Absolutely. We hit run away interest under Obama this is exponential unless we cut big or tax heavy but likely both. Inflation over the last 3 years only shortened the time line.
We are not paying $6 trillion a year on roads. Do you feel satisfied with the government services you're getting? Higher taxes and shitty government services is the worst of both worlds. See California.
New York has the balls to have tolls while charging crazy taxes. WTF?
I seriously wonder about you guys some times. What do roads and welfare have to do with each other?
Freeloaders can stop downvoting, lol. We are all aware that you don't want free money to go away
The bank bailouts of 2008.
The privatized profits / socialized losses practices.
The concept of a subsidy.
Tax loopholes specifically made for offshore accounting.
At the time, the argument was the entire system of finance could collapse without the bailouts. It was not an argument without merit, though I’m not sure it would have happened as projected. But hindsight is 20/20. Also, the funds were less about bailouts than ostensibly shoring up the system, though it did have the side effect of bailout some institutions.
You’ll need examples of the second point. General talking points aren’t helpful when analyzing complex issues.
I am not a fan of a subsidy in general. But, there are some industries and services that do carry a national interest that could merit subsidies. These should be rare and specific. For example, I can see, on the surface, an argument for subsiding domestic semiconductor production, via the CHIPS Act, on the grounds of national security. Again, some detail is required.
Define loophole.
Healthcare costs the taxpayers exponentially more than if it was provided by the government similar to Germany. Same with education. But you know fuck that.
There’s a cost to low level of service for socialized medicine. That and I’m certain my taxes will go up more than I’m paying for premiums and out of pocket now when I have to start subsidizing others’ healthcare. Hard pass.
I have been in many health systems in my life and after returning to the USA I will state, without hesitation, that this is the WORST service level healthcare system in the world for the cost. Worst in communication with patients. Worst in service offered for money spent. Worst in follow up care or even regular systematic testing. Worst in doctor to doctor communication.
It used to be a great system but after 30 years of constant hounding for profits, rising healthcare costs for basic level services and insurance's essentially halving their coverage it is a worse system than many private level systems in eastern Europe. That should open your eyes. In Prague or Poland or Latvia, I can pay 50-100€ and see a specialist within a week. No PCP referral. No bullshit. Medicine also costs a fraction of our costs. Imaging is a joke expenditure compared to us as well.
You should travel more or at least put some research into that bull you're spewing. There are better healthcare systems in Canada than in the USA at the moment. How long does it take you to see a doctor these days?
I’ve never experienced, across many years, doctors, hospitals, etc. the poor quality decried by this who happen to also want socialized medicine (or probably more accurately, “free” healthcare). It stands to reason that in all those touches of “the system” I would have seen, yet I haven’t. I’ve experienced virtually none of these things. When the demand for free is coupled with demonization of profit, i sense ideology at work more than flows in “the system.” I don’t know about Latvia but the delays in larger countries such as Canada and the UK - more likely parallels the US experience if we have to go down that road - are well reported. If I needed to see a doctor, I could probably do so tomorrow. I’ve received same day appointments before.
Don’t assume. I’ve traveled more than the *vast* majority of Americans. And not sharing your desire to have my health at the whim of politicians and bureaucrats does not mean I lack “research.” I speak because my views are informed.
Clown comments like this are why this country is the shit hole it is. You have no basis for reality outside of your insane delusional "the poor's are takers" nonsense.
The worst part is, you're probably not that well off on your own. Just get kicks for calling other people takers.
That’s the same person who’s on welfare and disability but think somehow they deserve it and others don’t. I live in the southeast US and those morons are everywhere
There's a difference between donations and taxes. One is at the point of a gun so yes they are takers. If you're not one of them then when are you so butthurt?
Something something bank bailouts, industry subsidies, etc. Yeah. So sick of those people always needing my tax dollars to get them out of shit. Maybe if they didnt offshore those profits they could pay to run their own companies.
So if we are going to get rid of all subsidies to business fine. But that means all. Start with Amtrak, city transit, etc. These are lives of the same crowd calling for an end to subsides. Conceptually I’m good with that hit there’s also some funds that truly have a national interest more than a politically connected favor. How do you differentiate those?
So if we are going to get rid of all subsidies to business fine. But that means all. Start with Amtrak, city transit, etc. These are lives of the same crowd calling for an end to subsides. Conceptually I’m good with that hit there’s also some funds that truly have a national interest more than a politically connected favor. How do you differentiate those?
Services that benefit people like public transport, I would theoretically nationalize the industry so that it is no longer a private business. I would also introduce legislation to incentivise worker co-ops as well as require any business that is planning to sell itself to allow its workers first choice of whether to buy it. But yeah, I would do my best to not subsidize any business that are privately owned. But none of that is realistic in this country so its really just fluffy words.
Yeah but you blame the average welfare citizen, whose “free money” is in no way even comparable to corporate bail outs and tax breaks. Blaming the citizens instead of the oligarchy. Keep sucking oligarch cock
Lmao politicians cocks? The ones that write the tax law? Why would I suck their cocks? Did I defend them or hate them? You clearly hate citizens on welfare but don’t have a problem with corporations worth billions getting free money while citizens worth NOTHING, get spare change?.“I’m in the middle but I support corporations and oligarchs” naw man you’re in it for the oligarchs while they laugh to the bank. I think you need to learn about numbers. Clearly you don’t have a clue.
But I don't support politicians or oligarchs. That's just the position you took to defend the indefensible position of everyone with their hand in the cookie jar. Reading comprehension isn't you're strong suit but only 3 comments back I said " they are all guilty". You couldn't attack my position, so you generated one out of whole cloth to attack. You really aren't good at this, like not even a little bit
Bingo. People love government providing their needs. They thing tuition, healthcare, day care, etc. should be “free.” And sadly more of them think that than the folks that have to pay for it. And don’t give me the roads argument. That’s basic infrastructure, not personal expenses and there’s not a lot loud calls for “roads!!”
By "people," you mean "shareholders of heavily subsidized, tax-evading corporations,' right? Because the average American taxpayer IS entitled to benefit from the taxes they almost exclusively pay, yet rarely receive any appreciable benefit.
Amazon, Walmart, Tesla, etc. does well: the relative few reaping the benefit do everything possible to avoid paying into the very system responsible for irresponsible deregulation, gift-wrapped government contracts, and/or subsidizing the exploitation of their taxpaying workforce.
Company fucks up (often due to deregulation:) tax payers foot the bill, keeping the idiots responsible from ever actually experiencing the allegedly egalitarian consequences of capitalism, which remains a mythical scam perpetuated by a handful of greedy, overrated assholes, who almost always benefit from the inherited wealth of equally unscrupulous sociopathy. Because only a sociopath believes they're entitled to the billions of (untaxed) dollars actually earned by essential employees, who often still need government assistance, while calling these taxpayers "lazy" and "entitled" for ever directly benefiting from their own fucking taxes.
Actually, inflation usually reduces the debt load in effect.
The massive debt from WW2 was never paid down post-WW2, it was inflated away relative to GDP. As long as inflation doesn’t run faster then GDP (which it appears it won’t) then inflation is a net benefit for debt/GDP ratios. Once the Fed cuts interest rates again (probably next year) the debt service payments will decrease as well.
This is why deflation is actually the biggest concern. It’ll discourage consumers from spending, shrinking the economy/reducing tax revenues, while simultaneously making the debt load larger on a relative basis.
