Who's the Liar

[Mestral]

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My understanding is that the national debt is larger than the GDP.

World Population Review puts it at 108% of GDP and says there are at least 7 major countries (and several minor ones) worse than us.

Wold Economics puts it at 124% and says Japan (and several minor countries) is worse than us.

Visual Capitalist puts it at 133% and says Japan, Italy and Singapore (and several minor countries) are worse than us.

Everyone seems to agree we are past the 100% of GDP mark.

With no intent of paying it back. In fact no one even talks about balancing the budget, since the Democrats took over congress in 2014 (maybe further back than that).

[gnatsum]

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My understanding is that the national debt is larger than the GDP.

Yes.
Even IF the US could stop spending money (zero budget, no salaries for ANY employee, no new vehicles for anyone..), the national debt would still poke along. Think it accumulates interest to be paid, too.
The US cannot pay it off in a year...or two...or even ten years. Would require a "jubilee payoff" just to reduce the size...

[sojourner truth]

This is what we get when our spending is determined by a continuing resolution instead of formulating a real budget.

Can you imagine trying to run a household budget using a government formula as a template? It cannot be done.

[Mestral]

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Yes.
Even IF the US could stop spending money (zero budget, no salaries for ANY employee, no new vehicles for anyone..), the national debt would still poke along. Think it accumulates interest to be paid, too.
The US cannot pay it off in a year...or two...or even ten years. Would require a "jubilee payoff" just to reduce the size...

Interest on $30T at 3% is $900B. In a few years, the interest on the debt will be bigger than our national budget. Some of the debt is internal (one government agency owes another government agency) but I don't know how much that part is.

The information here should be fairly accurate:
https://www.thebalance.com/who-owns-...l-debt-3306124

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This is what we get when our spending is determined by a continuing resolution instead of formulating a real budget.

Can you imagine trying to run a household budget using a government formula as a template? It cannot be done.

It all comes to a crashing halt, when the day comes that no one is willing to buy our gov bonds. That doesn't happen all at once, though, since bonds are basically sold by auction. When people don't want to buy, the interest rate rises until someone buys. Problem is, at some point they will realize the US will never be able to make good. The interest rate will rise quickly for a few months and then no one will buy them.

I saw this play out, in classic fashion, with Greece, almost a dozen years ago.
https://tradingeconomics.com/greece/...ent-bond-yield
click on the "all" button under the graph.
The spikes on the graph indicate they defaulted and got bailed out at least three times.

There is no one to bail us out, and we will probably take down the entire world economy when we default.

[sojourner truth]

And evidently, we have "gone Greek".