State of the Union: Titanic was called the Ship of Dreams, and it was. It really was.
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