“No one knows more about bankruptcy than me. Believe me.”
robert_axl on
Next morning be like:
The Treasury’s statement is very serious — but let’s be clear, this didn’t happen overnight.
This is the mess left behind by Joe Biden — years of reckless spending, bad decisions, and weak leadership. We inherited a disaster.
Now, under Donald Trump, we’re fixing it. It won’t be easy, but we’re going to make America strong again — and we’re going to do it FAST.
Wholesome_Soup on
LMAOOO he’s just so comically incompetent, how did this happen,
SignificantTowel9952 on
Is America about to be one of those “shit hole countries” Trump was talking about?
MyBoomstickIsBigger on
This isn’t really headline news; we didn’t just find ourselves in $39T of debt overnight. The US has been running a budget deficit for over 20 years and hasn’t had a balanced budget since Clinton’s presidency.
faux_shore on
Exactly what agent kraznov was supposed to do
UncommittedBow on
I mean he’s bankrupted everything else he’s been involved with
Aggressive-Will-4500 on
That’s what he was paid to do.
IsopodIndependent553 on
Those arteries can’t stay open forever.
QQBearsHijacker on
The guy who bankrupted a casino?? Color me shocked!
astreeter2 on
Huge tax cuts for billionaires, plus an unspoken agreement that most rich people don’t need to even bother paying taxes at all anymore, the IRS only goes after Trump’s enemies now.
L3P3ch3 on
Misleading headline.
The US Treasury released its consolidated financial statements for fiscal year 2025, and the numbers show $6.06 trillion in total assets against $47.78 trillion in total liabilities as of September 30, 2025. Steve said these numbers imply insolvency. In short, the authors declared insolvency, not the Treasury.
Facts matter; even if the fiscal position of the US is dire.
Rinzy2000 on
But meanwhile I have to have a credit score. Give me a fucking break.
Dizzy_Horse_105 on
No, AI is going to fix it all and soon we will all be purchasing tickets to Mars. Don’t worry.
In short, the Treasury did not declare insolvency. Some analysts looked at a treasury report and interpreted as insolvency.
To quote the opening paragraph:
> The Fortune piece is built on a real set of numbers and an overstated conclusion. The article is a commentary by Steve H. Hanke and David M. Walker, not a Treasury declaration or a news report. What Treasury actually released was the 2025 Financial Report of the U.S. Government. What the authors did was interpret those numbers through the language of insolvency. That distinction matters.
Now, it does point out that the United States has major financial issues. Again, quoting the article:
> The most important fact check, then, is this: the Fortune piece is directionally right about the seriousness of the U.S. fiscal problem, but wrong to present “insolvency” as something Treasury itself has formally declared. The more accurate formulation is that Treasury and GAO have again published numbers showing a government with very large liabilities, a worsening long-term fiscal gap, and a debt trajectory that official institutions themselves consider unsustainable under current policy.
But there has been no declaration of US insolvency by anyone in a position to make that call.
bigstu_89 on
Well he certainly ran it like on of his businesses.
This is what happens when you elect someone who bankrupted multiple casinos. Whose every business venture has been a failure. A “businessman, doing business”.
InsomniaDudeToo on
Inb4 some talking head screeches “Fake News. Then a day later declares trump a genius and that declaring bankruptcy isn’t a fail, but rather a master move in the chess game of geopolitics.
ForeverShiny on
Is this article followed by an ad for one of those gold buying services aimed at libertarians and other conspiracy kooks?
Etna_No_Pyroclast on
Is there a business or country he hasn’t bankrupted? I lost count
King_R0A on
“I lIkE tHaT hE iS rUNning tHe counTrY lIkE a BusiNesS” —maga mouth breathers
24 Comments
Don Pedo running the country like his businesses
“No one knows more about bankruptcy than me. Believe me.”
Next morning be like:
The Treasury’s statement is very serious — but let’s be clear, this didn’t happen overnight.
This is the mess left behind by Joe Biden — years of reckless spending, bad decisions, and weak leadership. We inherited a disaster.
Now, under Donald Trump, we’re fixing it. It won’t be easy, but we’re going to make America strong again — and we’re going to do it FAST.
LMAOOO he’s just so comically incompetent, how did this happen,
Is America about to be one of those “shit hole countries” Trump was talking about?
This isn’t really headline news; we didn’t just find ourselves in $39T of debt overnight. The US has been running a budget deficit for over 20 years and hasn’t had a balanced budget since Clinton’s presidency.
Exactly what agent kraznov was supposed to do
I mean he’s bankrupted everything else he’s been involved with
That’s what he was paid to do.
Those arteries can’t stay open forever.
The guy who bankrupted a casino?? Color me shocked!
Huge tax cuts for billionaires, plus an unspoken agreement that most rich people don’t need to even bother paying taxes at all anymore, the IRS only goes after Trump’s enemies now.
Misleading headline.
The US Treasury released its consolidated financial statements for fiscal year 2025, and the numbers show $6.06 trillion in total assets against $47.78 trillion in total liabilities as of September 30, 2025. Steve said these numbers imply insolvency. In short, the authors declared insolvency, not the Treasury.
Facts matter; even if the fiscal position of the US is dire.
But meanwhile I have to have a credit score. Give me a fucking break.
No, AI is going to fix it all and soon we will all be purchasing tickets to Mars. Don’t worry.
No one knows more about bankruptcy than me
Here is an [analysis of that article](https://brandingninja.substack.com/p/fact-check-the-us-is-not-officially).
In short, the Treasury did not declare insolvency. Some analysts looked at a treasury report and interpreted as insolvency.
To quote the opening paragraph:
> The Fortune piece is built on a real set of numbers and an overstated conclusion. The article is a commentary by Steve H. Hanke and David M. Walker, not a Treasury declaration or a news report. What Treasury actually released was the 2025 Financial Report of the U.S. Government. What the authors did was interpret those numbers through the language of insolvency. That distinction matters.
[Greece approaching insolvency was a major concern throughout Europe](https://en.wikipedia.org/wiki/Greek_government-debt_crisis) — if the US government had declared insolvency, the result would be a worldwide financial crisis.
Now, it does point out that the United States has major financial issues. Again, quoting the article:
> The most important fact check, then, is this: the Fortune piece is directionally right about the seriousness of the U.S. fiscal problem, but wrong to present “insolvency” as something Treasury itself has formally declared. The more accurate formulation is that Treasury and GAO have again published numbers showing a government with very large liabilities, a worsening long-term fiscal gap, and a debt trajectory that official institutions themselves consider unsustainable under current policy.
But there has been no declaration of US insolvency by anyone in a position to make that call.
Well he certainly ran it like on of his businesses.
“missed it”?
US Media:
https://preview.redd.it/fmhf4bhux1rg1.png?width=480&format=png&auto=webp&s=131c64c3e508d3c52c4ef0f0d65f06eede6abaab
This is what happens when you elect someone who bankrupted multiple casinos. Whose every business venture has been a failure. A “businessman, doing business”.
Inb4 some talking head screeches “Fake News. Then a day later declares trump a genius and that declaring bankruptcy isn’t a fail, but rather a master move in the chess game of geopolitics.
Is this article followed by an ad for one of those gold buying services aimed at libertarians and other conspiracy kooks?
Is there a business or country he hasn’t bankrupted? I lost count
“I lIkE tHaT hE iS rUNning tHe counTrY lIkE a BusiNesS” —maga mouth breathers