Posted on 06/24/2018 12:05:42 PM PDT by SeekAndFind
The 2018 "official" U.S. debt figure of $34 trillion is 120% of GDP and projected to double as a percent of GDP within the next 20 years. It's big.
If we add "off-the-books" net obligations like Social Security and Medicare, our all-in debt, or so-called "fiscal gap", rises to $110 trillion, or 390% of GDP. It's scary.
Raising taxes and reducing benefits won't restore solvency. Something is going to break, and it won't be pretty.
We're broke and no one seems to care. We're all aware that this country owes a lot of money, but no one cares because we're leading pretty good lives here. We have yet to feel the consequences of being broke, but that won't last long. Some things are already breaking, and an ultimate breakdown is on the way. 2018 is the first year when tax receipts won't pay for Social Security and Medicare benefits. We are spending down the corpus, and will have spent all of the Social Security Trust by 2034, while Medicare monies will only last until 2026. This might sound like we have time, but we don't, especially since nothing is being done to head off these catastrophes. It's full speed ahead into the reckoning. Furthermore, some large pension funds are broke, and are likely to renege on their promised benefits. In the following, we share some details on this bankruptcy, and offer some actions that might help, although they are unlikely.
As shown in the following graph, the reported national debt of $34 trillion is currently 120% of GDP, a level only seen before in the wake of World War II.
(Excerpt) Read more at seekingalpha.com ...
Well at least you seem to recognize that spending is part of balancing the budget. So I am not confused. But then again I thought the point of tariffs was to reduce imports and thereby promote US manifacturing and jobs.
I guess if your happy with the current level of imports, hooray for China, and imports will not decrease after they are taxed 25%, and the deficit stays at 600 billion average (it is running double that this year), and we capture some unicorns and skittles to feed them... What a wonderful world it will be.
No wonder businesses in America, once freed of the scruples against employing slaves in Communist dictatorships, sent their manufacturing over to Red China.
I'm hopeful that President Trump sees the longterm consequence of this and is paving the way to bring fundamental industries back home. It was incredibly eye-opening to realize that we cannot fight a war without Chinese made goods. Trump doesn't spell it out like that but I see where he's going with the tariff on steel. Even if tariffs are bad in principle, this over-regulated, over-taxed once Capitalist country must be able to defend herself.
Strange thing is: the graph above shows that the Public debt since 9/11 is caused by spending as if we are in a World War. Strange.
Secure the border.
Kick alien freeloaders out.
Get better trade agreements.
Stop paying other countries’ bills.
Get the government off of the backs of American businesses.
Those 5 things would help.
Those 5 things are at the top of the Trump agenda that is repeatedly blocked by the GOPe.
Spending is the issue !!!
I didn't say that. I said prices would rise and some part of that price increase is passed on to the buyer. The most important factor on the proportion passed on to the consumer has little to do with inflation and almost entirely on the elasticity of demand for the product. Elasticity of supply is also important.
You can't simply say tariffs are regressive, as that requires the definition of both the tariff and the proportion of the buyer's income that is presented by the tariff. Look at the Luxury Tax from years ago on imports. You think that was regressive?
A regressive tariff is one where the poor pay a higher percentage of income for the tax than the rich. I fail to see why Republicans or Libertarians should favor a regressive tax.
2% General Govt and Law Enforcement
16% Military
6% Debt Payments
24% Total Budget
76% Transferring $$$ from Tax Payers to Non Tax Payers (Democrats).
We could pay off the debt in 2 years.
Or
We could pay off the debt in 5 years with SS payments
Or
We could pay off the debt in 10 years addition Medicare/Medicare
Leadership is needed, not promises.
Collapse is inevitable. Just keep the scam going until I’m dead.
We are stuck with little hope of getting back on track because “we the people” have allowed our politicians to kick the can, avoid hard decisions, and “compromise” now means that each side gets the money they want thereby enriching themselves, their friends (donors), and their groups.
It is immoral, illegal (yes, it is), unconstitutional, and unethical to do this to our children and grandchildren, but few seem to care and most are unaware of the danger we face. The most certain way to lose a political race is to talk about it and if the GOP (big spenders in their own right) did the right thing they would be voted out of power immediately.
The policies of Trump have prolonged the day of reckoning, but our children and grandchildren will pay an enormous price in their lifetimes for the spending of the last few decades. Sadly, we have almost nothing to show for it either. Social security has become a welfare system, a piggy bank to raid, and it has always been a Ponzi scheme.
We are witnessing generational theft on a magnitude that is beyond our comprehension and the boomers will die off leaving an economic catastrophe for the nation all the time screaming - but “they (the people they voted for) promised us!” My generation, children of the boomers have voted for it too. Sorry if that sounds harsh, but it is the truth. The public schools have not taught basic economics and therefore people do not understand the generational theft of socialism promoted by the uniparty politicians.
Then STOP paying billions on illegals for court personnel, jails, food-stamps, school expansion, hospital emergency rooms, and increased section 8 housing etc etc etc. for these damn illegals.
Maybe we should spend that money getting our debt down - and not feeding the fat silly egos of our corrupt stupid 'elites'.... Yes, allow Rachel Maddow to cry for 5 minutes - it's cheaper than destroying the country so snowflakes can 'feel' they're compassionate.
Maybe we should cut our costs and give each illegal a first class plane ticket home... and a month at the spa of their choice.
But 98% of Social Security Disability is an entitlement - a corruption that's become the 'new welfare' without the pesky social workers. Almost all of that can be abolished.
There's thousands of ‘programs’ that are designed to ONLY benefit pet victim groups of liberal elites.
Those can be cut to the bone... along with things like much wasted on the UN, money used to defend places like Germany - NATO Scam Cash, money to countries that dump their people here, parasites at the State Department. corrupt dirty cops at the FBI, the list is almost endless... So many places to cut... so much money to save.
Hey, come on - the Leftists’ bribery o9f the electorate in order to stay in power is expensive.
Why It Is Time to Reform Compensation for Federal Employees
The Office of Management and Budget (OMB) estimates that taxpayers will spend $337 billion in 2017 employing civilian federal employees.[6] The CBO’s estimates of the compensation premium imply that taxpayers would save $47 billion that year if the government paid its employees according to market rates.
Social Security is a wealth transfer scheme. That’s all. It is not “paid for” it has operated from day one as a welfare program. What you bought was a line of BS from politicians that have convinced you that you are owed. Read the SC opinion posted on this thread. Nothing could make it clearer.
We have $4 trillion in annual imports?
Ping
We need to become the manufacturing engine we once was. Stop allowing China to steal/purchase/acquire our technology and expertise. Man, what would happen if we were to have another World War? Would we be able to ramp our manufacturing fast enough to protect our homeland? Are we going to borrow our way through a World War? Who would we borrow from? China?
LOL! I think we could be in deep CaCa.
Annual imports = $2.4T. 25% = $600B. The average deficit over the last 20 years is around $600B.
Special Leftist Tax - All leftists/liberals and other fetid types should have their income tax tripled (and instituted for any leftards who avoid taxation) for all those wasteful/ruinous things they endorse and expect everyone else to pay for.
Redistribute this suckas !!!
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