The Nation's Financial Condition

[holmes435]

Low unemployment isn’t worth much if the jobs barely pay

From the article:

"53 million workers ages 18 to 64—or 44% of all workers—earn barely enough to live on. Their median earnings are $10.22 per hour, and about $18,000 per year. These low-wage workers are concentrated in a relatively small number of occupations, including retail sales, cooks, food and beverage servers, janitors and housekeepers, personal care and service workers (such as child care workers and patient care assistants), and various administrative positions.

"...it would be a mistake to assume that most low-wage workers are young people just getting started, or students, or secondary earners, or otherwise financially secure:

• "Two-thirds (64%) of low-wage workers are in their prime working years of 25 to 54.
• "More than half (57%) work full-time year-round, the customary schedule for employment intended to provide financial security.
• "About half (51%) are primary earners or contribute substantially to family living expenses.
• "Thirty-seven percent have children. Of this group, 23% live below the federal poverty line.
• "Less than half (45%) of low-wage workers ages 18 to 24 are in school or already have a college degree."

[Typical Lax Dad]

Low unemployment isn’t worth much if the jobs barely pay

From the article:

"53 million workers ages 18 to 64—or 44% of all workers—earn barely enough to live on. Their median earnings are $10.22 per hour, and about $18,000 per year. These low-wage workers are concentrated in a relatively small number of occupations, including retail sales, cooks, food and beverage servers, janitors and housekeepers, personal care and service workers (such as child care workers and patient care assistants), and various administrative positions.

"...it would be a mistake to assume that most low-wage workers are young people just getting started, or students, or secondary earners, or otherwise financially secure:

• "Two-thirds (64%) of low-wage workers are in their prime working years of 25 to 54.
• "More than half (57%) work full-time year-round, the customary schedule for employment intended to provide financial security.
• "About half (51%) are primary earners or contribute substantially to family living expenses.
• "Thirty-seven percent have children. Of this group, 23% live below the federal poverty line.
• "Less than half (45%) of low-wage workers ages 18 to 24 are in school or already have a college degree."

It can’t be true because PB can’t hire anyone at his company for less than $15.00 an hour....

[Peter Brown]

Low unemployment isn’t worth much if the jobs barely pay

From the article:

"53 million workers ages 18 to 64—or 44% of all workers—earn barely enough to live on. Their median earnings are $10.22 per hour, and about $18,000 per year. These low-wage workers are concentrated in a relatively small number of occupations, including retail sales, cooks, food and beverage servers, janitors and housekeepers, personal care and service workers (such as child care workers and patient care assistants), and various administrative positions.

"...it would be a mistake to assume that most low-wage workers are young people just getting started, or students, or secondary earners, or otherwise financially secure:

• "Two-thirds (64%) of low-wage workers are in their prime working years of 25 to 54.
• "More than half (57%) work full-time year-round, the customary schedule for employment intended to provide financial security.
• "About half (51%) are primary earners or contribute substantially to family living expenses.
• "Thirty-seven percent have children. Of this group, 23% live below the federal poverty line.
• "Less than half (45%) of low-wage workers ages 18 to 24 are in school or already have a college degree."

It can’t be true because PB can’t hire anyone at his company for less than $15.00 an hour....

Then it’d surprise you to know I think this article has some good points and something we should all think about. My company pays as it does because we can’t find quality labor. But even at $15/hour, that isn’t exactly killing it in life. What $15/hour is a start.

What the authors neglect to detail is there is a significant swath of Americans who frankly are not desirable employees. They could be non punctual, physically incapable, mentally deficient, or have really poor social skills (perhaps some lurk here ). Employers frankly aren’t going to overpay for poor execution.

[Typical Lax Dad]

Low unemployment isn’t worth much if the jobs barely pay

From the article:

"53 million workers ages 18 to 64—or 44% of all workers—earn barely enough to live on. Their median earnings are $10.22 per hour, and about $18,000 per year. These low-wage workers are concentrated in a relatively small number of occupations, including retail sales, cooks, food and beverage servers, janitors and housekeepers, personal care and service workers (such as child care workers and patient care assistants), and various administrative positions.