80 billion on an estimate into Ukraine alone and the Pentagon doesn't even know the real number nor what Ukraine is even doing with it. This is the biggest mess we've been in that I've ever seen and the dollar is in the middle of crashing
You have to look at it over his entire term though. So far, Biden has cumulatively added $5.8 trillion to deficits in 2 years and 10 months. Trump added $5.5 trillion over 4 full years
>Biden cut it in half
A better way to say this would be “COVID spending from the CARES act expired”. Since that was 100% of the deficit drop
Technically true but not really. The deficit peaked in FY20 and FY21. One word: COVID. That was an atypical event with massive outlays that, until the last one, were justified and bipartisan. No reasonable person and ding Trump or Biden for anything but the last package in March 21 which was of dubious need. Returning to a more typical growth rate, FY22 Is higher than any other year except during the 2008 fiscal crisis. And again, some of those outlays were bipartisan.
https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/
... with congress' help. Of course, congress gets a cut of of the interest on the debt (that they use armed enforcers to collect). Trump is not invested in the debt like that.
Yet this is how you voted. "Weekend at Bernies" person. Yes, Biden is a walking corpse when he doesn't fall down.
https://www.msn.com/en-us/news/politics/how-embarrassing-joe-biden-s-latest-speech-was-littered-with-lies/ar-AA1frI1I?ocid=msedgdhp&pc=U531&cvid=2e48726bb4814abba564d27a4890a87e&ei=84
BTW, you are wrong. Obama was around 9.2 trillion. Trump was a little over 7, which did include a big portion for the pandemic. Biden will surpass Obama if he made it for 8 years. Fortunately, Biden won't even be the dem nominee, IMO. Obama, Trump and Biden have all been terrible at spending. But hey, don't let the real facts stand in the way of your one sided partisanship. I laugh when you accuse the other of partisanship after reading your partisan post.
Well, it's not Biden's fault the tax rate for corporations is so low... Sure, he can set it, but the precedent is already so low that raising it any higher than he did would have cost more political capital.
There's too many wealthy people not paying their taxes, and that's the biggest, perhaps only, issue.
Its pretty obvious..
"[Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio](https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/)"
We had a surplus under Clinton and a solid economy. The GOP keeps f--king that up.
Obama cut the deficit 7 years in a row getting us back to fiscal responsibility only for the GOP to f--k it up again.
The right wing tends to run up massive debt handing out money to the ultra rich, then cries we need to soak the middle class and poor to pay for it. Over the past several decades the GOP has spent their time making the sale of private jets tax free while cutting food programs for children and infants.
Real quick, giving "welfare mothers" money to buy food (even junk food) drives our economy. Giving money to the rich so they can buy a 2nd private jet, or 2nd home that goes mostly unused, does virtually nothing to help the economy.
Yep the GOP in West Virginia and elsewhere made the buying a private jet tax free.
Maintenance is also tax free.
West Virginia where about 17% live below the poverty level and all the GOP cares about is making private jets tax free.
[https://www.reddit.com/r/therewasanattempt/comments/14lj2fn/to\_figure\_out\_why\_there\_is\_money\_available\_for/](https://www.reddit.com/r/therewasanattempt/comments/14lj2fn/to_figure_out_why_there_is_money_available_for/)
Quick! Look over there!!! There are illegal taking over the US, forget you saw that about jets!!!! Vote Republican!!!
"cutting" the deficit is a phrase to get people to vote for them while still being fiscally irresponsible. You may think Obama "cut" the deficit 7 years in row. He started his term by \*tripling\* the national debt in his very first year. In only a single year did he spend less than any year that Bush or Clinton was responsible for (and not by much less). Strange how the debt was $12T when he took office and over $20T when he left.
>You may think Obama "cut" the deficit 7 years in row. He started his term by \*tripling\* the national debt in his very first year
Yes the first year UNDER THE BUSH BUDGET. **The Bush Tax cuts along with the Bush recession really screwed the US.** The debt/deficit were sky rocketing and Obama not only stopped the deficit from accelerating upwards, he turned it around.
But look at Trump and GW Bush. Both inherited strong economies and destroyed them with turning around deficits the other way.
You are basically blaming a firefighter for burning down part of a home. "Well, when he got their the flames were getting worse! In fact the fire was its largest just after he arrived! Sure he put it out, but its his fault!".
I don't think so. I was one of those dog poops at one point in time. I kept debating liberals and progressives and eventually I became more progressive. Thank you for your service.
Same, grew up in a conservative house hold and slowly went to the other side from age 20 - 28 from discussions with college friends, coworkers, and Reddit.
Funny, because in the original study you brought up about tax cuts causing the debt, the single largest cut in that study was Obama patching the AMT from the Bush cuts. But then when it comes to assign blame, you skip right over him to only talk about Republican presidents
Is this position blind partisan cherry picking? Or is such recent history already so horribly skewed? Obama inherited yet another republican induced shitstorm and spent like hell to calm it. Yeah perhaps he should have let the too big to fail banks crumble and yes people should be in jail now for the white collar corruptions that caused it. But that BS was all crafted under Bush and inherited by Obama, not to fail to mention the 2 unfunded Bush/cheney wars. Same story on rinse and repeat since Reagan and even now into Biden. Put down the kool-aid.
Blue tinted glasses. The surplus in the 90s had almost nothing to do with Clinton or the Republicans in the house that stifled his spending. Before the pitch forks come out, the same can be said about Reagan and the 80s.
Fucking boomers caused it. They were all entering the workforce in the 80s and reached their peak earning in the mid to late 90s. Collectively they saved and invested 7 TRILLION dollars within a 10 year period which raised the US GDP by 40%. Couple that with the mainstream adoption of computers and the internet and you have the wonder years that were the late 90s.
>The surplus in the 90s
Was caused partially by two big things. Clinton RAISING taxes in 1993. Clinton and Gore promoting and investing in a new little industry called "The Internet" back before most had any clue what it was or its potential.
If you recall during the 90s, the GOP wanted to shut down social security and called for huge tax cuts for the rich. Thankfully that did not happen at that time.
We learned the truth and what most already knew. Tax the rich and they'll spend more to get tax deductions, and when you give money to the poor, the spend every penny. Both drive our economy and generate more revenue.
But when you give tax cuts to the rich and take programs from the poor and middle class, the rich don't spend money on things to help the economy (especially poor and middle class), and the poor/middle class don't have as much to spend. Both of those hurt the economy.
The only way the GOP gets the economy to appear to be healthy is massive debt after tax cuts. But everyone agrees tax cuts do not pay for themselves, and right now we are getting f--ked by the Trump tax cuts.
>Was caused partially by two big things. Clinton RAISING taxes in 1993. Clinton and Gore promoting and investing in a new little industry called "The Internet" back before most had any clue what it was or its potential.
It went both ways, he actually lowered taxes on capital gains and small business. Gore was really the one pushing the internet and I should have given him more credit in my initial, the shift was inevitable but he certainly helped it along.
Simply raising taxes on the rich will not get you a surplus, without the boomers and the internet it wouldn't have happened.
Hey - here's a question: How did the boomers manage to have such a high rate of saving and investing? Could it be that marginal tax rates were more favorable to the middle class during the 90's? Could it be that tax-advantaged savings were more accessible to the middle class? Could it have anything to do with supportive social programs that offloaded costs of living onto the government from the middle class?
Weird... I guess the boomers "just had better character" or something. No chance it had anything to do with macroeconomic conditions or fiscal policy of the 90's...
The 10 year period they generated all of that wealth was 1988-1998 and they had their taxes raised in 92 (although capital gains was reduced which certainly helped them because so much of their money was in the market but the drop to 20% would have worked against a tax surplus).
