Titanic was called the Ship of Dreams, and it was. It really was.
From Trump's State of the Union:
"There has never been a better time to start living the American Dream. So to every citizen watching at home tonight — no matter where you have been, or where you've come from — this is your time. If you work hard, if you believe in yourself, if you believe in America, then you can dream anything, you can be anything, and together, we can achieve absolutely anything."
Dream big and you can achieve absolutely anything. People are getting rich, and, as the old saying goes: "You've got to dance while the music's still playing."
But have you ever heard Trump talk about the truth of this chart?
Obama took the national debt accumulated by all presidents before him combined (!), and nearly doubled it. He accumulated the same debt, in just 8 years, as all presidents before him accumulated combined!
And what do you expect Trump will do? The U.S. budget deficit is widening on increased spending and tax cuts for large U.S. companies.
I don't know how long the music will keep playing, but I do know that you can't keep increasing the debt ceilings forever. Any company with a debt and a deficit like the U.S. would be declared bankrupt. The main difference between a company and a government is that they can turn on their money printing press. The U.S. government can print new (digital) dollars to buy their own debt. This has saved them from the iceberg in 2008, but what will happen when the next recession hits?
Will they turn on their money printing press again? What if the inflation rate starts to soar too much? New money will flood to the banks and their stock prices may rise even more.
The economy may be booming, but how about our society?
If Bill Gates walks into a bar, on average, everybody in the bar is a millionaire...
the same music plays for bitcoin and cryptos too.
We are the front end of the greatest bubble.
Better being at the front end than at Trumps backend :-)
I’ll take my chances with Trump over Hillary any day of the week...
He has a way of making you think you should like him, doesn't he? But when I heard of this tax cut, no spending cuts bill, Hoover came to mind, followed by Great Depression. All we need is someone causing a panic in the markets and the Great Depression will look like "Happy Days Are Hear Again!" in comparison.
Hoover raised taxes/tariffs and spending.
Yes he did, but all of that followed the tax cut of 1929 as a means to boost business and consumer confidence, with the idea that it would then help the economy, even while the markets were in the midst of a freefall.
Hoover then tried to tax and spend his way out of what might have been a normal economic recession/depression—shorter lived and thus easier to weather and recover from—but as we know it had the opposite effect. And then FDR kept up those policies and pushed them even further.
Trump is not another Hoover yet, and there's still other factors that don't quite exist as it did in Hoover's time, but the moment something major goes wrong in the markets, my guess is, the taxes come roaring back and up goes the spending.
Coolidge thought Hoover was an idiot. Unfortunately, Coolidge was an honorable man and stayed with the two-term unspoken agreement based off of Washington's actions and then broken by FDR.
As long as the USD is the world's reserve currency, the digital printing party will continue. As long as other countries give up their fiscal sovereignty to combine with the rest of the continent, the powers that be will push the growing mess farther down the line, until there's nothing that can be done.
Humans have a great capacity for being able to deny the truth, even when truth stares them in the face. We build something we believe to be invincible, and because we believe it to be so, it simply is.
So, the greatest ship the world has ever known will run into the largest iceberg in the history of mankind, with the full knowledge of the captain and crew, who will do nothing about it because they don't believe the iceberg would have the capacity, nor the audacity, to sink the ship.
And so, history, once again, repeats itself. Man the lifeboats. It's time to get off.
Who is this @glenalbrethsen guy? ;) Nice comment!
Think that's good, you should see my Hoover comments below!
I know I'm stating the obvious, but anywhere else I'd probably be trivialized, patronized, vilified or institutionalized! It just feels good to say it.
The inequality is staggering.. I think cryptocurrencies will fix this problem eventually!
As always, thanks for the great data penguin
And it’s not just Obama. All recent two-term Presidents had the same issue. Reagan, Clinton, and Dubya all had the debt double during their tenures.
Nice post beautiful presented and explained. detail oriented with nice information. thank you for sharing @penguinpablo
hahah this last part is funny but quite true, its good to have influence
thanku for sharing this information with us.
Like George Carlin said, "It's called the American Dream, because you have to be asleep to believe it!" :-D
But have you ever heard Trump talk about the truth of this chart?