"...it would be a mistake to assume that most low-wage workers are young people just getting started, or students, or secondary earners, or otherwise financially secure:

• "Two-thirds (64%) of low-wage workers are in their prime working years of 25 to 54.
• "More than half (57%) work full-time year-round, the customary schedule for employment intended to provide financial security.
• "About half (51%) are primary earners or contribute substantially to family living expenses.
• "Thirty-seven percent have children. Of this group, 23% live below the federal poverty line.
• "Less than half (45%) of low-wage workers ages 18 to 24 are in school or already have a college degree."

It can’t be true because PB can’t hire anyone at his company for less than $15.00 an hour....

Then it’d surprise you to know I think this article has some good points and something we should all think about. My company pays as it does because we can’t find quality labor. But even at $15/hour, that isn’t exactly killing it in life. What $15/hour is a start.

What the authors neglect to detail is there is a significant swath of Americans who frankly are not desirable employees. They could be non punctual, physically incapable, mentally deficient, or have really poor social skills (perhaps some lurk here ). Employers frankly aren’t going to overpay for poor execution.

What percentage is that?

[MDlaxfan76]

Low unemployment isn’t worth much if the jobs barely pay

From the article:

"53 million workers ages 18 to 64—or 44% of all workers—earn barely enough to live on. Their median earnings are $10.22 per hour, and about $18,000 per year. These low-wage workers are concentrated in a relatively small number of occupations, including retail sales, cooks, food and beverage servers, janitors and housekeepers, personal care and service workers (such as child care workers and patient care assistants), and various administrative positions.

"...it would be a mistake to assume that most low-wage workers are young people just getting started, or students, or secondary earners, or otherwise financially secure:

• "Two-thirds (64%) of low-wage workers are in their prime working years of 25 to 54.
• "More than half (57%) work full-time year-round, the customary schedule for employment intended to provide financial security.
• "About half (51%) are primary earners or contribute substantially to family living expenses.
• "Thirty-seven percent have children. Of this group, 23% live below the federal poverty line.
• "Less than half (45%) of low-wage workers ages 18 to 24 are in school or already have a college degree."

It can’t be true because PB can’t hire anyone at his company for less than $15.00 an hour....

Then it’d surprise you to know I think this article has some good points and something we should all think about. My company pays as it does because we can’t find quality labor. But even at $15/hour, that isn’t exactly killing it in life. What $15/hour is a start.

What the authors neglect to detail is there is a significant swath of Americans who frankly are not desirable employees. They could be non punctual, physically incapable, mentally deficient, or have really poor social skills (perhaps some lurk here ). Employers frankly aren’t going to overpay for poor execution.

What percentage is that?

You forget that PB claims he hires lots of HBS and Yale Law alums too...who he despises...

I have no doubt that there are "undesirable employees" out there with all sorts of issues that detract from hiring them...I've hired and fired a lot of folks in my day, at both ends of the economic spectrum. Hiring is actually pretty easy, firing is harder. But certainly not everyone is 'desirable'. Just as there are arrogant jerks that come out of HBS and Yale Law School...and...

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?
Perhaps the banker would tell him he needs to take his business to DB?
They've got some $ to wash...

[Typical Lax Dad]

Low unemployment isn’t worth much if the jobs barely pay

From the article:

"53 million workers ages 18 to 64—or 44% of all workers—earn barely enough to live on. Their median earnings are $10.22 per hour, and about $18,000 per year. These low-wage workers are concentrated in a relatively small number of occupations, including retail sales, cooks, food and beverage servers, janitors and housekeepers, personal care and service workers (such as child care workers and patient care assistants), and various administrative positions.