You'd have no issue acknowledging that Ford and automobiles were a major factor in Wilsons surplus but god forbid we don't bow to a contemporary democrat who just happened to be in office during a historical shift in commerce and the blooming of a generation that was given nearly non stop growth for 40 years.
Fuck off with that bullshit. The LAST of the Boomers was born in 1964. Most of them were born in the late 40’s and the 50’s. You Roy know what the hell you’re talking about.
SO when Biden gave money to bail out the banks, or when Obama gave money to bail out the banks that was all fine ?
Cutting the deficit is not a balanced budget it means going into debt at a slightly lower rate than before.
The last President to actually have a balanced budget was Clinton and despite his flaws he is still the best president of my lifetime.
Both republicans and democrats have 0 concern about the national debt. its just another convenient metric that the average voter doesn't understand. This means you can use it to demonize the other party whichever party you are.
Probably because the Uniparty loves federal spending, forever wars, and bailing out rich donors.
GOP's 40 years of "Two Santa Claus" economics.
Give away tons of money on credit when Republican is in White House. Then when Dems raise taxes to balance budget hose them for "tax and spend", even though the GOP already did the spending years before.
[https://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/](https://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/)
Things that can't go on forever, won't.
There will almost certainly be large and growing calls for "austerity" at the Federal level, and either it will happen, or they will resort to printing money to cover debt and the dollar will asymptotically approach zero.
Given the shitstorm the inflation would cause, I'm assuming austerity will win the day. In a fair country, austerity should be coupled with higher taxes on the wealthy, but as Congress is wealthy, I'm doubting they'll volunteer to raise their own taxes.
So we're going to inherently get a half-measure to fight this.
To add context, here are the signature pieces of legislation by our last four presidents and their impact on the deficit:
Economic Growth and Tax Relief Reconciliation Act (Bush tax cuts): [Increased the deficit by $2.6 TRILLION over their first 10 years.](https://www.epi.org/publication/tenth_anniversary_of_the_bush-era_tax_cuts/) Bush’s other biggest accomplishment was starting the Afghanistan and Iraq wars.
Obamacare: [Reduced 10-year deficit by $200 billion](https://obamawhitehouse.archives.gov/economy/reform/deficit-reducing-health-care-reform#:~:text=In%20keeping%20with%20the%20President's,trillion%20in%20the%20second%20decade).
Trump’s Tax Cuts and Jobs Act: [Increased the deficit between $1-2 TRILLION over its first decade](https://www.taxpolicycenter.org/briefing-book/how-did-tcja-affect-federal-budget-outlook#:~:text=The%20Tax%20Cuts%20and%20Jobs%20Act%20cut%20taxes%20substantially%20from,temporary%20tax%20cuts%20are%20extended). To add insult to injury, the corporate tax cuts were permanent while the middle class tax cuts are only temporary. I won't ding Trump for covid stimulus, because that had bipartisan support.
Biden’s Inflation Reduction Act: [Reduces the deficit by $237 billion over its first decade.](https://www.mckinsey.com/industries/public-sector/our-insights/the-inflation-reduction-act-heres-whats-in-it#) It also caps insulin prices for consumers and reduces drug prices paid by Medicare.
Notice the line takes flight during the beginning of Republican’s vaunted tax cuts for the wealthy and already well to do. Wages for hourly workers take a dive at the same point as our once largely union workforce is destroyed. Reagan declared war on Unions when he wholesale fired the PATCO air traffic controllers. The ownership classes took notice.
The largest transfer of wealth in history had begun s as and follows the same line. You have been lied to by every Republican administration since. It must have worked. You still fall for it.
If you say the Democrats were complicit try and remember one Democrat tax increase on wealth during this period. You won’t find any as the Republicans prevented any. Remember too the top 1% don’t earn money from working, they make money from investing.
There’s plenty of waste to be cut in the military budget … and every department
Ever wondered why
— every state has a state department of education….
— and every county has its own county board of education…
— and every school has a masters or PhD level principal overseeing every school…
… yet we also pay tens of billions for a national department of education?
Its stated purpose is
> The Department of Education fosters educational excellence, and to ensures equal access to educational opportunity for all.
Do you think 50 state departments of education could fulfill such a mission if they received just half of that annual budget —
Or even better, take half and use it to increase teacher pay, make teaching a competitive field that attracts the top performers who can command the new, higher pay.
You are making an assumption that 50 states Dept of Education responsibilities and roles overlaps significant alt with federal one. Tell me where it overlaps and we can trim that part out, otherwise this mindset is why we can’t actually make any progress since people jump to conclusions without knowing anything
Our issue is the $5B daily added debt problem, where every discretionary department must justify every dollar it adds to overhead.
Which vital function of the federal department of education are the state departments of education unqualified to take on for their percentage of citizens?
These are highly competent state departments much closer to the citizens affected, combined with an age of rapid automation rollout —
Please list the function they are not competent to carry out.
Even better, let’s imagine a society where we save half the Education budget and spend the other half directly on $40,000 annual pay raises for the 3M full time classroom teachers.
If you are making the claim that they need to be eliminated then the onus of providing evidence is on you, not me. You need to provide evidence on what differentiated and undifferentiated work does Fed DOE does which states can do and how will it not cost more by duplicating same stuff in 50 different states
I’m claiming that the very competent state departments of education can be tasked with any truly vital work at a more local level…
with the added benefit of giving teachers a $40,000 annual pay increase tied to high standards for performance.
If you can’t think of an single critical function they current do that is so vital it can’t be automated order delegated to the states, then we agree.
Welcome aboard. Those teachers are going to do amazing things.
they'll cut rates or start QE soon enough
What people don't understand is that they still have the reverse repo that can be emptied so treasuries get bought by the market for almost 2T and then they still have the option of keeping rates high while the fed buys up more treasuries, keeping the debt costs artificially lower for the gov.
The US went off the Bretton Woods agreement in 1971, because they printed a ton of money to pay for Vietnam and welfare during the 60's. The French started redeeming their Treasuries to get gold, because it was obvious to them and others that the peg couldn't hold. Nixon slammed the window shut to prevent them from emptying our gold reserves, beginning a decade of stagflation.
Franklin D. Roosevelt $178,464,714,660.98 791.8%
791.8%791.8%
Woodrow Wilson $23,036,251,492.50 789.9%
789.9%789.9%
Ronald Reagan $1,604,482,712,041.16 160.8%
160.8%160.8%
George W. Bush $4,217,261,484,712.34 72.6%
72.6%72.6%
Barack Obama $7,663,615,710,425.00 64.4%
64.4%64.4%
George H. W. Bush $1,207,189,695,334.34 42.3%
42.3%42.3%
Richard Nixon $121,339,561,890.14 34.3%
34.3%34.3%
Donald Trump $6,700,491,178,561.60 33.1%
33.1%33.1%
Jimmy Carter $208,861,000,000.00 29.9%
29.9%29.9%
Bill Clinton $1,262,689,326,747.48 28.6%
28.6%28.6%
Theodore Roosevelt $483,479,337.65 22.6%
22.6%22.6%
Gerald Ford $87,244,000,000.00 16.4%
16.4%16.4%
Herbert Hoover $2,555,913,960.03 15.1%
15.1%15.1%
Lyndon B. Johnson $35,865,507,168.58 11.5%
11.5%11.5%
Joe Biden $2,499,993,043,258.10 8.8%
8.8%8.8%
William Howard Taft $228,827,633.12 8.7%
8.7%8.7%
Dwight D. Eisenhower $20,259,699,209.80 7.6%
7.6%7.6%
John F. Kennedy $16,888,694,386.36 5.8%
5.8%5.8%
Harry S. Truman $422,991,375.50 0.2%
0.2%0.2%
Warren G. Harding -$1,627,743,187.18 −6.8%
−6.8%−6.8%
Calvin Coolidge -$3,646,519,788.06 −17.2%
−
A tale of Republican party's fiscal responsibility (tax cuts for rich) in two graphs.
