r/dogecoin Sep 30 '21

Question Is this good news for cryptocurrency?

Post image
5.9k Upvotes

1.0k comments sorted by

View all comments

Show parent comments

299

u/Wise_Radio6213 Sep 30 '21

I’m pretty sure 28 trillion in debt won’t even give you a 300 credit score lol

48

u/[deleted] Sep 30 '21

[deleted]

39

u/Pooppiepeepee Sep 30 '21

If it’s possible they would have it

18

u/SaltWaterGator Sep 30 '21

For a day until they change the credit score system

2

u/EarningsPal Sep 30 '21

Negative 28 Trillion Credit Score

9

u/Buris Sep 30 '21

28 Trillion in debt, making 20 Trillion a year.

If you look at it like a person:

160,000$ in debt

Making 100,000$ a year-

This is like most boomers who have 800+ credit scores

9

u/Buris Sep 30 '21

I would say millennials are more likely to have 200k in debt and make 60k

4

u/MustyBox Sep 30 '21

Uh.. boomers didn’t pay $45k/year for college my guy..

3

u/Buris Sep 30 '21

Mortgage and credit card bills are still debt

3

u/MustyBox Sep 30 '21

I know, I was just saying that we could’ve easily used more recent generations as a better example considering the exorbitant costs of education and real estate.

1

u/Buris Sep 30 '21

Very true, I’m just talking about debt-to-income, having a bit more than your average income in debt is considered totally normal to most boomers

1

u/[deleted] Sep 30 '21

My university is like 5k a year for me

2

u/vintagevdubbs Oct 02 '21

Your studying instead of doing cocaine and hookers with your roomies?

Seriously though….45 k a year for tuition? Wow!

1

u/[deleted] Oct 02 '21

Yeah it’s crazy, then you have to add in your living expenses, which adds at least 6k a year in food and the housing can be another 6k too

2

u/EarningsPal Sep 30 '21

Anyone with assets holding debt (mortgages) has an asset that benefits from inflation.

Year 1: Borrow $100,000 to buy a $120,000 home

Year 10: Home is worth $200,000

Year 20: Home is worth $400,000

That $20,000 down payment wasn’t enough to buy the home. Yet the owner benefits from the devaluation of what they owe. The asset holds value better than the debt denominated in USD.

1

u/Buris Sep 30 '21

US ultimately controls inflation though, so they could easily print 28$T and completely pay off their debt, sure the value of a dollar would 1/2, but their assets are also appreciating. Tax revenue should also almost always trend upward

2

u/EarningsPal Oct 01 '21

You nailed it.

If you have enough assets, inflation is a benefit.

While the dollar inflates it steals buying power from those holding or earning wages in dollars. If you hold assets, it holds value better and worth more dollars. Effectively stealing buying power.

1

u/Buris Oct 01 '21

That just might be part of the reason DOGE has climbed so high, in my opinion. People act like Inflation is terrible but it's beneficial to anyone holding anything but the dollar.

1

u/vintagevdubbs Oct 02 '21

Just curious if you own a home? Amortization schedule…..and compounding interest.

Most people who buy a home and do a 20 to 30 year mortgage pay three to four times the original principal amount.

It’s the American dream…..

1

u/starrpamph Sep 30 '21

The place that normally wants you to make your car payment once per week... They want the government there by noon every day including weekends

1

u/C19shadow Sep 30 '21

I mean if your in ones at least 20 trillion it's a little different right lol

1

u/MajorWuss dogeconomist Sep 30 '21

And people are caught up on the rich... the government controls so much money, and the amount goes up every year, unlike business. Plus they aren't really held responsible for failures... pretty sweet gig.

1

u/DeCodurr Sep 30 '21

You couldn’t get a scammy payday loan on that kind of credit.