criticising Trumps solution, I haven’t seen anything better come across the table. Biden (amongst others) condemned Putin but Putin didn’t care. It did nothing to stop the war. Trumps solution may or may not be ideal, but its still the closest anyone has come to finding a solution.
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