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We didn't really spend it at all...we re-distributed it, from the federal gov't in DC, to the top 1%, and to states with bankrupted state pensions. It was called Covid relief but the cash got scrubbed, & turned into pension bailouts, kickbacks, & pork belly spending.
Only ~15% went to the American people, so yes, that 15% got spent.
I've been more uncertain, but this has the potential to become the worst of all.
Inflation may not be controllable, and if we jack interest rates upto 7%+ the interest payments on our national debt could swallow big chunks of entitlement & defense spending.
If we print more Monopoly money to cover it all, the dollar could collapse.
Entitlements will need to be means tested to save them for the bottom 40%.
I'm a debt-free top 2%'er, so I'll be fine, but for anyone carrying debt, I'm very concerned.
Last edited by beach43ofus; 05-21-2022 at 03:14 PM..
Definitely not as bad as 2008 when everyone's biggest asset, their homes, cratered and went underwater. I was lucky to be able to leave the country and ride out the recession in Europe. But I will be sticking around this time as jobs and home values are doing well.
I don't think most people understand how bad things could potentially become. That's not to say that the worst scenario(s) will come to fruition of course, and I certainly don't wish failure and/or suffering on anybody, but at a minimum some degree of pain will be required to get through all of this. I'd personally prefer that we get through it as quickly as possible. Most seem to want to continue to play games while increasing the potential for more uncertainty as well as worse and/or longer pain. I don't understand the second mindset — and it's a mindset that transcends political affiliation.
I don't think most people understand how bad things could potentially become. That's not to say that the worst scenario(s) will come to fruition of course, and I certainly don't wish failure and/or suffering on anybody, but at a minimum some degree of pain will be required to get through all of this. I'd personally prefer that we get through it as quickly as possible. Most seem to want to continue to play games while increasing the potential for more uncertainty as well as worse and/or longer pain. I don't understand the second mindset — and it's a mindset that transcends political affiliation.
I agree. Seems we are averse to taking our lumps which are going to inevitably come.
No. The massive inflation created by the overspending during the Trump years is impacting prices but we're still in a standard economic cycle. I have no faith in Biden being able to fix it and Congress is unable to pass anything. But we've had worse.
"Under President Obama, the national debt grew the most in dollar terms ($8.6 trillion) and was fifth by percentage at 74%. Obama fought the Great Recession with an $831 billion economic stimulus package and added $858 billion through tax cuts. Even though the fiscal year 2009 budget was set by President Bush, Obama added to it with the Economic Stimulus Act in 2009.
The national debt reached another high of $28 trillion less than two months after President Trump left office.2 In December 2021, Congress then increased the debt limit by $2.5 trillion, to almost $31.4 trillion, as debt rose again under President Joe Biden.
The U.S. government rang up another $669 billion in the national debt from January 20, 2021 through the end of its 2021 fiscal year. That’s how much extra money the federal government has had to borrow to support its excessive spending during President Joe Biden’s tenure in office.
Much of that additional debt is because of new spending President Biden approved."
Biden has made the debt worse, so get off the Trump soapbox.
Surprisingly no. The number of jobs out there and demand for employees is making most folks get by. And we got a war going on. Like for reals level of war. Where its not 100% known who is going to win.
And man. I remember getting laid off....and what normally is a week or two off while I looked for work turned into week after week after week of trying to find work. And I was not alone.
THATS scary. This? Its inflation. Weve seen it before. If you have a mortgage its awesome. Your house payments are going to be taking less of a bite out of your income going forward.
Yes, but I think that is because I am older (retired). When I was younger, I was really too busy to pay much attention to the economy, and as long as I was employed, I was self-centered enough to have the attitude that this was just something affected other people, and/or I was optimistic enough to think it would be short-lived.
Also, this is the first time I have heard about the real possibility of many (maybe mot) people actually going hungry.
Yes, I am very worried about it.
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