"...it would be a mistake to assume that most low-wage workers are young people just getting started, or students, or secondary earners, or otherwise financially secure:

• "Two-thirds (64%) of low-wage workers are in their prime working years of 25 to 54.
• "More than half (57%) work full-time year-round, the customary schedule for employment intended to provide financial security.
• "About half (51%) are primary earners or contribute substantially to family living expenses.
• "Thirty-seven percent have children. Of this group, 23% live below the federal poverty line.
• "Less than half (45%) of low-wage workers ages 18 to 24 are in school or already have a college degree."

It can’t be true because PB can’t hire anyone at his company for less than $15.00 an hour....

Then it’d surprise you to know I think this article has some good points and something we should all think about. My company pays as it does because we can’t find quality labor. But even at $15/hour, that isn’t exactly killing it in life. What $15/hour is a start.

What the authors neglect to detail is there is a significant swath of Americans who frankly are not desirable employees. They could be non punctual, physically incapable, mentally deficient, or have really poor social skills (perhaps some lurk here ). Employers frankly aren’t going to overpay for poor execution.

What percentage is that?

You forget that PB claims he hires lots of HBS and Yale Law alums too...who he despises...

I have no doubt that there are "undesirable employees" out there with all sorts of issues that detract from hiring them...I've hired and fired a lot of folks in my day, at both ends of the economic spectrum. Hiring is actually pretty easy, firing is harder. But certainly not everyone is 'desirable'. Just as there are arrogant jerks that come out of HBS and Yale Law School...and...

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?
Perhaps the banker would tell him he needs to take his business to DB?
They've got some $ to wash...

Seems reasonable to assume that a good chunk of those lazy undesirable folks that don’t want to work are not participants in the labor pool. What is the labor participation rate theses days?

[a fan]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

[Typical Lax Dad]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

We can borrow from Russia.

[a fan]

Seems reasonable to assume that a good chunk of those lazy undesirable folks that don’t want to work are not participants in the labor pool. What is the labor participation rate theses days?

I guess you didn't get the memo. Now that "he doesn't get business" Obama is gone, no one pays any attention to the labor participation rate anymore.

Which tells you where the rate is.

[Peter Brown]

You forget that PB claims he hires lots of HBS and Yale Law alums too...who he despises...

I "despise"; I'm not sure if I wrote that.

And to be clear, we hire as service providers the services of Harvard MBA's and Yale Law grads...none actually work for us. I should have written that more clearly.

We use several law firms 'up north' and one investment bank, all of whom are known for hiring 'pedigree'd' partners/md's. The names of the schools these folks attended tends to drop out 'accidentally' in meetings, however. Me, I went to a state school.

What I would say is simply because they went to this or that school, no one gets a free ticket here; the soft skills (humility, pleasantness, empathy) and hard skillsets (all manners of aviation ratings, flying, maintenance, quality control, etc.,..) are what's critical; bankers/lawyers generally do not have those in abundance for aviation. And to be fair, they likely wouldn't want to work here; they likely make more income as law firm partners or investment bankers (equity is another matter).

One note: I never scan a resume for any applicant at our firm, executive or otherwise. I wouldn't care where you went to college or even if you had. I want to know who you are as a person. I want to know whether you're a family person, a person of faith, a person of grit, your hobbies, your humility, your curiosity, your view on life.

Where or if you attended college (or grad school) concerns me not in the least. But, if you drop the name of your Ivy 'accidentally', it's more than highly likely we would not be a good fit.

[Typical Lax Dad]

You forget that PB claims he hires lots of HBS and Yale Law alums too...who he despises...

I "despise"; I'm not sure if I wrote that.

And to be clear, we hire as service providers the services of Harvard MBA's and Yale Law grads...none actually work for us. I should have written that more clearly.

We use several law firms 'up north' and one investment bank, all of whom are known for hiring 'pedigree'd' partners/md's. The names of the schools these folks attended tends to drop out 'accidentally' in meetings, however. Me, I went to a state school.

