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Another good example of "conservatives" being completely lost in their "principles": they are angry about government not allowing raw milk because government says "it's bad for you", but in the same breath they demand government to ban processed food containing certain ingridients because they say "it's bad for you".
So now "conservatives" want the government meddling in people's finances, food they eat ... what's next? "Conservatives" clamoring for gubmint to make them vaccinate? I mean, if government know better at what rate I must borrow, it sure as shit knows what vaccine I should take, amirite?
So it boils down to what "the science" says? I vaguely remember "the science" say we must vaccinate with some safe and effective vaccine not long ago...
Don't ban/mandate things, just give people information and let them decide? But this is exactly how CC works: you know the interest rate, you know how much you'll pay overall. It's all there. And yet, "conservative" Cucker Tarlson is angry and demands change. 🤡
Writing off debt is already allowed. Cucker apparently wants government to cap the interest. These things don't work together without someone stepping in and compensating the loss from the artificially lowered rates with risks staying the same. And by someone we mean government, because who else. So basically he demands governmemt subsidies for "poor people". Which basically means further expansion of the wellfare state. Which is the epitomy of conservatism (sarcasm alert). 🤡
The_Deplorable says
This is very likely false. This may even have been put out by Dems since it is easily researched and makes Warren look like the victim of libel.
Re above: How about Israel?
We didn't get $37T in debt from Israel. Not if we borrowed the few billion every year at 25% interest over decades.
The most US Treasuries that China has owned were around $1.3 trillion in 2011.
It has slowly reduced its holdings since 2011 and currently owns around $750 billion.
So every American owes the Chinese around $2,000.
Patrick says
So every American owes the Chinese around $2,000.
Nope. The US government isn't 'every American'.
But we pay way more than 2k from hollowing out our manufacturing base.
https://finance.yahoo.com/news/us-loses-last-top-credit-221054398.html
US Loses Last Top Credit Rating With Downgrade From Moody’s
"there needs to be a means test for social security among other spending reforms:
https://www.zerohedge.com/personal-finance/boomers-lets-face-it-math-doesnt-work "
The government has a lot of debt but it has a lot of assets too:
•640 million acres of land (28% of America)
•$500B in gold reserves
•$1.8T in military equipment and bases
•300,000+ federal buildings (including national labs, NASA facilities, post offices)
•48,000 miles of interstate highways
•Massive mineral and energy resources (oil, gas, minerals, water rights)
•650M barrels in the Strategic Petroleum Reserve
•$1.6T in student loan debt owed to the government
•Air rights and wireless spectrum licenses
•Fannie Mae and Freddie Mac stakes (~$150B net worth combined)
•Power generation assets like the Tennessee Valley Authority (TVA)
•Ports, waterway infrastructure, and major federal transportation assets
•National parks and forests (economic and environmental value)
They would be hard to sell and liquidate, but they could definitely be leased, monetized, or privatized in part. Total estimated value: $25–50+ trillion.
https://x.com/HayekAndKeynes/status/1926451705845055530
Interesting that the Chicoms maximum holdings was around $1.3 trillion around 2014
AD says
Interesting that the Chicoms maximum holdings was around $1.3 trillion around 2014
The Chinese hold some additional hundreds of Billions through their SOEs. They try to keep their total holdings quiet, but yep in the UK and Carribean Islands as well as HK.
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As interest rates rise, the math says that it's better if invest any spare cash rather than pay down debt, which is at a low fixed rate (house, student loan, small car loan). However, particularly with the mortgage, there is something to be said for the peace of mind of having it behind me and owning my home outright. I'm fully funding my 401(k), and have a six month emergency fund, but until now, any "free cash" beyond that, I've been diverting to the mortgage. As I sit right now, the goal is have it paid off in the next 5 to 7 years. With high yield savings paying about 4% right now, that's a 1% spread relative to my 3% mortgage.
As much as I could try to invest in the market 1) I'm not that good, and 2) the market has more or less peaked, and I don't see another major bull market given that we are seeing the end of the "everything bubble". Once I own the house free and clear, then I'll have plenty of "play money" to invest or whatever and hopefully catch the next upswing.