Yes, I am pretty sure he often talked about how Obama ran up the debt as much all other presidents combined. That is why he has been focusing so much on reducing government spending. We don't know right now if cutting taxes will lead to less revenue or more, right now it seems like more. For example all the hundreds of billions that companies have chosen to repatriate would not have generated any tax revenue had they continued to hold it outside the country. If we continue to see growth as we have been seeing we should be able to chip away at the deficit and then the debt. That's the plan anyhow. Cutting needless regulations saves companies money and increases competition but it also saves taxpayers a fortune with creating and enforcing the regulations.
Nice post!
Let's see how tax cut will help. One one hand taxes are cut and other hand interest rate is being increase. I like the graphic presentation showing the where Obama took us. But Obama time it was needed as 2008 was one of the worst year for economy. With all these debt increasing, quality of life have not increased for an average person. The gap between rich and others is increasing. Yesterday, president Trump said these tax cut will help average family to save $4000 on an average. I think this help families to get back on their toes and payoff the debt. This can help to get education or improve their life style.
really beautifull news thanks for this friend @penguinpablo
Wating for the next (winks)
well post ... i like it keep it up
thanks for shareing
Awesome internationlal Knowledge ... carry on your activitys .. i wait for your next post
This debt is increasing at a huge rate. But with Trump and he's controversial decisions the government will easily work out these financial problems as you've stated it.
Though it's the ordinary man who's finding it hard to survive that is left out from the podium.
Moral of the story Dreams are meant to be broken.
Its was meant to be unsinkable but it sank hahah
The ship of dreams
Personally, I'm not that (favorably) impressed with Donald Trump's performance as #POTUS because his #StateOfTheUnionAddress doesn't match his #Tweets and other everyday actions.
Having said that, I don't see #POTUS45 as the disease but, instead, just a serious symptom thereof.
I'll be writing about that in the near future.
Hyper-inflation is one of my biggest worries. Central banks across the owrld have been actively trying to create inflation over the past several years, and that inflation is beginning to manifest over the past couple quarters. The problem is that central banks are historically notorious for overshooting their goals. Plus, the quantitative easing experiment is just that - an experiment. No one knows the long-term impact of flooding the world with massive amounts of fiat currency. Well, we know in the short-term it will certainly help lift equity markets. It appears to be moving into commodity markets now too. Where will all those new Dollars/Euros/Yen go next? Well, no one really knows the answer to that question do they?
To add fuel to the fire, Yellen will step down and not change the interest rate at all.. it's almost as if they are trying to repeat 08.. oh wait they are! She's done more for the economy than Trump ever will, but we've got to look at the big picture.
People forget that trust is the sole reason we believe any currency has value.
Powell has pretty much the same mindset as Yellen, so things should continue along the same course at the Fed. March will almost certainly see a rate increase, and right now odds are we'll see three increases in 2018, which would get us to 2.25%.
However, there are signs of wage inflation, and that could force the Fed to begin raising rates more aggressively. I also think Europe will be surprised by an unexpected uptick in infaltion, forcing the ECB to move faster than they would like. And then there's Japan with its negative interest rate policy - crazy.
And underpinning all of this is the race to the bottom for currencies. It's been very surprising to see the USD tanking even as the U.S. is one of the few major economies raising interest rates. Shit is looking wonky, and then we also have the very old bull market in equities - not to mention the uptick in commodities pricing.
2018 could be quite a turbulent year, especially considering how low volatility has been in the markets. The normal investor isn't used to or prepared for normal market volatility.
Hope everyone has been stocking up on supplies then..
donald manages to get it all done with 70% of the country kicking his legs the whole time
say what you will about the man, he's got the right attitude to succeed
Is there a chance that Trump reduces the deficit.....he seems like the kinda guy who could....just saying
such negativism.
he's trying..and you complain
More debt = more money!
I couldn't bear myself to watch the smug grin of Paul Ryan and Pence in the background.
I hope sweet justice prevails in the coming years, as the centralized forms of authority cling to the little power they have left. What happens when the power is decentralized?
The decades of kicking the can down the road are coming to an end.. or at least I hope. The left vs. right game of politics has polarized our ways of thinking, turning each other against one another.
The right decision to follow you, @penguinpablo, was the correct one.
I am glad I made it.
I see you have a flair for numbers and breaking them down for regular members of the public to understand.
You can if you own the printing press. Notice, in that eloquent speech, not a peep about the biggest scam in US history: Student Loan Debt.
Crypto is in the bullseye. It has to be stopped; or, people just might find it better to buy, sell, and save via this new means of 'no middle man' trading.
Best regards.
Peace.