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It is easy to blame this president or that president, for federal budget deficits, but facts do not lie. Our federal government, regardless of administration will not, cannot, (close to if not already there), reduce spending, (due to the so-called entitlement programs like SS, Medicare, Medicaid, SNAP....). Yet, pols of all stripes continue to promise even deeper, unrecoverable the government will be your savior programs.
Who is the sugar daddy in this entire scheme? Why the rich, undeserving rich, of course and stealthily you and I. A recent example of stealth tax increases is the elimination of the stretch IRA in the recently passed and signed SECURE "retirement enhancement" ACT.
Enough, so in charts...
All are to blame, whether it is we who demand more and more government salvation, or the pols themselves, who are after all are just keeping themselves fed at the citizens teat or giving the populace what it demands. One in the same, really. The narrative.
Quote:
Assigning blame isn't the most important thing, but there is plenty to go around. The Trump administration and current crop of Republicans in Congress have made the problem worse than it already was. Some of them—like former deficit hawk Mick Mulvaney and former House Speaker Paul Ryan, who made his name in Congress as the GOP's budget-maker—deserve special ignominy for abandoning their fiscal conservatism when it was most needed. Trump came into office promising to eliminate the national debt in eight years, and that's even more of a joke now than it was then.
Meanwhile, Democrats' aversion to spending reductions and their refusal even to consider changes to entitlement programs—the biggest driver of the national debt—are equally large obstacles to any meaningful attempt at fixing this mess. The party's progressive wing is pushing for Medicare for All and expanding Social Security benefits, while elevating economic theories that say we should ignore the deficit.
And neither party seems to have a serious plan to rein in military spending, despite two decades and more than a trillion dollars spent in the Middle East quagmire.
In contrast to their elected officials, most Americans believe the debt and deficit are important. A Pew Research Center poll conducted earlier this month found that 53 percent of Americans view the federal budget deficit as a "very big" problem facing the country. That's a larger share of the public than the portion that views terrorism (39 percent), racism (43 percent), or climate change (48 percent) as a major problem.
But you'll hear much more talk about climate change, terrorism, and racism during the 2020 election. You'll here much more talk about many other things too. Neither party is taking the debt seriously right now, and no prominent national politicians appear positioned to lead a deficit reduction effort—at least not until the next Democrat is inaugurated and Republicans pretend to care about spending again.
Amazing. What any thinking individual knows is the most controversial topic in the U.S. today and not a peep. Run amok evangelicals will not kill this glorious, if imperfect republic. Progressive evergreen victimhood will not knock a hole in the hull of our Vanguard. Identity politics and multi culturalism that refuses to participate in our great melting pot of American society will simply miss all that is wonderful and available in a land opportunity.
Yet, it is so much easier to play the sophmorish he said, she said rumor game.
Good points, like you indicated Medicare, Medicaid are big drivers of the debt in addition to defense spending and even though Social Security is paid for it is underfunded. Simpson-Bowles was a reasonable plan to address the shortfall spreading the pain around but of course rejected by both parties. Highly recommend reading Jeffrey Sachs “The cost of Civilization” that points out the problems in our deficit.
Amazing. What any thinking individual knows is the most controversial topic in the U.S. today and not a peep. Run amok evangelicals will not kill this glorious, if imperfect republic. Progressive evergreen victimhood will not knock a hole in the hull of our Vanguard. Identity politics and multi culturalism that refuses to participate in our great melting pot of American society will simply miss all that is wonderful and available in a land opportunity.
Yet, it is so much easier to play the sophmorish he said, she said rumor game.
Apparently you don't understand how MONEY is created in our economy through the federal reserve system.
Money is created by CREATING DEBT THROUGH BONDS OR LOANS. Through the fed, money is created by selling bonds and through the private banking system digitally by loaning money.
If one attempts to balance the budget, one will create a depression/recession.
Now that you know that, don't you feel better? We are obligated to keep on this merry-go-round, our "take our medicine" and experience a prolonged depression (as happened in the 1930s).
I know exactly how money is created by the fed. This is about spending more than we take in, fixed obligations, such as social security, congresses and administrations that sell suck at the government teat for votes.
Monetary policy is strictly different than fiscal policy and either helicopters money into the economy or hoovers it up, when congress will not take appropriate fiscal policy moves.
Sorry, sir, but it is you is confused between the respective roles of the federal government, congress and/or presidential administrations, and the federal reserve. Hint: money supply is far different than fiscal policy(ies).
Quote:
Originally Posted by hawkeye2009
Apparently you don't understand how MONEY is created in our economy through the federal reserve system.
Money is created by CREATING DEBT THROUGH BONDS OR LOANS. Through the fed, money is created by selling bonds and through the private banking system digitally by loaning money.
If one attempts to balance the budget, one will create a depression/recession.
Now that you know that, don't you feel better? We are obligated to keep on this merry-go-round, our "take our medicine" and experience a prolonged depression (as happened in the 1930s).
Good points, like you indicated Medicare, Medicaid are big drivers of the debt in addition to defense spending and even though Social Security is paid for it is underfunded. Simpson-Bowles was a reasonable plan to address the shortfall spreading the pain around but of course rejected by both parties. Highly recommend reading Jeffrey Sachs “The cost of Civilization” that points out the problems in our deficit.
I actually supported Simpson Bowles. Each side hated it, but it’s what we needed.
I actually supported Simpson Bowles. Each side hated it, but it’s what we needed.
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, of course and stealthily you and I. A recent example of stealth tax increases is the elimination of the stretch IRA in the recently passed and signed SECURE "retirement enhancement" ACT.
We are obligated to keep on this merry-go-round, our "take our medicine" and experience a prolonged depression (as happened in the 1930s).
