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Comment by DoesntMatter22 | Hacker News Reader

What's the difference? Everyone involved has been completely reckless with the debt. You think a democrat will somehow stop spending? Both parties are super happy to drive the car off the cliff

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They just told you what the difference is.

There is no practical difference. Both parties are glad to drive the car off a cliff

The big difference is that, at the current rate, economic collapse of the US will happen in my lifetime, and I’m almost 60. I wasn’t looking forward to that kind of planetary upheaval for my retirement.

My wife worries about surviving the next Great Depression. "Do we have enough cash?", "Should I put off retirement?", etc.

I've tried to tell her that we're all going down. Workers will be laid off, markets will crash, real estate will collapse, money will inflate…

Best look instead for ways to try and enjoy life regardless.

The difference is that this administration is running at double the rate of the previous ones, and George Bush oversaw both two wars and the global financial crisis in 2007.

Your argument "since you're already over the speed limit, 200 or 300 miles per hour don't matter". Sounds asinine.

In any case I didn't say anything about democrats, but for sure, this administration with large tax cuts and increased spending is speeding US into very dangerous territory.

Well all the other administrations were driving 200 or 300 miles over, now we are driving 500 over. It doesn't matter really, if we hit anything (like Japan dumping US treasuries) we may be dead.

The democrats thing was what I had originally replied to. My whole point is that it really doesn't matter who is in the White House really, both sides seem determined to rack up as much debt as possible and it'll probably spiral out of control.

Neither side wants to cut costs (not really), in fact many want to spend more.

This is true globally, not just in the US, and that's why global debt keeps spiralling.

But I still find the argument "it doesn't matter if you're going 200 or 300 or 500 mph" completely asinine. It does, and it makes an enormous difference when the debt is so big in absolute terms.

You keep forcing an equality that's not there.

At the end of the day it's one specific administration that brought the largest tax cuts in history since 1981's Reagan (another republican) ones while increasing spending.

> and that's why global debt keeps spiralling.

Yes, but if the dollar collapses and is replaced by a new reserve currency while other countries have debts in dollars, they win and the US loses. Only the US loses, keep in mind. It’ll be the first time the US experiences that side of the stick.

If the US suffers severely the rest of the world will collapse. There's no scenario in which that doesn't happen. Everything is interdepedant and many non US countries (like Europe, Japan, China) depend heavily on the US.

The point is is that it just doesn’t matter anymore. Neither party is going to stop it. No matter who is in power It’s going to end badly.

> now we are driving 500 over

Keep in mind the car is not designed to generate lift at that speed.

Well, the last president to steer the car away from the cliff came from one party, the other is currently mashing the accelerator toward it.

And that is without considering things like invading Iraq and Afghanistan, creating the global financial crisis, or turning on the money printer at the start of covid.

If you look at this information and say, "no difference" I don't think anyone here can help you.

Almost all of Bill Clinton's policies were to the RIGHT of Trump, so I'm not sure what you are saying exactly. Biden created the most debt in 1 term of any president ever.

You can't really compare one party from 27 years ago to today realistically.

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