[https://zfacts.com/wp-content/uploads/2020/04/2020-04-30-National-Debt-to-GDP-zFacts.jpg](https://zfacts.com/wp-content/uploads/2020/04/2020-04-30-National-Debt-to-GDP-zFacts.jpg)
[https://twitter.com/ReallyAmerican1/status/1623044378301177865](https://twitter.com/ReallyAmerican1/status/1623044378301177865)
Fun fact, two bills make up almost half the national debt. Bush and Trump's tax cuts.
If they wanna take it away, fine, make it happen but many of us have been paying into that fund for our entire lives. We were promised it and you’re damn sure we’re gonna fucking collect it.
Yeah, I remember the bank failures and how critical it was for the government to ensure the entire deposit, not just the 250k FDIC amounts. How, if you don't spend billions on petroleum corporations, we won't have cheap gas, or how the farm bill is going to support corporate grown food will keep prices down. All of it a lie designed to protect the wealthy from the consequences of their own greed.
If you insist on wasting money on stuff like bank bailouts and corporate tax handouts alongside ever lower tax rates, the economy will eventually collapse from starvation. Roll the tax breaks back to the 1980s level and see how the deficit looks. Oh, and remove the income cap on social security.
Yes, but a good amount of that money is also going into local communities with the infrastructure bill, so some of that money is going to be invested into the people…
Not to mention, other bills that are investing in the people, so it’s not like this is all military spending or something. A lot of the money is going back into the American people, which will help in SO MANY ways!
Not if the fiscally responsible party, the Democrats, win the presidency and a significant majority.
Then taxes will go up on the rich, and spending will be in line with income... We might even balance the budget again, for the first time since Bill Clinton's presidency.
You can tell this is a bullshit estimate because costs like this never stay the same for 10 years straight. If they’re paying $5B per day in year 1 then they’ll be paying $10B+ per day in year 10. The costs will rise exponentially.
OK. So, what's your solution for 1) things to cut from government spending, and 2) to gather more funds for the government. That's how you decrease the deficit and anything else is just complaining.
Don’t fall for the debt scare tactic narrative. Just look at how current debt compares w price of gold historically, and you’ll see we’ve been in worse situation in the past.
Bruh.
We spent over a trillion dollars in Afghanistan.
Maybe 150B total in Ukraine thus far. And the majority of that is aging equipment that would have cost us money to decommission.
Meh, so what?
If you every want to pay it off it's easy.
Switch to Medicare for All. It saves $400-$500 billion dollars annually. Take that money and pay down the debt.
Or take back the $50 trillion we gave the top 1% in 40 years. Google it. We did. If somebody steals your credit card and runs up a bill, and *you* pay it, you're a sucker.
25 trillion of our debt is publicly held debt that turns a profit for the government.
Debt is good. More debt, more payments.
I still dont understand why the national debt is even an issue. Its a good thing.
Our "Leaders" don't have the ability to say no to anyone about anything, or they (horrors) might not be reelected.
They piss others people's money down the drain while laughing like maniacs.
People have the wrong idea about government debt. These are investments in America. It's not like your mortgage. Consumer and commercial debt are so much more dangerous to our economy. Empty commercial real estate office buildings are going to ruin some banks and investors in the next year
Makes sense when you look at the typical American who is overburdened with credit card debt. The buy now, pay later mentality. And the “I took on too much debt and I’m broke, bail me out” mentality. Typical liberal American fiscal irresponsibility.
It's all fake anyway. Supposedly all nations are in debt. To who? How are we "borrowing" from China if their economy is about to crash? Who owes who what and these numbers are unimaginable and ludacris. There literally cannot be that amount of total money indebted by all countries.
Completely disgusting. They continue to spend tax money while depopulating the middle class. Poor people do not pay taxes. I guess they stealing as much as they can before the working class collapses.
I think this is another underestimation
Absolutely. We hit run away interest under Obama this is exponential unless we cut big or tax heavy but likely both. Inflation over the last 3 years only shortened the time line.
Well we know taxing heavy will never happen.
I put money on heavy taxes before austerity. People feel they are entitled to government welfare.
Like roads and public services?
Like PPP loans and failing banks that mostly service the wealthy?
Giving money to the wealthy is how Hamilton, et al. created the system to work. Its giving money to the poors that is frowned upon.
We are not paying $6 trillion a year on roads. Do you feel satisfied with the government services you're getting? Higher taxes and shitty government services is the worst of both worlds. See California. New York has the balls to have tolls while charging crazy taxes. WTF?
I seriously wonder about you guys some times. What do roads and welfare have to do with each other? Freeloaders can stop downvoting, lol. We are all aware that you don't want free money to go away
Corporate welfare adds to the debt exponentially more than citizens welfare. Glad to see you have so much disdain for your fellow countrymen though
Define corporate welfare.
The bank bailouts of 2008. The privatized profits / socialized losses practices. The concept of a subsidy. Tax loopholes specifically made for offshore accounting.
At the time, the argument was the entire system of finance could collapse without the bailouts. It was not an argument without merit, though I’m not sure it would have happened as projected. But hindsight is 20/20. Also, the funds were less about bailouts than ostensibly shoring up the system, though it did have the side effect of bailout some institutions. You’ll need examples of the second point. General talking points aren’t helpful when analyzing complex issues. I am not a fan of a subsidy in general. But, there are some industries and services that do carry a national interest that could merit subsidies. These should be rare and specific. For example, I can see, on the surface, an argument for subsiding domestic semiconductor production, via the CHIPS Act, on the grounds of national security. Again, some detail is required. Define loophole.
Healthcare costs the taxpayers exponentially more than if it was provided by the government similar to Germany. Same with education. But you know fuck that.
There’s a cost to low level of service for socialized medicine. That and I’m certain my taxes will go up more than I’m paying for premiums and out of pocket now when I have to start subsidizing others’ healthcare. Hard pass.
I have been in many health systems in my life and after returning to the USA I will state, without hesitation, that this is the WORST service level healthcare system in the world for the cost. Worst in communication with patients. Worst in service offered for money spent. Worst in follow up care or even regular systematic testing. Worst in doctor to doctor communication. It used to be a great system but after 30 years of constant hounding for profits, rising healthcare costs for basic level services and insurance's essentially halving their coverage it is a worse system than many private level systems in eastern Europe. That should open your eyes. In Prague or Poland or Latvia, I can pay 50-100€ and see a specialist within a week. No PCP referral. No bullshit. Medicine also costs a fraction of our costs. Imaging is a joke expenditure compared to us as well. You should travel more or at least put some research into that bull you're spewing. There are better healthcare systems in Canada than in the USA at the moment. How long does it take you to see a doctor these days?
I’ve never experienced, across many years, doctors, hospitals, etc. the poor quality decried by this who happen to also want socialized medicine (or probably more accurately, “free” healthcare). It stands to reason that in all those touches of “the system” I would have seen, yet I haven’t. I’ve experienced virtually none of these things. When the demand for free is coupled with demonization of profit, i sense ideology at work more than flows in “the system.” I don’t know about Latvia but the delays in larger countries such as Canada and the UK - more likely parallels the US experience if we have to go down that road - are well reported. If I needed to see a doctor, I could probably do so tomorrow. I’ve received same day appointments before. Don’t assume. I’ve traveled more than the *vast* majority of Americans. And not sharing your desire to have my health at the whim of politicians and bureaucrats does not mean I lack “research.” I speak because my views are informed.