What I would say is simply because they went to this or that school, no one gets a free ticket here; the soft skills (humility, pleasantness, empathy) and hard skillsets (all manners of aviation ratings, flying, maintenance, quality control, etc.,..) are what's critical; bankers/lawyers generally do not have those in abundance for aviation. And to be fair, they likely wouldn't want to work here; they likely make more income as law firm partners or investment bankers (equity is another matter).

One note: I never scan a resume for any applicant at our firm, executive or otherwise. I wouldn't care where you went to college or even if you had. I want to know who you are as a person. I want to know whether you're a family person, a person of faith, a person of grit, your hobbies, your humility, your curiosity, your view on life.

Where or if you attended college (or grad school) concerns me not in the least. But, if you drop the name of your Ivy 'accidentally', it's more than highly unlikely we would not be a good fit.

Many very very successful “wall street” guys went to City College. It’s common knowledge.

[Peter Brown]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

[Typical Lax Dad]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Pentagon would make for a nice retirement community. Best use. I am sure there is a long list of sponsors.

[Peter Brown]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Pentagon would make for a nice retirement community. Best use. I am sure there is a long list of sponsors.

I don't know whether you are being sarcastic, but frankly, I think you have a great idea. It's 41 acres of the most valuable piece of real estate in NoVA, and my guess is few Defense officials would prefer to be there versus a lower cost of living area such as Norfolk or Pensacola.

[Typical Lax Dad]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Pentagon would make for a nice retirement community. Best use. I am sure there is a long list of sponsors.

I don't know whether you are being sarcastic, but frankly, I think you have a great idea. It's 41 acres of the most valuable piece of real estate in NoVA, and my guess is few Defense officials would prefer to be there versus a lower cost of living area such as Norfolk or Pensacola.

It’s a great idea. We could cut some of the fat out of the military and make a permanent tax cut for working and middle class folks. A peace dividend. I wonder what it would cost to build a new pentagon today? What do you think the ol’ USA’s net gain would be?

[Peter Brown]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Pentagon would make for a nice retirement community. Best use. I am sure there is a long list of sponsors.

I don't know whether you are being sarcastic, but frankly, I think you have a great idea. It's 41 acres of the most valuable piece of real estate in NoVA, and my guess is few Defense officials would prefer to be there versus a lower cost of living area such as Norfolk or Pensacola.

It’s a great idea. We could cut some of the fat out of the military and make a permanent tax cut for working and middle class folks. A peace dividend. I wonder what it would cost to build a new pentagon today? What do you think the ol’ USA’s net gain would be?

Why would you need to "build a new Pentagon"; the facilities in Pensacola and Norfolk already exist. And I agree about cutting the fat out of the military, but I prefer tax cuts for everyone, your hated rich included.

[MDlaxfan76]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Yes, I keep asking that question because you made a flat out ridiculous statement. Core to your "idea".

My first response was to ask whether you were suggesting the sale of all the national parks (lots of real estate but a drop in the bucket compared to the national debt). You then said there were lots of other assets...I asked, really, what are they? You then you attempted to back-up that statement, crowing as if you did, by posting a link that showed how wealthy the country is (true). But you had not bothered to read the table...had you done so, you would have seen that the US FEDERAL GOVERNMENT has an enormous negative net worth.

so, what are all these assets, Pete?
(Hey, it's ok to back off and admit it was a fatally flawed 'idea'.)

No Bloomberg isn't an idiot. He wouldn't even remotely suggest defaulting on our debt.
It's an enormously stupid "idea". And he's not stupid.

Yes, Trump has multiple times declared bankruptcy losing enormous sums of his investors' money. He also cheated on his taxes, misstated his assets to bankers, etc, etc. Stiffed his contractors. Defrauded consumers. Self-dealt with his "charity".

Eventually no US banker would lend to him. But the bank that was getting rich by laundering Russian money said yes.
But there ain't enough money needing laundering to bail out the US gov't.

