Day: August 9, 2024

Being In Debt

A couple of points that are missing from the campaign trail.

We all know that the country works on debt….we constantly spend more than we take in….and yet no one wants to fix this problem because it might piss off a corporation or two.

Our national debt has a record high ….

It’s a record no one is happy about: The gross national debt in the US went above $35 trillion Monday, a first. The number (which, specifically, was $35,001,278,179,208.67) was noted in the Treasury Department’s daily report on America’s debt, the New York Times reports. Debt is accumulating at a quick clip, with the $34 trillion mark just having been passed for the first time in January, and the $33 trillion mark last September, Fox Business reports. Last month, the Congressional Budget Office said the national debt is on track to pass $56 trillion in the next decade.

he Times notes that given how little Donald Trump and Kamala Harris have said about the topic while campaigning for November’s presidential election, the problem will likely “only worsen in the coming years.” Social Security and Medicare largely drive the national debt, and there is resistance across the board to implementing cuts to those programs. Plus, interest rates are high, and some federal programs have proven more expensive than their original estimates. Meanwhile, federal budget deficits are also on the rise; the latest estimate for this year’s deficit is $1.9 trillion, which would be the third-largest in the country’s history and $200 billion more than last year’s.

Since neither candidate has said much about this problem it must not be important.

We could fix this problem, yes it would take time, by making the lay-about corporations pay their flippin’ taxes….

The country is not the only debt problem…..individual debt has also hit a record amount.

Americans owe more money than ever on their credit cards: $1.14 trillion. That’s after consumers added $27 billion to their tab in the second quarter, a 5.8% jump from the year before, a new report by the Federal Reserve Bank of New York says. Credit card delinquency rates increased, as well, CNBC reports. Borrowers ages 18 to 29 and 30 to 39 had the biggest delinquency increases; the New York Fed said those groups probably were heavily affected by COVID-19. They “may have overextended during the pandemic,” researchers said.

Americans used some of their pandemic-related federal stimulus money to pay down their credit card debt in 2020, said Ted Rossman of Bankrate in a statement. But balances shot up again starting in 2021, he said, per CBS News, “fueled by a post-pandemic boom in services spending as well as high inflation and high interest rates.” About 9.1% of credit card balances went into delinquency in the past year, the New York Fed found. The Urban Institute reported in May that more consumers are using credit cards to stay afloat, with 60% of them paying for their groceries that way. Overall, Rossman said, “More people are carrying more debt for longer periods of time.”

Credit cards are keeping some families afloat in this time of extreme prices…..

This will come back to bite us in the butt.

To paraphrase Marx….Credit is the opiate of the masses.

I Read, I Write, You Know

“lego ergo scribo”

Swiftboating Returns

Swiftboating?

For those with short memories let me take you back 20 years to 2004….

The term swiftboating (also swift-boating or swift boating) is a pejorative American neologism used to describe an unfair or untrue political attack. The term is derived from the name of the organization “Swift Boat Veterans for Truth” (SBVT, later the Swift Vets and POWs for Truth) because of their widely publicized—and later discredited—political smear campaign against 2004 U.S. presidential candidate John Kerry.  Since the 2004 election, the term has come to commonly refer to a political attack that is dishonest, personal, and unfair.

(wikipedia)

I bring this blast from the past up because the Trump minions are swiftboating Walz…..

JD Vance appears to have settled on a line of attack against his rival to be vice president, Minnesota Gov. Tim Walz—and it revolves around military service. The details:

  • Walz served in the National Guard for 24 years before retiring in 2005 to run for Congress in Minnesota. Politico notes that Walz filed his paperwork to run in February 2005, roughly a month before reports came out that his unit might be deployed to Iraq and about five months before the official orders were issued.
  • A former Guard colleague, Al Bonnifeld, says Walz knew of the potential deployment and wrestled with whether it was the right time to run for office. “He told us that he wanted to run for Congress, and he was in a tough spot, because he was pretty sure we were going to Iraq,” Bonnifield told NewsNation, per the Hill. But, Bonnifield noted, “we didn’t have orders. We didn’t have any kind of orders at all.”
  • The Washington Post has one of the most thorough explorations of all this here. It includes the views of those such as Bonnifield, who praise Walz’s service, as well as those who served with Walz and are critical of him.
  • Vance is essentially accusing Walz of cowardice and of inflating his service, attacks reminiscent of the infamous “swift boat” attacks on John Kerry in the 2004 election over his Vietnam War record, per USA Today. The story notes that Chris LaCivita, who led the attacks on Kerry, is now a senior adviser to the Trump campaign. The criticism of Walz on this front has surfaced previously in his Minnesota elections, without success. (Two Guard retirees wrote this scathing letter in 2018.)
  • Vance also is calling attention to a Walz quote from a campaign event a while back in Minnesota (and being trumpeted by the Harris-Walz campaign) in which he referred to the “weapons I carried in war.” Walz never saw combat, prompting Vance’s jab: “Well, I wonder. Tim Walz, when were you ever in war?” For the record, Vance served four years in the Marines and went to Iraq, but he served in a communications role there and did not see combat, either, per the New York Times.

This is not all that surprising for when you have no defined policies then you personally attack your opponent hoping that the idiots will fixate on the BS and not on their lack of direction.

It worked well when used against Kerry and Trump hopes it will once again be a death blow.

This election is all about jibes and insults not policies and solutions.

I Read, I Write, You Know

“lego ergo scribo”