Global News | Breaking, Latest News and Video for Canada [Unofficial]Carney faces renewed call to reform OAS
https://fed.brid.gy/r/https://globalnews.ca/news/11862823/old-age-security-ottawa/
The Business Behind The News💸 𝐓𝐡𝐞 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐃𝐞𝐛𝐭 𝐉𝐮𝐬𝐭 𝐇𝐢𝐭 $39.2 𝐓𝐫𝐢𝐥𝐥𝐢𝐨𝐧 𝐚𝐧𝐝 𝐈𝐭'𝐬 𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐄𝐯𝐞𝐫𝐲 𝐌𝐢𝐧𝐮𝐭𝐞 #𝐝𝐞𝐛𝐭 #𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐝𝐞𝐛𝐭 #𝐟𝐞𝐝𝐞𝐫𝐚𝐥𝐝𝐞𝐛𝐭 #𝐟𝐞𝐝𝐞𝐫𝐚𝐥𝐝𝐞𝐟𝐢𝐜𝐢𝐭
The National Debt Just Hit $39.2 Trillion and It's Growing Every Minute
DrWebTrump’s Attack on the Fed Won’t Fix the Deficit – Jessica Riedl – The Dispatch
Illustration by Noah Hickey/The Dispatch. (Photos via Getty Images)Trump Can’t Fix the Deficit by Attacking the Federal Reserve
The president claims lower interest rates would save us $1 trillion annually. He’s wrong.
Jessica Riedl/September 23, 2025
President Trump has declared war on the prized independence of the Federal Reserve in an attempt to essentially run monetary policy out of the White House. He has attempted—illegally and on dubious grounds— to fire Fed Gov. Lisa Cook, threatened to fire Chairman Jerome Powell, and installed a top White House economist into a key Federal Reserve position. This White House pressure surely drove the Fed’s decision to reduce rates by 0.25 points on September 17.
Going to war against the Federal Reserve seems baseless when current interest rates—while above the anomalous 2010s levels—are not high by historical standards. Moreover, rates are not holding back the current economy, and they may even be too low to combat the recent inflation uptick. However, President Trump has offered an additional argument: Lower interest rates would reduce Washington’s interest on the national debt, “saving us $1 Trillion per year” in reduced budget deficits. This sacrificing of Federal Reserve independence to help the Treasury sell cheaper debt is known to economists as “fiscal dominance.”
Setting aside legitimate concerns over central bank independence and the illegal firing of Fed officials, would fiscal dominance really provide substantial budget deficit savings? The clear answer is no.
Trump is correct that mounting interest costs threaten to bury the federal budget. The toxic combination of soaring debt and elevating interest rates has expanded what the government spends on interest annually from $352 billion in 2021 to nearly $1 trillion today—heading toward $2 trillion within the next decade. Interest costs are the second-biggest budget item after Social Security, having recently surpassed Medicaid, defense, and Medicare spending. Within a decade, nearly 30 percent of all annual taxes paid may go toward interest on the national debt. To put that in perspective, it amounts to nearly four months of annual federal tax revenue.
Yet instead of working with Congress on a deficit reduction plan, President Trump has chosen to increase deficits further with more tax cuts, and then try to force downward the interest rate on the federal debt.
Continue/Read Original Article Here: Trump’s Attack on the Fed Won’t Fix the Deficit – Jessica Riedl – The Dispatch
#2025 #America #DonaldTrump #Education #FederalDeficit #FederalReserve #Health #History #JeromePowell #Libraries #LibraryOfCongress #LisaCook #Opinion #Politics #Resistance #Science #TaxCuts #TheDispatch #Trump #TrumpAdministration #UnitedStates #WhiteHouse
Eric Maugendre about carbonGovernment "deficit spending" is the nation-state creating money (out of thin air) and exchanging it.
The payroll tax (FICA) does not fund Social Security or Medicare. Like all other federal agencies, those agencies are funded by dollars created on purpose by the government (using laws from Congress) and placed in their accounts by the Treasury.
