all i want is a frigging businessman who cuts spending, and increase taxes.
Fixed that for ya. If we do the above, the debt will right itself in time.
imo this is a ship we need to address very soon. rates are on the rise. deficits will rise faster than our ability to grow our gdp unless we address this problem. lets assume we can grow gdp by 4%, we have a 20 trillion debt which implies that we can grow our debt by 800b and keep our shitty position intact. Our current deficit is prolly around a trillion. but rates are pretty much close to an all time low. a 1% rise in interest rates will add about a $200b deficit. the current interest on our debt is 2.2%, 5 year treasury rate right now is about 3%, historical average is probably around 5 to 6%. so we can prolly expect $800b in additional deficits within a decade as we normalize our rates.
btw its important to note that the biggest problem in our budget is social security and medicare. its roughly about 2.5 trillion, close to 60% of all govt spending. lots of synergies in the 2 as we prolong lives, and send a check to sustain it.