- cross-posted to:
- economy@lemmy.world
- cross-posted to:
- economy@lemmy.world
cross-posted from: https://lemmy.ca/post/45956989
The dollar has sunk to its lowest in three years as rapidly changing U.S. trade policy unsettles markets and expectations build for Federal Reserve rate cuts, fuelling outflows from the world’s biggest economy.
With the dollar down almost 10% against a basket of major currencies this year
This definitely did not happen over the course of 6mo, nor did it take advanced levels of ineptitude. This didn’t even happen over the course of the last 8 years. We’ve been kicking this can down the road since at least 9/11, and the trickle down mentality that started the ball rolling took hold 25 years before that.
Someone willing to grab the helm could have mitigated a lot of the damage by making a lot of unpopular budget cuts, particularly to the military, and hiking up taxes on the wealthy, but that’s not why he’s here.
Now we’re running an experiment to see how high debt-to-gdp can get for the country with the reserve currency. If we were any other country, we would have already imploded.
It absolutely did, the economy was doing fine and clearly recovering after Covid under Biden.
Trump has managed to make the USD plummet, increase inflation again and drag USA into a recession, and make USA lose it’s last AAA credit rating with a bill giving trillions of dollars in tax relief for the most wealthy.
How you can fail to see the HUGE difference fromt the recovering economy under Biden, and how it’s now failing on ALL parameters is very weird.
That is an absolutely wild claim to make.
I need to go to bed, but if you’re actually interested in educating yourself, I recommend looking up our interest payments on national debt over time, when social security began running a deficit, debt-to-gdp over time, and the long term impacts of the 2008 financial crisis bailouts.
But if you’re just here for the circle jerk, then sure, make whatever baseless claims you want. Later.
Edit: this is actually a pretty good summary I watched recently
That comment is outright insane.
You appear to choose delusions that supports your opinions over facts that don’t.
Denmark has some of the highest social security programs, and have some of the best financials and economies in the world.
Mk, you’re not interested, that’s what I thought. Cheers.
The fact that the debt has gone up for many decades now is not in question.
But your resoning for it is completely disconnected from reality.