Listen PB, how about just start spending closer to our revenue (taxes)?
We don't need to default on anything, we just need to slow down the rate of deficit spending, especially in strong economic times when fiscal stimulus isn't needed.

[Peter Brown]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Yes, I keep asking that question because you made a flat out ridiculous statement. Core to your "idea".

My first response was to ask whether you were suggesting the sale of all the national parks (lots of real estate but a drop in the bucket compared to the national debt). You then said there were lots of other assets...I asked, really, what are they? You then you attempted to back-up that statement, crowing as if you did, by posting a link that showed how wealthy the country is (true). But you had not bothered to read the table...had you done so, you would have seen that the US FEDERAL GOVERNMENT has an enormous negative net worth.

so, what are all these assets, Pete?
(Hey, it's ok to back off and admit it was a fatally flawed 'idea'.)

No Bloomberg isn't an idiot. He wouldn't even remotely suggest defaulting on our debt.
It's an enormously stupid "idea". And he's not stupid.

Yes, Trump has multiple times declared bankruptcy losing enormous sums of his investors' money. He also cheated on his taxes, misstated his assets to bankers, etc, etc. Stiffed his contractors. Defrauded consumers. Self-dealt with his "charity".

Eventually no US banker would lend to him. But the bank that was getting rich by laundering Russian money said yes.
But there ain't enough money needing laundering to bail out the US gov't.

Listen PB, how about just start spending closer to our revenue (taxes)?
We don't need to default on anything, we just need to slow down the rate of deficit spending, especially in strong economic times when fiscal stimulus isn't needed.

Unfortunately, I do not think given population patterns that we can slow down spending to equal taxes...unless you cut Social Security and Medicare. That will take a very courageous politician.

hence I think that an out of the box solution is probably what will happen (eventually). Also, bankruptcy for the federal government is likely not going to happen. States yes, the feds no.

Also, Trump did not declare bankruptcy; companies he controlled did. You should blame equally the folks at Bankers Trust (god rest its soul) and Chase for encouraging Trump back in the day. And many of Trump's former bankers...today run large private equity firms in NYC. Blame Trump all you want (which you do), but many of the pedigree'd elite in NYC were his benefactors, and paid no price for the lending.

[Typical Lax Dad]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Pentagon would make for a nice retirement community. Best use. I am sure there is a long list of sponsors.

I don't know whether you are being sarcastic, but frankly, I think you have a great idea. It's 41 acres of the most valuable piece of real estate in NoVA, and my guess is few Defense officials would prefer to be there versus a lower cost of living area such as Norfolk or Pensacola.

It’s a great idea. We could cut some of the fat out of the military and make a permanent tax cut for working and middle class folks. A peace dividend. I wonder what it would cost to build a new pentagon today? What do you think the ol’ USA’s net gain would be?

Why would you need to "build a new Pentagon"; the facilities in Pensacola and Norfolk already exist. And I agree about cutting the fat out of the military, but I prefer tax cuts for everyone, your hated rich included.

More wasted capacity in Pensacola and Norfolk. Shut down the Pentagon and use That unoccupied space. Lots of empty offices and cubicles!

[MDlaxfan76]

Can you imagine Pete's banker's reaction if he learned how cavalier he is about repayment of debts?

He still hasn't explained who it is he thinks the US Govt. will borrow money from after we intentionally default on our past loans.

Pretty sure he regrets making that post. He was just thinking out loud, if you ask me....and didn't think it through.

I don't "regret" making my point.

To repeat my point (which seemingly flies right past you): the US Government is not defenseless coming up with a manner(s) to avoid a complete default or at least arrange a pre-packaged bankruptcy where all parties come out whole. The US has many assets and many ways to configure a solution. As I mentioned, some very smart money folks recently told me why crypto is a solution to the US dollar. That is but one possible avenue.

