Economists made a model of the U.S. economy. Our debt crashed the model

Comments

• reddig33@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Stop electing republicans if you don’t like debt.

  thehill.com/…/3586660-democrats-plan-would-decrea…

  politifact.com/…/republican-presidents-democrats-…

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• bacon_pdp@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Should have used 64bit integers instead of 32bit integers

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• resipsaloquitur@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Racist dog whistle.

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  • otacon239@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    What is?

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    • resipsaloquitur@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      The constant fretting about debt.

      We are always days away from some unspecified horror because the debt-to-GDP ratio is slightly higher than some other countries, yet data doesn’t support it. But we have to slash social spending. To prevent the thing from happening. Whatever it is.

      But there’s always money for military and tax cuts for millionaires.

      Hint: it’s racism. Or, perhaps, classism.

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• regedit@feddit.online ⁨3⁩ ⁨weeks⁩ ago

  YES!!!! USA! USA! USA!

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• UnderpantsWeevil@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  In 1929, the US had a GDP of $104B and a national debt of $16.4B

  By 1933, the US had shrank to $57B in valuation, nearly 50% of its 1929 baseline. However, an austerity budget had kept national debt to a meager $23B.

  The incoming President, FDR, institutes a sweeping expansionary economic policy which rapidly grew the US debt. From 1933 to 1945, the debt soared to $269B. US GDP was fully eclipsed, at a comparatively meager $229B. The surging rate of GDP was entirely thanks to year after year of domestic debt financing.

  As we all know, 1945 was one of the worst years for the US economy. I would like to think Americans will have learned a lesson from this story. But instead, they continue to spend recklessly at the federal level, bloating our national debt year after year, and driving our economy into the pavement as a result. We currently have a GDP of $27T and a Debt of $35T. Our country is ruined. Our economy is in shambles. We are the poorest nation on Earth. And yet we will not stop.

  We need to go back. Herbert Hoover was right, but we wouldn’t listen. We need to go back.

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