Why I'm bullish on the longterm prospects of cryptocurrencies:
"Donald Trump campaigned on the claim that he could pay off the federal debt within eight years. The claim was so outrageous that the math required to disprove it can be done in one’s head. At the time Trump took office, the federal debt stood at $19.9 trillion and was accruing interest at the rate of 2.5 percent per year. To pay that off in eight years would have required the government to pay down more than $3.1 trillion of the debt per year.
But at the time Trump made this bold claim, the federal government was collecting—from all sources combined—only $3.3 trillion per year. In other words, to make good on his claim, Trump would have had to cut federal spending by 95 percent! The ideal time to address this problem was a half-century ago.
To put that in perspective, the federal government has cut federal spending (cut spending as opposed to cutting the growth in spending) only once since 1900—and that was at the close of World War I. No, Trump was never going to pay down the debt. In fact, since he took office, the debt has grown by another $2.6 trillion."
https://fee.org/articles/deficit-day-2019-just-arrived/#0
"Donald Trump campaigned on the claim that he could pay off the federal debt within eight years. The claim was so outrageous that the math required to disprove it can be done in one’s head. At the time Trump took office, the federal debt stood at $19.9 trillion and was accruing interest at the rate of 2.5 percent per year. To pay that off in eight years would have required the government to pay down more than $3.1 trillion of the debt per year.
But at the time Trump made this bold claim, the federal government was collecting—from all sources combined—only $3.3 trillion per year. In other words, to make good on his claim, Trump would have had to cut federal spending by 95 percent! The ideal time to address this problem was a half-century ago.
To put that in perspective, the federal government has cut federal spending (cut spending as opposed to cutting the growth in spending) only once since 1900—and that was at the close of World War I. No, Trump was never going to pay down the debt. In fact, since he took office, the debt has grown by another $2.6 trillion."
https://fee.org/articles/deficit-day-2019-just-arrived/#0