MD keeps asking what are the assets of the US Government? I can't find a list. What I suspect is we way-undervalue real estate assets such as the Pentagon, which occupies perhaps the most valuable piece of real estate in NoVA. I'd like to see how much the government values that real estate, which by the way is an anachronism anymore as Defense imo should be located fully to places like Florida or Norfolk VA.

https://fiscal.treasury.gov/reports-sta ... heets.html

Do I think Trump can figure out how to restructure? Perhaps; I don't doubt this guy's ability to figure out ways out of holes (he has done it 2x before). He wouldn't need to do much more than have china settle its holdings for a better tariff rate (even dropping $1 trillion off the debt might kickstart other ideas). Could Bloomberg? Maybe, though I would also likely disagree with his formula. Would the Democrats be helpful? lol...like pouring gasoline onto a fire.

Yes, I keep asking that question because you made a flat out ridiculous statement. Core to your "idea".

My first response was to ask whether you were suggesting the sale of all the national parks (lots of real estate but a drop in the bucket compared to the national debt). You then said there were lots of other assets...I asked, really, what are they? You then you attempted to back-up that statement, crowing as if you did, by posting a link that showed how wealthy the country is (true). But you had not bothered to read the table...had you done so, you would have seen that the US FEDERAL GOVERNMENT has an enormous negative net worth.

so, what are all these assets, Pete?
(Hey, it's ok to back off and admit it was a fatally flawed 'idea'.)

No Bloomberg isn't an idiot. He wouldn't even remotely suggest defaulting on our debt.
It's an enormously stupid "idea". And he's not stupid.

Yes, Trump has multiple times declared bankruptcy losing enormous sums of his investors' money. He also cheated on his taxes, misstated his assets to bankers, etc, etc. Stiffed his contractors. Defrauded consumers. Self-dealt with his "charity".

Eventually no US banker would lend to him. But the bank that was getting rich by laundering Russian money said yes.
But there ain't enough money needing laundering to bail out the US gov't.

Listen PB, how about just start spending closer to our revenue (taxes)?
We don't need to default on anything, we just need to slow down the rate of deficit spending, especially in strong economic times when fiscal stimulus isn't needed.

Unfortunately, I do not think given population patterns that we can slow down spending to equal taxes...unless you cut Social Security and Medicare. That will take a very courageous politician.

hence I think that an out of the box solution is probably what will happen (eventually). Also, bankruptcy for the federal government is likely not going to happen. States yes, the feds no.

Also, Trump did not declare bankruptcy; companies he controlled did. You should blame equally the folks at Bankers Trust (god rest its soul) and Chase for encouraging Trump back in the day. And many of Trump's former bankers...today run large private equity firms in NYC. Blame Trump all you want (which you do), but many of the pedigree'd elite in NYC were his benefactors, and paid no price for the lending.

Yes, Trump cannily separated his business into legal entities with no cross collateral and thus avoided personal bankruptcy. And sure, there were plenty of greedy folks at the trough along with him.

But again you ignore the rest of what I wrote to take a nit with whether he personally declared (not my point). He lost his credit worthiness in the US. They knew he was a dishonest con man. Cut him off.

Who came to the rescue?
The Russian mob and their dirty bankers.

Again, there just isn't enough such money to bail out the US. It's an absolutely disastrous concept that would lead to worldwide depression, not merely here in the USA...but it would take generations for the US to come close to recovering any semblance of comparable credit worthiness to what we have today.

And no, PB, we really could spend closer to our revenues in strong economic times.
And without draconian cuts to social spending or entitlements, though reform is critical, and smarter investments are necessary.
That's another set of posts, lots of detail necessary to explain how to spend smarter.

We also need to tax the top 10% (me and you, I assume) at a somewhat higher rate, and we need to tax all large corporations at a reasonable rate. Yeah, that's not something I'm thrilled about, but it's what is needed.

We needn't spend less than our revenue, a 'balanced budget', but we do need to have the rate of debt growth be a much lower rate.

And again, what are all those assets? 41 acres on the river?