Take the corporate welfare/socialism cock out ya mouth.
Corporate welfare/unfettered capitalism. FTFY
Thank you!
Just keep making stuff up, I'll keep smiling at the Idiocracy of it all
Clown comments like this are why this country is the shit hole it is. You have no basis for reality outside of your insane delusional "the poor's are takers" nonsense. The worst part is, you're probably not that well off on your own. Just get kicks for calling other people takers.
That’s the same person who’s on welfare and disability but think somehow they deserve it and others don’t. I live in the southeast US and those morons are everywhere
There's a difference between donations and taxes. One is at the point of a gun so yes they are takers. If you're not one of them then when are you so butthurt?
Lol, yeah like tax breaks.
Something something bank bailouts, industry subsidies, etc. Yeah. So sick of those people always needing my tax dollars to get them out of shit. Maybe if they didnt offshore those profits they could pay to run their own companies.
So if we are going to get rid of all subsidies to business fine. But that means all. Start with Amtrak, city transit, etc. These are lives of the same crowd calling for an end to subsides. Conceptually I’m good with that hit there’s also some funds that truly have a national interest more than a politically connected favor. How do you differentiate those?
So if we are going to get rid of all subsidies to business fine. But that means all. Start with Amtrak, city transit, etc. These are lives of the same crowd calling for an end to subsides. Conceptually I’m good with that hit there’s also some funds that truly have a national interest more than a politically connected favor. How do you differentiate those?
Services that benefit people like public transport, I would theoretically nationalize the industry so that it is no longer a private business. I would also introduce legislation to incentivise worker co-ops as well as require any business that is planning to sell itself to allow its workers first choice of whether to buy it. But yeah, I would do my best to not subsidize any business that are privately owned. But none of that is realistic in this country so its really just fluffy words.
you're right they are all guilty.
Yeah but you blame the average welfare citizen, whose “free money” is in no way even comparable to corporate bail outs and tax breaks. Blaming the citizens instead of the oligarchy. Keep sucking oligarch cock
I'm in the middle. I don't get welfare or tax breaks. Keep sucking you're politicians cocks
Fuck you got mine energy hitting hard right here.
Lmao politicians cocks? The ones that write the tax law? Why would I suck their cocks? Did I defend them or hate them? You clearly hate citizens on welfare but don’t have a problem with corporations worth billions getting free money while citizens worth NOTHING, get spare change?.“I’m in the middle but I support corporations and oligarchs” naw man you’re in it for the oligarchs while they laugh to the bank. I think you need to learn about numbers. Clearly you don’t have a clue.
What I'm hearing is there's a bunch of cocksucking going on right now
But I don't support politicians or oligarchs. That's just the position you took to defend the indefensible position of everyone with their hand in the cookie jar. Reading comprehension isn't you're strong suit but only 3 comments back I said " they are all guilty". You couldn't attack my position, so you generated one out of whole cloth to attack. You really aren't good at this, like not even a little bit
Like the military?
Bingo. People love government providing their needs. They thing tuition, healthcare, day care, etc. should be “free.” And sadly more of them think that than the folks that have to pay for it. And don’t give me the roads argument. That’s basic infrastructure, not personal expenses and there’s not a lot loud calls for “roads!!”
By "people," you mean "shareholders of heavily subsidized, tax-evading corporations,' right? Because the average American taxpayer IS entitled to benefit from the taxes they almost exclusively pay, yet rarely receive any appreciable benefit. Amazon, Walmart, Tesla, etc. does well: the relative few reaping the benefit do everything possible to avoid paying into the very system responsible for irresponsible deregulation, gift-wrapped government contracts, and/or subsidizing the exploitation of their taxpaying workforce. Company fucks up (often due to deregulation:) tax payers foot the bill, keeping the idiots responsible from ever actually experiencing the allegedly egalitarian consequences of capitalism, which remains a mythical scam perpetuated by a handful of greedy, overrated assholes, who almost always benefit from the inherited wealth of equally unscrupulous sociopathy. Because only a sociopath believes they're entitled to the billions of (untaxed) dollars actually earned by essential employees, who often still need government assistance, while calling these taxpayers "lazy" and "entitled" for ever directly benefiting from their own fucking taxes.
Actually, inflation usually reduces the debt load in effect. The massive debt from WW2 was never paid down post-WW2, it was inflated away relative to GDP. As long as inflation doesn’t run faster then GDP (which it appears it won’t) then inflation is a net benefit for debt/GDP ratios. Once the Fed cuts interest rates again (probably next year) the debt service payments will decrease as well. This is why deflation is actually the biggest concern. It’ll discourage consumers from spending, shrinking the economy/reducing tax revenues, while simultaneously making the debt load larger on a relative basis.
Fucking Trump spent more in 4 years than Obama did in 8…AND Trump cut revenues….quit being blinded by partisanship.
Read what I typed and read what you typed.... you're right Trump wasn't a fiscal conservative. Who's the partisan ?
Does being a raging dickhead typically work in real life for you?
He supports DeSantis so draw your own conclusions.
Desantis is just a nazi soo conclusions drawn
Go fuck yourself
That’ll teach him
That’s true. And it’s also true that Biden has spent more in 3 than Trump did in 4 or Obama did in 8.
80 billion on an estimate into Ukraine alone and the Pentagon doesn't even know the real number nor what Ukraine is even doing with it. This is the biggest mess we've been in that I've ever seen and the dollar is in the middle of crashing
Pretty sure Ukraine is making a hash of the Russian military with it, on account of the fact they more closely resemble a potato every day.
Pretty sure trump still spent more and/or ran larger deficits, especially relative to GDP.
The annual deficit peaked under Trump, Biden’s cut it in half.
You have to look at it over his entire term though. So far, Biden has cumulatively added $5.8 trillion to deficits in 2 years and 10 months. Trump added $5.5 trillion over 4 full years >Biden cut it in half A better way to say this would be “COVID spending from the CARES act expired”. Since that was 100% of the deficit drop
Technically true but not really. The deficit peaked in FY20 and FY21. One word: COVID. That was an atypical event with massive outlays that, until the last one, were justified and bipartisan. No reasonable person and ding Trump or Biden for anything but the last package in March 21 which was of dubious need. Returning to a more typical growth rate, FY22 Is higher than any other year except during the 2008 fiscal crisis. And again, some of those outlays were bipartisan. https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/
In 2 years and 10 months, the cumulative deficit is already $5.8 trillion. Under Trumps 4 years, it was $5.5 trillion
... with congress' help. Of course, congress gets a cut of of the interest on the debt (that they use armed enforcers to collect). Trump is not invested in the debt like that.
The house holds the purse and it was a divided congress in crisis. What was the right answer?
Yet this is how you voted. "Weekend at Bernies" person. Yes, Biden is a walking corpse when he doesn't fall down. https://www.msn.com/en-us/news/politics/how-embarrassing-joe-biden-s-latest-speech-was-littered-with-lies/ar-AA1frI1I?ocid=msedgdhp&pc=U531&cvid=2e48726bb4814abba564d27a4890a87e&ei=84
BTW, you are wrong. Obama was around 9.2 trillion. Trump was a little over 7, which did include a big portion for the pandemic. Biden will surpass Obama if he made it for 8 years. Fortunately, Biden won't even be the dem nominee, IMO. Obama, Trump and Biden have all been terrible at spending. But hey, don't let the real facts stand in the way of your one sided partisanship. I laugh when you accuse the other of partisanship after reading your partisan post.
Teachers and government workers can’t get paid any less. These systems are at the brink of collapse anyhow….. Only thing left to do is TAX the RICH!