#FederalDeficit #fiatMoney #deficitSpending #moneyIssuance #moneyCreation #monetaryTheory #quotes #deficit #CentralBank #CentralBanks #Treasury #MMT
The Rage XU.S. National Debt Surpasses $37 Trillion Mark
U.S. debt hits $37 trillion with a soaring deficit and a debt-to-GDP ratio over 123%, sparking growing economic concerns. Hashtags: #USDebt #Economy #NationalDebt #FederalDeficit #DebtCrisis Follow our defense coverage: @rageintel Slug: us-debt-surpasses-37-trillion
https://ragex.co/u-s-national-debt-surpasses-37-trillion-mark/
jon zellwegerLetter to a #Senator / 8 June ::
Mr. #Tillis,
Have you read #DavidBier’s white paper published on the #CatoInstitute’s website? In it, he argues that the immigration enforcement provisions in #HB1 (#OBBBA) alone would add $1 trillion to the #federaldeficit. 1/7
Miguel Afonso CaetanoLoL - Where there's smoke, there's fire and we all know that for the foreseeable future the US will need to continue to buy lots of weapons to send for free to Israel :-D
"Treasury secretary Scott Bessent has insisted the US would never default on its debt as he sought to assuage Wall Street concerns over the state of the country’s public finances.
“The United States of America is never going to default, that is never going to happen,” Bessent told CBS’s Face the Nation on Sunday. “We are on the warning track and we will never hit the wall.”
Investor jitters over the size of the US federal debt have mounted as President Donald Trump has urged Congress to push through his “big beautiful” budget bill, which is expected to ratchet up the federal deficit.
Bessent dismissed concerns raised by JPMorgan Chase chief executive Jamie Dimon on Friday that the US bond market would “crack” under the weight of the country’s rising debt."
https://www.ft.com/content/9c652f09-cfca-4078-9e2b-5fdacd772a75
President Donald Trump’s tax and spending bill “does not add to the deficit.” – Politifact
The East Front of the U.S. Capitol on May 19, 2025. (Louis Jacobson / PolitiFact)Karoline Leavitt said Donald Trump’s ‘big beautiful bill’ won’t add to the deficit. But it will.
As House Republicans continued their efforts to advance what President Donald Trump calls his “big, beautiful bill” of tax and spending cuts, White House Press Secretary Karoline Leavitt played down the bill’s expected federal deficit impact.
At a May 19 press briefing, a reporter asked Leavitt, “Is the president OK with this bill adding to the deficit?”
Leavitt disagreed with the question’s premise.
“This bill does not add to the deficit,” she said. “In fact, according to the Council of Economic Advisors, this bill will save $1.6 trillion. … There’s $1.6 trillion worth of savings in this bill. That’s the largest savings for any legislation that has ever passed Capitol Hill in our nation’s history.”
A deficit is the annual amount by which spending exceeds revenues; the accumulation of all past annual deficits, minus any annual surpluses, is called the federal debt.
The bill is still being negotiated, so its potential deficit impact is a moving target. However, numerous independent analyses agree that the bill is on track to add significantly to the federal deficit. That’s because the bill’s tax cuts would reduce incoming federal revenue by more than it restricts spending.
Leavitt’s “$1.6 trillion worth of savings” appears to refer only to the bill’s proposed spending cuts without factoring in the lost tax revenue that will increase the annual deficit and the federal government’s cumulative debt, experts said.
“Bottom line — because that is what matters — is that simple math of all the additions and subtractions equals nearly $3 trillion in additional debt” during the standard budget time frame of 10 years, said Steve Ellis, president of Taxpayers for Common Sense, a nonpartisan group that tracks the federal budget.
The White House did not respond to inquiries for this article.
Source Links: PolitiFact | Karoline Leavitt said Donald Trump’s ‘big beautiful bill’ won’t add to the deficit. But it will.
#2025 #America #Debt #DonaldTrump #FactCheck #FederalDeficit #History #Libraries #Politics #Politifact #Resistance #Science #Trump #TrumpAdministration #UnitedStates
nzwrxI enjoy listening to The Weekly Show with Jon Stewart most times, but this week's, with Sadiq Khan and then an economist talking about the US deficit, was very interesting, covering a lot of topics, but about the influence of social media was especially so...
Two places to access:
https://youtu.be/FbcxKiaBNPU
or
https://open.spotify.com/episode/5gyyGZb4Ba9pTApLK46IHi
#JonStewart #TheWeeklyShow #Podcast #SocialMedia #FederalDeficit
Don Hawkins - W7DAHhttps://open.substack.com/pub/robertreich/p/happy-tax-day
#Taxes #TrickleDownEconomicsFailure #trickledowneconomics #Economy #FederalDeficit #America #USA #Inequality #WeThePeople #Election #Vote #Budget2024 #Budget #TaxCuts #Corporate #Greed #EatTheRich #TaxDay #Politics #Substack #RobertReich #Revenue #TaxTheRich #NationalStrike #National #TaxLaw #Law #Legislation #Congress #GOP #Republicans #MiddleClass #WorkingClass #Labor #TaxRelief
