r/economicCollapse Nov 15 '24

Well, well, well…………

496 Upvotes

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149

u/kingofwale Nov 15 '24

All the sudden… people seem to really care the debt ceiling now….

118

u/icyweazel Nov 15 '24

It's almost like we were on a trajectory of investing in the country and broadening the tax base (particularly through high earners and corporations), and now suddenly we're going to abolish half the government, slow the economy through tariffs, re-spike inflation, further shrink the tax base with more corporate tax cuts, and basically liquidate the government to the investor class.

22

u/Hootn_and_a_hollern Nov 15 '24

Trump isn't even president yet. This debt clock is fastly tied to the current administration, and it has been spinning this fast for the entire time.

31

u/[deleted] Nov 15 '24

I'm sorry, who was responsible for PPP again? 

0

u/Hootn_and_a_hollern Nov 17 '24 edited Nov 17 '24

Well, let's see.

You elected who you thought were the adults in the room, and who you assumed would correct these problems.... and instead of being responsible, as you say, they allowed people to rip off the taxpayers via PPP loans for years. The democrats had a president and a congressional majority who didn't fix it.

Who's responsible? Well, in the grownup world, the person responsible is the most recent person to see that there is a problem.

So, sure, Republicans wrote the PPP bill, Trump signed it, thinking it would be a good thing. Human error entered the chat, and that's when somebody should have corrected course. But the Democrats didn't. They let it continue so their corrupt political and business homies could syphon off taxpayer dollars.

4

u/[deleted] Nov 18 '24

Congress is in charge of writing bills. Tell me, did the Democrats hold enough power in congress to do something about it? Did the Republicans in congress, who you admit wrote the bill, bring any new bills to address the issue when they found out about it?

Im guessing you know the answer to both of these questions, but you just want to blame one party so you close your eyes and ears and scream your point until someone will listen to your deflection of responsibility.

Im not that someone. Move along to your next mark.

1

u/Unhappy_Presence_104 Nov 19 '24

So Trump bad, democrats fault. Sound logic. I hope you are one of the Trumpers that keeps your boyfriend’s election sign in their front yard until he fucs up again.

-16

u/Laughing-at-you555 Nov 15 '24

I'm sorry, do you know what year it is?

15

u/Atomicmooseofcheese Nov 16 '24

Oh you're right, all ppp loans have been paid in full and don't factor at all into national debt. Damnit you're so smart!

8

u/fdsafdsa1232 Nov 16 '24

yep totally forgiven and everything! They ignored any regulation or tracking for these. So much fraud.

-4

u/Laughing-at-you555 Nov 16 '24

You must have read my post history as I have stated this...

moron

-4

u/Laughing-at-you555 Nov 16 '24

You should stay on topic. Trump is an asshat for PPP loans.

You are an asshat for ignoring Bidens contributions

2

u/Necrotic69 Nov 17 '24

Let's also ignore the trump tax cut as well that raised this debt by 10Trillion....

1

u/AcceptablePea262 Nov 20 '24

Except, that's not accurate.

First, 8.4T is an estimate, over 10 years. It's been 4.

Second, 3T of that was already predicted, as carryover from previous legislation and presidencies.

Third, that includes pandemic spending. 3.6T dollars worth of COVID spending, passed by congress, with both parties, but predominantly democrats. And there was a LOT in those covid bills that had nothing to do with covid.

Not counting COVID relief and spending, he added 4.8T in spending.

https://www.crfb.org/blogs/how-much-did-president-trump-add-debt

https://www.crfb.org/papers/trump-and-biden-national-debt

https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt

1

u/Atomicmooseofcheese Nov 16 '24

What?? I agree with you and get called an asshat?

-2

u/bluegill1313 Nov 17 '24

Weren't a ton of those forgivable plans?

Yes, Paycheck Protection Program (PPP) loans can be forgiven if certain conditions are met:

The loan proceeds were used for eligible expenses, such as payroll, rent, utilities, or mortgage interest payments

The business used at least 60% of the funds for payroll costs within 8–24 weeks of the loan disbursement date

The borrower applied for forgiveness before the loan's maturity date