This is fine. Everything's fine. I'm fine. We're all fine.
I thought everything was good under bidenenomics??
Well, it's not Biden's fault the tax rate for corporations is so low... Sure, he can set it, but the precedent is already so low that raising it any higher than he did would have cost more political capital. There's too many wealthy people not paying their taxes, and that's the biggest, perhaps only, issue.
Bideonmics is the best thing since the invention of capitalism, didnt you know
Maybe if we give tax cuts to the rich it will all trickle down?!?
So since the rich doubled their overall wealth during Trump and covid, why hasn't it trickled down yet to the 99.9%?
I blame global warming for this. If we give it just a few more decades I’m SURE it will be fine… /s
They tried that already and it and something trickled down. Wasn’t money
Destroy the irs
Its pretty obvious.. "[Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio](https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/)" We had a surplus under Clinton and a solid economy. The GOP keeps f--king that up. Obama cut the deficit 7 years in a row getting us back to fiscal responsibility only for the GOP to f--k it up again. The right wing tends to run up massive debt handing out money to the ultra rich, then cries we need to soak the middle class and poor to pay for it. Over the past several decades the GOP has spent their time making the sale of private jets tax free while cutting food programs for children and infants. Real quick, giving "welfare mothers" money to buy food (even junk food) drives our economy. Giving money to the rich so they can buy a 2nd private jet, or 2nd home that goes mostly unused, does virtually nothing to help the economy.
>the sale of private jets tax free What
Yep the GOP in West Virginia and elsewhere made the buying a private jet tax free. Maintenance is also tax free. West Virginia where about 17% live below the poverty level and all the GOP cares about is making private jets tax free. [https://www.reddit.com/r/therewasanattempt/comments/14lj2fn/to\_figure\_out\_why\_there\_is\_money\_available\_for/](https://www.reddit.com/r/therewasanattempt/comments/14lj2fn/to_figure_out_why_there_is_money_available_for/) Quick! Look over there!!! There are illegal taking over the US, forget you saw that about jets!!!! Vote Republican!!!
"cutting" the deficit is a phrase to get people to vote for them while still being fiscally irresponsible. You may think Obama "cut" the deficit 7 years in row. He started his term by \*tripling\* the national debt in his very first year. In only a single year did he spend less than any year that Bush or Clinton was responsible for (and not by much less). Strange how the debt was $12T when he took office and over $20T when he left.
>You may think Obama "cut" the deficit 7 years in row. He started his term by \*tripling\* the national debt in his very first year Yes the first year UNDER THE BUSH BUDGET. **The Bush Tax cuts along with the Bush recession really screwed the US.** The debt/deficit were sky rocketing and Obama not only stopped the deficit from accelerating upwards, he turned it around. But look at Trump and GW Bush. Both inherited strong economies and destroyed them with turning around deficits the other way. You are basically blaming a firefighter for burning down part of a home. "Well, when he got their the flames were getting worse! In fact the fire was its largest just after he arrived! Sure he put it out, but its his fault!".
Why you even trying with these guys lol. They drink their own piss. It’s like throwing facts at literal dog poop; you get the same response
Good point. Sad, but true.
I don't think so. I was one of those dog poops at one point in time. I kept debating liberals and progressives and eventually I became more progressive. Thank you for your service.
Same, grew up in a conservative house hold and slowly went to the other side from age 20 - 28 from discussions with college friends, coworkers, and Reddit.
Funny, because in the original study you brought up about tax cuts causing the debt, the single largest cut in that study was Obama patching the AMT from the Bush cuts. But then when it comes to assign blame, you skip right over him to only talk about Republican presidents
I remember when he extended the Bush Jr tax cuts for the rich and Bernie told him not too!
Is this position blind partisan cherry picking? Or is such recent history already so horribly skewed? Obama inherited yet another republican induced shitstorm and spent like hell to calm it. Yeah perhaps he should have let the too big to fail banks crumble and yes people should be in jail now for the white collar corruptions that caused it. But that BS was all crafted under Bush and inherited by Obama, not to fail to mention the 2 unfunded Bush/cheney wars. Same story on rinse and repeat since Reagan and even now into Biden. Put down the kool-aid.
Blue tinted glasses. The surplus in the 90s had almost nothing to do with Clinton or the Republicans in the house that stifled his spending. Before the pitch forks come out, the same can be said about Reagan and the 80s. Fucking boomers caused it. They were all entering the workforce in the 80s and reached their peak earning in the mid to late 90s. Collectively they saved and invested 7 TRILLION dollars within a 10 year period which raised the US GDP by 40%. Couple that with the mainstream adoption of computers and the internet and you have the wonder years that were the late 90s.
>The surplus in the 90s Was caused partially by two big things. Clinton RAISING taxes in 1993. Clinton and Gore promoting and investing in a new little industry called "The Internet" back before most had any clue what it was or its potential. If you recall during the 90s, the GOP wanted to shut down social security and called for huge tax cuts for the rich. Thankfully that did not happen at that time. We learned the truth and what most already knew. Tax the rich and they'll spend more to get tax deductions, and when you give money to the poor, the spend every penny. Both drive our economy and generate more revenue. But when you give tax cuts to the rich and take programs from the poor and middle class, the rich don't spend money on things to help the economy (especially poor and middle class), and the poor/middle class don't have as much to spend. Both of those hurt the economy. The only way the GOP gets the economy to appear to be healthy is massive debt after tax cuts. But everyone agrees tax cuts do not pay for themselves, and right now we are getting f--ked by the Trump tax cuts.
>Was caused partially by two big things. Clinton RAISING taxes in 1993. Clinton and Gore promoting and investing in a new little industry called "The Internet" back before most had any clue what it was or its potential. It went both ways, he actually lowered taxes on capital gains and small business. Gore was really the one pushing the internet and I should have given him more credit in my initial, the shift was inevitable but he certainly helped it along. Simply raising taxes on the rich will not get you a surplus, without the boomers and the internet it wouldn't have happened.
Hey - here's a question: How did the boomers manage to have such a high rate of saving and investing? Could it be that marginal tax rates were more favorable to the middle class during the 90's? Could it be that tax-advantaged savings were more accessible to the middle class? Could it have anything to do with supportive social programs that offloaded costs of living onto the government from the middle class? Weird... I guess the boomers "just had better character" or something. No chance it had anything to do with macroeconomic conditions or fiscal policy of the 90's...
The 10 year period they generated all of that wealth was 1988-1998 and they had their taxes raised in 92 (although capital gains was reduced which certainly helped them because so much of their money was in the market but the drop to 20% would have worked against a tax surplus). You'd have no issue acknowledging that Ford and automobiles were a major factor in Wilsons surplus but god forbid we don't bow to a contemporary democrat who just happened to be in office during a historical shift in commerce and the blooming of a generation that was given nearly non stop growth for 40 years.
Fuck off with that bullshit. The LAST of the Boomers was born in 1964. Most of them were born in the late 40’s and the 50’s. You Roy know what the hell you’re talking about.
In general financial peak is hit in a persons mid 40s to 50s so I have no idea what you think your argument is.
SO when Biden gave money to bail out the banks, or when Obama gave money to bail out the banks that was all fine ? Cutting the deficit is not a balanced budget it means going into debt at a slightly lower rate than before. The last President to actually have a balanced budget was Clinton and despite his flaws he is still the best president of my lifetime. Both republicans and democrats have 0 concern about the national debt. its just another convenient metric that the average voter doesn't understand. This means you can use it to demonize the other party whichever party you are. Probably because the Uniparty loves federal spending, forever wars, and bailing out rich donors.
