For the American people - how does the debt ceiling affect you personally?

[sage2021]

I am so darn sick 🤮 of hearing that hundreds of thousands of people lost their jobs to save money to keep the debt ceiling down.
We will NEVER pay off this debt ceiling in our lifetime and it's ridiculous to believe otherwise in my opinion.
If they have paid some money towards getting the debt ceiling down, then why won't they tell the American people exactly what was paid down?
I believe Trump uses the debt ceiling excuse way too much to tighten up the wrong budgets and put hundreds of thousands of Americans out of work all in the name for getting the debt ceiling down. Do they actually even pay anything towards making a dent in lowering the debt ceiling? Like exactly how much money did putting hundreds of thousands of Americans out of work get the debt ceiling down?
Inquiring minds want to know darn it!!

[Syntosi]

That is not what the debt ceiling is. There are a lot of terms that means different things so lets go through some of them.

First of all we have the "national debt". This is probably what you are thinking of and is sort of the debt that the US federal government owes to the people that has bought government bonds. Currently the US national debt is around 37 trillion dollars.

Next we have the "deficit". This is how much the US budget is exceeding how much it earns in a given time period. There are "yearly deficits" that tells you how much money the US government is losing in a year. Its also common to talk about "quarterly deficits" which is how the US loses in 1 of the 4 quarters in a year (each about 3 months long). You will often see quarters be referred to Q1, Q2, Q3 and Q4 to specify which 3 months period in a year we are talking about.

Then we have the "budget". Every year the US government must vote through a budget which outlines the incomes of the country and what the government will be spending money on. This obviously includes accepting that the US will be spending more money than it makes in the current moment.

So what is the "debt ceiling"? The debt ceiling is an American law that limits how much money the US government can borrow. Now this does not really make much sense, since if you passed the budget earlier then you already know if you are going to spend less or more than this limit. Furthermore, it is a law on congress, which the congress itself writes so they can just rewrite it anytime they want. So every time you hear that the congress has "raised the debt ceiling", what they have really done is written a new law that replaced the old one but included a higher number for what the US government can't borrow.

The debt ceiling is just a pointless little law that does not really mean anything since the same people it limits can easily rewrite it. Its like if you wrote a note on the fridge about only eating 1 cookie per week but then taking another one and just crossing over the 1 and writing a 2 underneath it. Its mostly just a political game.

[SixFootSexy]

https://babylonbee.com/news/republicans-unveil-new-plan-for-federal-debt-wait-for-the-second-coming-and-the-world-to-be-ended-in-fire

There is no intention to fix the debt. It's all grandstanding, rhetoric and hoping a political base buys the messaging. The democrats haven't had strong leadership in a while, since they've alienated the entire male population with woke propaganda.

I have zero affiliation to either party, both sides want to maintain their hegemony. All I know is, it ain't looking to good for the US Dollar.

https://www.dailymail.co.uk/news/article-14775765/jamie-dimon-warning-america-stockpile-guns-ammunition.html

TLDR: 'I always get asked this question: Are we going to be the reserve currency? No. You know, if we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency. That’s a fact. Just read history,' -JD

[exitseven]

The national debt needs to be addressed. Cuts have to be made with the objective to get the spending down to pre covid levels. Biden hired a million government workers mostly to make his plummeting jobs numbers look good. DOGE has found 260,000 people who can be eliminated. Nobody likes to lose their jobs bit it is a fact of life. i have been laid off 4 times in my career. I did not whine about it. I just collected unemployment and found another job.
There is still more that can be cut and I am looking forward to seeing DOGE uncover more waste and fraud.

[seeyounexttuesday]

Um. It was the congress who increased spending and ignored DOGE recommendations. Hope this helps.

[WonderingManII]

For the American people - how does the debt ceiling affect you personally? It hasn't.

[Kelly6]

@sage2021 It effects multiple ways

Will explain

[Kelly6]

@sage2021
It mostly effects the economy which makes houses and other things more expensive, anything that is related to treasury department or so.
Then economy effects public or companies, and companies start rearranging their employees lol.

But true, USA will never pay their debt, and they never want to. It was designed that way.