“Im mad as hell, and im not gonna take it anymore!”

I have never actually seen the movie Network, but what I have seen and have been very inspired by is the scene where the American public stood up, went to their windows, and screamed “im mad as hell, and im not gonna take it anymore!” This is how many may feel about the astronomical amount of debt our country has been accumulating.

Like some of the issues our country has been facing, our national debt has been growing and there doesn’t seem to be any slowing down. But is there actually an argument to be made that it is growing exponentially?

Federal Debt – 1966 to 2014

“We find it just a little confusing why the CBO never warned of an imminent “fiscal crisis” over the past 8 years when total US debt doubled, increasing by $10 trillion under the previous administration.” Writers at Zerohedge speculate after examining a 2017 report made by the Congressional Budget Office.

This could have been forecast if you noticed the growth in the national debt as an average like above. Although it does not look perfectly exponentially, it is growing at a steady rate. Some others argue that our national debt is not exponentially growing. Tim Altom, a worker at IBM cloud and a writer on Quora, argues this.

“Methinks you misuse the term “exponentially”. We typically use this term for rates that are proportional to the function’s current value over time…  the later years of the 21st century show a leveling off of the ratio, not exactly a runaway condition. The total debt rose sharply thanks to two nasty recessions and two “wars” that were put entirely on the national credit card and continue to sop up outsized money. Those recessions too dropped the GDP, which made the ratio appear larger.”

This graph shows what percent of the Gross Domestic Product is U.S Gross Federal Debt 

War and recessions make the argument that the debt would increase and decrease over those times.  But it certainly paints the picture that our debt is certainly not exponential.

courtesy of Zero Hedge

If you look at average projections, it also does not look perfectly exponential, but it is steadily growing.

Whether or not the growth is exponential depends on what graph you look at and what it contains. But one thing is for sure, although our national debt does not look to be perfectly exponentially growing, it is growing.

“The CBO forecasts that both government debt and deficits are expected to soar in the coming 30 years, with debt/GDP expected to hit 150% by 2047 if the current government spending picture remains unchanged.” – Zerohedge

 

4 Replies to ““Im mad as hell, and im not gonna take it anymore!””

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    I really Admire your post. I also like how you Connected it to that scene from the movie Network. I just wanted to add that despite the fact that America owes a substantial amount of money to countries like China and Japan, they owe us money as well. Moreover, America is owed more money than it owes. I have attached a picture demonstrating what we owe and what countries owe us.

  2. I find it interesting and quite smart that China holds the debt that America owes them instead of demanding all of the money back. China’s economy is easily outgrowing America’s and Europe’s economy, they became the biggest exporter in 2010, and the debt that they own gives them a political leverage. China would not gain any benefits of calling in its debt holdings either.

    “China would not call in its debt all at once. If it did, the demand for the dollar would plummet. This dollar collapse would disrupt international markets even more than the 2008 financial crisis. China’s economy would suffer along with everyone else’s.”

    https://www.thebalance.com/u-s-debt-to-china-how-much-does-it-own-3306355

  3. I found this very interesting and I enjoyed the reference to The Network. I find it interesting how the data can change depending on the graphs you look at, sort of how voting outcomes can change depending on who’s counting. Great job! 🙂

  4. I have not seen the Network either. I thought it was slightly ironic that you mentioned how the charts change depending on the information used. Seems like it’s that way with all information anymore. One never knows what the truth really is because there isn’t an unbiased report of anything anymore.
    I also liked the chart that Hebatullah added. I have often wondered what other countries owe America and if it was even worth calling in those debts. It is interesting to see that we indeed are owed more than we owe, though.

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