Miscellaneous News

[fishrubber99]

The US debt figure is probably just considering US federal public debt (yes, not even the entirety of US federal debt) which is around 104% of GDP currently. In total (including federal intragovernmental debt) the figure is 121% of GDP in Q2 2024.

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So I doubt it's including any municipal or state level debt or any other debt figure. Municipal governments of some of the US' biggest cities are struggling with debt, most notably Chicago which needed to sell off the rights to collect from their parking meters in 2008 due to their debt burden. 16 years later and they are still one of the most indebted major cities in the US:

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[Chevalier]

China is still heading towards collapse since as life expectancy increases, a larger portion of the population will be useless old farts siphoning up tax payer money.

I would hope that China does not proceed down the useless boomerism of the west of useless old farts sucking up taxpayer monies and that Chinese culture and traditions still persist of the elderly helping to look after the grandchildren whilst the parents are off to work. That’s the sort of unpaid labour that doesn’t make it into GDP numbers like the work housewives do.

 

[siegecrossbow]

I would hope that China does not proceed down the useless boomerism of the west of useless old farts sucking up taxpayer monies and that Chinese culture and traditions still persist of the elderly helping to look after the grandchildren whilst the parents are off to work. That’s the sort of unpaid labour that doesn’t make it into GDP numbers like the work housewives do.

Chinese boomers took a shithole country and built it into a super power. American boomers took a super power and made it a supa powa.

 

[tokenanalyst]

What about local government debts? It's hard to know what they counted as public debt for China.

I think the last time I checked everything added together was 300%.

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That is like counting US corporate debt which add 200% in top of household and public debt.

 

[siegecrossbow]

What about local government debts? It's hard to know what they counted as public debt for China.

I think the last time I checked everything added together was 300%.

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Well, China doesn’t have transitory inflations so of course it can’t print it’s annual GDP in cash to stimulate the economy.

 

[Chevalier]

Growing twitter drama over lying by financial Times

https://twitter.com/i/web/status/1834581198502604843

https://twitter.com/i/web/status/1834506536712110507

Reminder of the sort of unethical shit companies like PwC do

 

[siegecrossbow]

Growing twitter drama over lying by financial Times

https://twitter.com/i/web/status/1834581198502604843

https://twitter.com/i/web/status/1834506536712110507

Reminder of the sort of unethical shit companies like PwC do

Can’t wait for more cope and seething from the finance bros.

 

[chgough34]

Does the American one include state and municipal debt?

It does: otherwise the 2020 level wouldn’t be 100% of GDP when federal debt held by the public was ~90%. Combined municipal debt is ~10% of gdp

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[henrik]

1. Debt payments are sustainable
2. Congrats, you discovered sovereign default is bad

US debt payments are not sustainable.

 

[iewgnem]

China’s fiscal trajectory is far more unsustainable than the U.S.’ fiscal trajectory

https://twitter.com/i/web/status/1794271961180414389

the interest payments especially are a soon to be moot point since rate cuts are coming and the main drivers of debt - social security and Medicare, are of limited macroeconomic importance (it will just require a headline grabbing event to make Congress move)

You just can't comprehend money are only worth anything if backed, and USD is backed by China.