Posted on 12/11/2019 11:15:45 AM PST by Kaslin
Edited on 12/11/2019 12:14:11 PM PST by Admin Moderator. [history]
Congress and the media obsess endlessly over whether President Donald Trump should be impeached.
Both ignore $23 trillion of bigger problems.
That's how deep in debt the federal government is now, and because they keep spending much more than they could ever hope to collect in taxes, that number will only go up. It's increasing by $1 trillion a year.
(Excerpt) Read more at townhall.com ...
There was no appetite for it when the Republicans had the House and the Senate so don't blame the Democrat House for out-of-control deficits and debt now.
"How dare you!!"
That’s why they are doing this.
The U.S. is bankrupt.
China owns us.
China is getting ready to invade/dictate economic conditions to us.
Remember, the 23 trillion is just the official national debt. There are tens of trillions of unfunded liabilities, which are not accounted for in the governmental accounting.
Any CPA out there, I’ve heard that the government does not use “generally accepted accounting principles”. And for that reason, the unfunded liabilities for programs such as social security, simply aren’t counted anywhere in the finances of the federal government.
“Anyone serious about giving our kids a future has to be willing to make big cuts to those programs, or at least privatize them and let individuals make our own decisions with our own money.”
Older people pay much of the cost for the education of kiddies.
The kiddies as adults in turn will hopefully pay for the older people in their final years.
40 years of school taxes ~= 10 years of Social Security payments
“Eventually, it will snap back — or break.”
The Chinese will eventually refuse to take dollars.
They will still be legal tender in the US.
Houses in the US may get sold with buyback right clauses.
Here are your lousy dollars plus the lousy interest the bank gave me, I want my house back.
Never going to happen. Any politician who seeks to cut your benefits will be looking for another line of work.
And Democrats in the form of MFA, want to create yet another entitlement program.
We Americans truly think we can have it all.
Social Security was created after many private investments went belly up in the early 1930’s.
The most common “private investment” in my area used to be the duplex. One would live downstairs and rent the upstairs apartment.
The federal Fair Housing Act makes new duplex creation financially untenable.
“What else are they going to take?”
Chinese bank credit cards
Americans are unlikely to accept Greek-style austerity to balance our budget.
No politician on either side of the political divide will propose it. They’re not in the business of inflicting pain.
Austerity is as popular as the Typhoid Mary.
Robots and AI machines will pay most taxes in the future, not our children. There are always options to move elsewhere if things become unbearable here. Really we shouldn’t pay down the national debt because the Democrats will just borrow our hard won savings and spend them, and then some.
We all live in debt. No one really cares for we don’t take it with us when we die.
Its always someone else’s problem.
I don't think this is true. Average life expectancy in 1933 was 61.7 for men and 65.1 for women. But that includes childhood mortality. One infant dying has more effect on that number than someone living into his 70s. I would like to see a figure on life expectancy of those who reach 18. That would show how viable Social Security was.
My father's generation was the first one where you expected all of the family's children to live to adulthood. My grandfather lost at least two siblings.
“create yet another entitlement program”
Elizabeth Warren has far more plans than you have fingers or toes.
“My housing bill takes a first step by creating a first-of-its-kind down-payment assistance program. The people eligible for assistance must be first-time homebuyers who live in a formerly redlined neighborhoods or communities that were segregated by law and are still currently low-income If they qualify, they are entitled to a substantial grant they can put towards a down payment on a home anywhere in the country.”
https://elizabethwarren.com/plans/safe-affordable-housing
The laziest will be given big bucks to buy at the peak of a housing boom.
Take a look around Detroit or Newark to see the likely result.
We are at an unprecedented and never before point in history. The entire world and every major economy is now run by Central Banks, printing completely unbacked money, at near zero (or lower!) interest rates and running money printing schemes like QE to support asset prices and stock markets.
So the USA has huge debts, with $ Trillions in unfunded social liabilities? China, Europe and Japan are likely in even worse shape. So if one goes down, they all go down. And if they all are in the same situation, where is money going to run to?
I don’t have the answers - only that considerations of debt-collapse are quite different if everyone on the planet is in exactly the same boat.
My father’s parents died in their fifties.
My mother’s father lived to age 74 and her mother lived to age 72.
My Uncle Tom is still going strong at age 99.
Elizabeth Warren:”A budget is about priorities. ... The way I see it, there’s always, come on, there’s always money. It’s there. Are we going to spend the money on defense or are we going to spend the money on our children?” Dec.8,2019.
AOC: Dec.17,2018 questioned by Jake Tapper (!)
You recently said in an interview that increasing taxes on the very wealthy, plus an increased corporate tax rate, would make $2 trillion over the next 10 years.
So, where is the other $38 trillion going to come from?
OCASIO-CORTEZ: Well, one of the things that we need to realize when we look at something like Medicare for all, Medicare for all would save the American people a very large amount of money.
And what we see as well is that these systems are not just pie in the sky. They are — many of them are accomplished by every modern, civilized democracy in the Western world. The United — the United Kingdom has a form of single-payer health care, Canada, France, Germany.
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