Judging by the headline, you’d think that the United States was the only country facing this problem. It would be difficult, in fact, to find a nation that isn’t looking down the barrel of the same gun. Aside from Milei in Argentina, it would be just as difficult to find a government willing to turn down the spending taps in any meaningful way.
As of Tuesday, government debt held by the public is about $31.27 trillion, according to the US Treasury. Meanwhile, the US nominal gross domestic product (GDP) from April 1, 2025, to March 31, 2026, was an estimated $31.22 trillion, according to new Commerce Department data released Thursday.
I look at it the other way. How badly do you want to devalue your currency? Very badly I’d say.
“Aside from Milei in Argentina, it would be just as difficult to find a government willing to turn down the spending taps in any meaningful way.”
Almost as if Milei saw the huge wave of sh1t bearing down on little Argentina, and is paddling as hard as he can to get out in front of it.
Meanwhile, the rest of the civilized nations are the ones making the wave. They think they can surf their way to victory, and they don’t care how many of the Little People drown in the doodoo.
Speaking as one of the Little People, I don’t like this plan.
$31.22 Trillion … is just the kind of deep pockets that thieves and fraudsters literally drool over. And they’ve hacked into the cash flow … BIG time
When it comes to crushing public debt the so-called Conservative leaders of the free world demonstrate the same degree of concern as the socialists.
US politicians are gutless.
But they know their economy is resilient.
Canadian politicians are super gutless.
But they know they’ll get their cut.
Once apon a time governments where elected and dumped on their ability to balance the books.
Then they figured out we can borrow a little and its ok and people don’t really care/complain if the currency and savings are devalued so why not borrow a lot, the economy keeps trucking on and some future government will have to pay the piper.