US posts record $3.1T 2020 budget deficit

submitted by rainbow80 from apnews.com

sorted by:
top
newinsightfulfun
you are viewing a single comment's thread.

view the rest of the comments →

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (8 children)

Why would they care? It's a ton of old people robbing the young of prosperity to suit themselves. This will continue, in perpetuity, until demographic changes finally mean the boomers lose electoral control. Instead of being responsible and doing anything at all to curb the massive public and private debt bubble, it has just grown unabated. So either we're going to have a huge economic shock where nobody can pay, and everything collapses like in the 1920s, or we're going to have a huge political overhaul where people demand the government begin discharging debts and whatnot.

Either way, things cannot continue just growing forever. At some point the sustainability of our debts, as a whole, will come due. These old people are just betting they die before that happens so nobody has to deal with it or suffer the consequences. It's almost like we need term limits. I'd even argue upper age limits.

[–]Chipit 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Stop that "boomers" nonsense. It's generational warfare stirred up by our elites to make us fight with one another instead of unite against them, the real source of our problems.

[–]BigFatRetard 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (6 children)

The boomers aren't the primary driving force of greedily selling kids into slavery, it's millennials and gen z. Not a lot of boomers on Reddit.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (5 children)

Ahahahaha, right, how many millennials right now are in congress? Senate? Elected offices in general? Do you have any idea how fucking POOR millennials are? Fuck off boomer.

[–]BigFatRetard 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

You're 10 years too late to be whining like this, old man.

Both political parties are trying to specifically target "the kids" who have careers and homes and their 2nd or 3rd or 4th vehicle and adult children and investments. Millennials are now the largest cohort out there, larger than the baby boomers. They're making up more and more of the leadership in f500 companies, and if they aren't running for Congress, the problem resides in the mirror.

If you aren't happy with your life, old man, then you are the one to blame. Stop blaming your parents, it's pathetic. You're approaching 40, you've spent more time on your own than under their control. If you aren't happy with how things turned out, maybe you need to ask what you need to do differently.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

They have the least wealth of any prior generation at their age range. You're simply delusional. Vehicles count as your net worth, of which they ALSO have the lowest for same-age of any generation for data.

So, big surprise, you have no clue what you're talking about.

[–]BigFatRetard 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

My god, what you said just now is insane.

You think this generation has less wealth than a generation under serfdom? You think this generation has less wealth than a pre-industrial revolution generation? You think this generation has less wealth than the era of Mitochondrial Eve, when the human race was nearly wiped out completely by famine?

You're simply wrong. To say one of the richest generations ever is the poorest is simply wrong. There's so much wealth to go around that everyone is better off.

Notwithstanding the current coronavirus recession, the world is richer than it used to be. Hunger is at an all-time low. To be poor today isn't anything like being poor 100 years ago. The typical home has multiple computers more powerful than supercomputers of 40 years ago, big screen flat panel televisions, cell phones that include all kinds of features that would be a major purchase a generation ago, and even the poorest have access to the world's largest repository of information in human history. Obesity is a problem among the poor where starvation used to be the problem.

Anyone who does own a car owns something that simply didn't exist 50 years ago. A crappy econobox has a higher top speed, higher horsepower, and infinitely better reliability than even the highest performance cars of 50 years ago.

Many sources are projecting the millennials to become the wealthiest generation ever. It's going to happen quickly. The boomers aren't going to be around much longer, they're already dying out and leaving wealth to their Descendents, and they're finally retiring and opening up more opportunities for advancement in jobs.

You can sit there wallowing in self-pity, but you'll just miss out. You win by keeping your nose to the grindstone and making the right choices over a long time. That's always been the case, and will continue to be the case.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

You think this generation has less wealth than a generation under serfdom? You think this generation has less wealth than a pre-industrial revolution generation? You think this generation has less wealth than the era of Mitochondrial Eve, when the human race was nearly wiped out completely by famine?

So instead of addressing the point, you strawman it to include all prior generations - ever - instead of the relevant ones on record from comparable economic strata. You're a clown.

Many sources are projecting the millennials to become the wealthiest generation ever. It's going to happen quickly.

Wishful thinking. Currently, from the silent generation to the present, they're the poorest. You have no basis to conclude this. In fact it's quite telling instead of going with what the data is showing, you pivot to claim "oh it'll totally reverse at some point". When will you admit this claim is false? When they're 40? 60? 80? When is your claim falsified?

The rest of your post is just one gigantic fallacy of relative privation. Like one gigantic boomer "up hill both ways in the snow" story. Yes grandpa, and I'm sure you totally lifted yourself up by your bootstraps using magic unicorn farts too. You really are a clown.

[–]BigFatRetard 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

What straw man? You said this is the poorest generation in history. That's patently false. I used some examples of the poorest generations in history to counter you, but I could just as easily choose a couple generations ago -- we're living in an enchanted age of plenty.

Arguably this generation is doing worse than the boomers, but doing slightly worse than the generation set up to do the best in history is not the same as being the worst in history.

The clown here is the one complaining that you're part of the worst generation in history because you haven't had everything handed to you on a golden platter.