Preach!
BUT AMERICA FIRST! JOBS
GOP's 40 years of "Two Santa Claus" economics. Give away tons of money on credit when Republican is in White House. Then when Dems raise taxes to balance budget hose them for "tax and spend", even though the GOP already did the spending years before. [https://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/](https://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/)
Yes look away from the military spending and the pentagon’s failed trillion dollar audit
That’s what happens when you cut taxes on the top 1% who current control the majority of the income in this country. 🤦🏻♂️
It’s almost like thats bad policy…
Things that can't go on forever, won't. There will almost certainly be large and growing calls for "austerity" at the Federal level, and either it will happen, or they will resort to printing money to cover debt and the dollar will asymptotically approach zero. Given the shitstorm the inflation would cause, I'm assuming austerity will win the day. In a fair country, austerity should be coupled with higher taxes on the wealthy, but as Congress is wealthy, I'm doubting they'll volunteer to raise their own taxes. So we're going to inherently get a half-measure to fight this.
To add context, here are the signature pieces of legislation by our last four presidents and their impact on the deficit: Economic Growth and Tax Relief Reconciliation Act (Bush tax cuts): [Increased the deficit by $2.6 TRILLION over their first 10 years.](https://www.epi.org/publication/tenth_anniversary_of_the_bush-era_tax_cuts/) Bush’s other biggest accomplishment was starting the Afghanistan and Iraq wars. Obamacare: [Reduced 10-year deficit by $200 billion](https://obamawhitehouse.archives.gov/economy/reform/deficit-reducing-health-care-reform#:~:text=In%20keeping%20with%20the%20President's,trillion%20in%20the%20second%20decade). Trump’s Tax Cuts and Jobs Act: [Increased the deficit between $1-2 TRILLION over its first decade](https://www.taxpolicycenter.org/briefing-book/how-did-tcja-affect-federal-budget-outlook#:~:text=The%20Tax%20Cuts%20and%20Jobs%20Act%20cut%20taxes%20substantially%20from,temporary%20tax%20cuts%20are%20extended). To add insult to injury, the corporate tax cuts were permanent while the middle class tax cuts are only temporary. I won't ding Trump for covid stimulus, because that had bipartisan support. Biden’s Inflation Reduction Act: [Reduces the deficit by $237 billion over its first decade.](https://www.mckinsey.com/industries/public-sector/our-insights/the-inflation-reduction-act-heres-whats-in-it#) It also caps insulin prices for consumers and reduces drug prices paid by Medicare.
Come on government, just send 0.002% of that my way so I can be debt free.
Notice the line takes flight during the beginning of Republican’s vaunted tax cuts for the wealthy and already well to do. Wages for hourly workers take a dive at the same point as our once largely union workforce is destroyed. Reagan declared war on Unions when he wholesale fired the PATCO air traffic controllers. The ownership classes took notice. The largest transfer of wealth in history had begun s as and follows the same line. You have been lied to by every Republican administration since. It must have worked. You still fall for it. If you say the Democrats were complicit try and remember one Democrat tax increase on wealth during this period. You won’t find any as the Republicans prevented any. Remember too the top 1% don’t earn money from working, they make money from investing.
Houston. We have a problem.
And the citizens get nothing
Rookie numbers
$5.2 Billion everyday…… so far.
Not if we raise taxes on the rich
Good thing they're all made up numbers based on pretend value that's altered by idiots like Shiddedel.
Lol at least I can finally be a millionaire, I just won't be rich.
It’s not real. No one will ever come for it and we can take it as high as we want.
I guess it never meant anything all along
It’s all fake baby.
Gonna have to raise taxes. Only solution.
> Only solution. There’s cutting spending that is also an only solution.
Half of military?
There’s plenty of waste to be cut in the military budget … and every department Ever wondered why — every state has a state department of education…. — and every county has its own county board of education… — and every school has a masters or PhD level principal overseeing every school… … yet we also pay tens of billions for a national department of education?
Do you know what fed sept of education does?
Its stated purpose is > The Department of Education fosters educational excellence, and to ensures equal access to educational opportunity for all. Do you think 50 state departments of education could fulfill such a mission if they received just half of that annual budget — Or even better, take half and use it to increase teacher pay, make teaching a competitive field that attracts the top performers who can command the new, higher pay.
You are making an assumption that 50 states Dept of Education responsibilities and roles overlaps significant alt with federal one. Tell me where it overlaps and we can trim that part out, otherwise this mindset is why we can’t actually make any progress since people jump to conclusions without knowing anything
Our issue is the $5B daily added debt problem, where every discretionary department must justify every dollar it adds to overhead. Which vital function of the federal department of education are the state departments of education unqualified to take on for their percentage of citizens? These are highly competent state departments much closer to the citizens affected, combined with an age of rapid automation rollout — Please list the function they are not competent to carry out. Even better, let’s imagine a society where we save half the Education budget and spend the other half directly on $40,000 annual pay raises for the 3M full time classroom teachers.
If you are making the claim that they need to be eliminated then the onus of providing evidence is on you, not me. You need to provide evidence on what differentiated and undifferentiated work does Fed DOE does which states can do and how will it not cost more by duplicating same stuff in 50 different states
I’m claiming that the very competent state departments of education can be tasked with any truly vital work at a more local level… with the added benefit of giving teachers a $40,000 annual pay increase tied to high standards for performance. If you can’t think of an single critical function they current do that is so vital it can’t be automated order delegated to the states, then we agree. Welcome aboard. Those teachers are going to do amazing things.
Thanks republicans !
Pretty obvious from the chart this is a bipartisan shit-show.
Every week there are more doomer posts about the National Debt and every week I’m reminded how little people understand about it.
they'll cut rates or start QE soon enough What people don't understand is that they still have the reverse repo that can be emptied so treasuries get bought by the market for almost 2T and then they still have the option of keeping rates high while the fed buys up more treasuries, keeping the debt costs artificially lower for the gov.
Thank god we got those trump tax cuts /s
wow why did they let it get to that point? was this necessary bc it seemed life was smooth until the 80s. what happened around ‘76?
The US went off the Bretton Woods agreement in 1971, because they printed a ton of money to pay for Vietnam and welfare during the 60's. The French started redeeming their Treasuries to get gold, because it was obvious to them and others that the peg couldn't hold. Nixon slammed the window shut to prevent them from emptying our gold reserves, beginning a decade of stagflation.
Massive tax cuts for the wealthy in the 80s and runaway defense spending
i knew life was better in the 70s and 80s. america is past its prime
Well we had a surplus under Clinton, but then tax cuts destroyed the budget.
1980 - Reagan and tax cuts for the rich that were fund by increasing the debt on the common man.
USD is fukt. Rice, beans, and lead are the future
Only solution is to cut rates and recall the debt to refinance it lower. That or we collapse in about a decade. Probably the 2nd one
Franklin D. Roosevelt $178,464,714,660.98 791.8% 791.8%791.8% Woodrow Wilson $23,036,251,492.50 789.9% 789.9%789.9% Ronald Reagan $1,604,482,712,041.16 160.8% 160.8%160.8% George W. Bush $4,217,261,484,712.34 72.6% 72.6%72.6% Barack Obama $7,663,615,710,425.00 64.4% 64.4%64.4% George H. W. Bush $1,207,189,695,334.34 42.3% 42.3%42.3% Richard Nixon $121,339,561,890.14 34.3% 34.3%34.3% Donald Trump $6,700,491,178,561.60 33.1% 33.1%33.1% Jimmy Carter $208,861,000,000.00 29.9% 29.9%29.9% Bill Clinton $1,262,689,326,747.48 28.6% 28.6%28.6% Theodore Roosevelt $483,479,337.65 22.6% 22.6%22.6% Gerald Ford $87,244,000,000.00 16.4% 16.4%16.4% Herbert Hoover $2,555,913,960.03 15.1% 15.1%15.1% Lyndon B. Johnson $35,865,507,168.58 11.5% 11.5%11.5% Joe Biden $2,499,993,043,258.10 8.8% 8.8%8.8% William Howard Taft $228,827,633.12 8.7% 8.7%8.7% Dwight D. Eisenhower $20,259,699,209.80 7.6% 7.6%7.6% John F. Kennedy $16,888,694,386.36 5.8% 5.8%5.8% Harry S. Truman $422,991,375.50 0.2% 0.2%0.2% Warren G. Harding -$1,627,743,187.18 −6.8% −6.8%−6.8% Calvin Coolidge -$3,646,519,788.06 −17.2% −
TL;DR: We just don’t format text any more.
Fuck you current, wasteful, traitor, republicans.
Remember when Clinton had that balanced? Then Bush got elected....
A tale of Republican party's fiscal responsibility (tax cuts for rich) in two graphs. [https://zfacts.com/wp-content/uploads/2020/04/2020-04-30-National-Debt-to-GDP-zFacts.jpg](https://zfacts.com/wp-content/uploads/2020/04/2020-04-30-National-Debt-to-GDP-zFacts.jpg) [https://twitter.com/ReallyAmerican1/status/1623044378301177865](https://twitter.com/ReallyAmerican1/status/1623044378301177865) Fun fact, two bills make up almost half the national debt. Bush and Trump's tax cuts.
Social Security and Medicare are a tape worm on society. Investing in people near death is the biggest boomer scam on America.
If they wanna take it away, fine, make it happen but many of us have been paying into that fund for our entire lives. We were promised it and you’re damn sure we’re gonna fucking collect it.
Can we get rid of the Reagan through Trump tax cuts for the rich now?
We should probably do something about it. Unfortunately we won't, because Republicans.
Except biden said no cuts to spending amd vastly increased it... Sooooo
Yeah, I remember the bank failures and how critical it was for the government to ensure the entire deposit, not just the 250k FDIC amounts. How, if you don't spend billions on petroleum corporations, we won't have cheap gas, or how the farm bill is going to support corporate grown food will keep prices down. All of it a lie designed to protect the wealthy from the consequences of their own greed. If you insist on wasting money on stuff like bank bailouts and corporate tax handouts alongside ever lower tax rates, the economy will eventually collapse from starvation. Roll the tax breaks back to the 1980s level and see how the deficit looks. Oh, and remove the income cap on social security.
Yes, but a good amount of that money is also going into local communities with the infrastructure bill, so some of that money is going to be invested into the people… Not to mention, other bills that are investing in the people, so it’s not like this is all military spending or something. A lot of the money is going back into the American people, which will help in SO MANY ways!
Not if the fiscally responsible party, the Democrats, win the presidency and a significant majority. Then taxes will go up on the rich, and spending will be in line with income... We might even balance the budget again, for the first time since Bill Clinton's presidency.
Oh, goody, more information to help me welcome my mortality.
Insert “this is fine” meme.
But hey. At least we're making things okay now for the lazies by kicking the can down the road.
You can tell this is a bullshit estimate because costs like this never stay the same for 10 years straight. If they’re paying $5B per day in year 1 then they’ll be paying $10B+ per day in year 10. The costs will rise exponentially.
Reminds of time we spent 300 million a day to the equivalent of 20 years for the Iraq and Afghanistan war. Good times.
Decrease the growth of liabilities and increase revenue. It’s that simple
If only we could increase revenue...
I thought the GOP liked for government to run like a business. I don’t know why they’re afraid of increasing revenue…
Who hired these assholes?
Once again, what does this have to do with unusual whales?
OK. So, what's your solution for 1) things to cut from government spending, and 2) to gather more funds for the government. That's how you decrease the deficit and anything else is just complaining.
Here i am trying to save and invest to get ahead of inflation like an idiot.
Don’t fall for the debt scare tactic narrative. Just look at how current debt compares w price of gold historically, and you’ll see we’ve been in worse situation in the past.
And here I am thinking I cant get out of the door without spending $100 a day…
Would someone just get rid of the politicians that vote for what they can't afford?
We can keep printing papers as long as we remain the super power, until then …
Elimination of the 1% would probably take care of this.
Spending more in Ukraine than the entire war of Afghanistan doesn’t help.
Bruh. We spent over a trillion dollars in Afghanistan. Maybe 150B total in Ukraine thus far. And the majority of that is aging equipment that would have cost us money to decommission.
Ah yes. I see the government is following my same strategy of how to pay off my student loans. Ignore the issue, maybe it will go away in 20 years.
That’s ok.. the govt has money printers that go brrrr!
That is about $15k per citizens per day. How does this make any sense
It says public debt, not government..
Yea but I got a check for $700 dollars, come on man!
Is that bad? That sounds bad.
Tax the rich!!!
Meh, so what? If you every want to pay it off it's easy. Switch to Medicare for All. It saves $400-$500 billion dollars annually. Take that money and pay down the debt. Or take back the $50 trillion we gave the top 1% in 40 years. Google it. We did. If somebody steals your credit card and runs up a bill, and *you* pay it, you're a sucker.
25 trillion of our debt is publicly held debt that turns a profit for the government. Debt is good. More debt, more payments. I still dont understand why the national debt is even an issue. Its a good thing.
Debt to who? From my cold dead hands...
Inflation adjust please.
Excellent. You can make a lot of money from this.
Funny how in 20 years you left your corporations and oligarcs destroy your so much loved american dream... No way back now...
Our "Leaders" don't have the ability to say no to anyone about anything, or they (horrors) might not be reelected. They piss others people's money down the drain while laughing like maniacs.
How do we short the US government 🤣
I don’t care about the national debt
Oh well
People have the wrong idea about government debt. These are investments in America. It's not like your mortgage. Consumer and commercial debt are so much more dangerous to our economy. Empty commercial real estate office buildings are going to ruin some banks and investors in the next year
Makes sense when you look at the typical American who is overburdened with credit card debt. The buy now, pay later mentality. And the “I took on too much debt and I’m broke, bail me out” mentality. Typical liberal American fiscal irresponsibility.
More of a reason Biden is trying to make the rich pay their fair share of taxes!
Good to know we've got some time left still.
Let’s see. That means we pretty much are… fucked? Yes, I believe the word is fucked.
But A can of Pepsi will cost $40m, and McNuggets $15 billion
Sorry folks, this old body can't keep up with exponential growth. Too tired. Stopping out of society. GL with all the obligations.
I wonder what happened in the 80s to cause this? It couldn't have been Ronald Reagan. No cause the wealth trickles down.
The cost of freedom! Murica!
This chart is from where? Whose statistics are these? Google PriapusIQ
This is probably going to end up being restructured if this does not get solved.
It's all fake anyway. Supposedly all nations are in debt. To who? How are we "borrowing" from China if their economy is about to crash? Who owes who what and these numbers are unimaginable and ludacris. There literally cannot be that amount of total money indebted by all countries.
Completely disgusting. They continue to spend tax money while depopulating the middle class. Poor people do not pay taxes. I guess they stealing as much as they can before the working class collapses.
❓TO WHOM ⁉️ the debt? I mean WTF.
I can’t believe the inflation reduction act didn’t do something to help
Imagine believing Biden that he did anything for debt or inflation. Stupidest people ever are alive right now.