Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My Grandfather had friends who jumped out of Wall Street windows during the crash of 1929. I remember him telling me that our entire system is much more fragile than anyone thought. He warned me not to trust banks, or anyone else, with my hard-earned cash, and to always avoid debt.
After the crash, my Grandfather never again put his money into banks. After his death, it took 3 of us Two days to find it hidden all over his property on a farm in Pennsylvania. We likely missed some.
I don't "know what it looks like" up close and personal, but I have a better idea than most, having experienced it second hand.
Your grandfather was correct about the fragility of our entire system but the jumping out of windows stories are false.
The bulk of the budget is divided between social spending and Defense. In general, programs like Social Security, Medicare and Medicaid make up 2/3 of the budget while Defense is around 20 percent. To effect any serious cuts in the budget these areas have to take the brunt of that. We've seen in the past how hard it is to cut Social Security. They don't call it the 3rd rail of politics for nothing. As Covid 19 is forcing our economy into recession and perhaps depression and thereby cutting tax revenue how will it be possible to cut spending? I don't see this happening. In the past we've blown many opportunities to put a long term deficit reduction plan in place but politics has always gotten in the way of that. IMO until the corrupt lobbying system is done away with I see no hope for economic sanity coming out of Washington. The Defense industry will be the target of cuts if Democrats control the government again but even if they cut Defense by 50 percent it will not make a significant impact on our national debt. There is no way to cut this debt significantly without cutting social spending. How many of us are willing to take cuts in social security?
Then, Grandad lied to teach me a valuable lesson. He fooled me into becoming a top 2%'er who has been debt-free for many years now, & retired before reaching age 60. Most of my wealth is in hard assets, hidden, or nearly impossible to take away.
The bulk of the budget is divided between social spending and Defense. In general, programs like Social Security, Medicare and Medicaid make up 2/3 of the budget while Defense is around 20 percent. To effect any serious cuts in the budget these areas have to take the brunt of that. We've seen in the past how hard it is to cut Social Security. They don't call it the 3rd rail of politics for nothing. As Covid 19 is forcing our economy into recession and perhaps depression and thereby cutting tax revenue how will it be possible to cut spending? I don't see this happening. In the past we've blown many opportunities to put a long term deficit reduction plan in place but politics has always gotten in the way of that. IMO until the corrupt lobbying system is done away with I see no hope for economic sanity coming out of Washington. The Defense industry will be the target of cuts if Democrats control the government again but even if they cut Defense by 50 percent it will not make a significant impact on our national debt. There is no way to cut this debt significantly without cutting social spending. How many of us are willing to take cuts in social security?
My wife, and I, would forego 100% of or Social Security, & Medicare for the following:
1) Implementation of a modified Penny Plan, cutting 2%/yr. from everything (discretionary and non-discretionary) across the board, except defense. Defense get's cut 3%/yr.. This remains in place for 10 years, then re-assess.
2) Add a balanced budget amendment that can only be overriden by a general election.
3) Implement the Fair Tax eliminating all Federal income taxes, while capping payroll taxes.
4) Form a bi-partisan coalition called "Save the 99%" to elect the 2 most fiscally responsible politicians we have in Washington DC today as President, and Vice-President. Thereafter, we alternate party's from R to D & back, every 4 years thereafter. Every Presidential and VP candidate must sign a legal document committing to our plan...no more promises...make them legal obligations.
5) No politician ever gets re-elected again...we implement our own term-limits w/o any laws being changed. We're willing to begin Nov 3rd 2020...Trump's OUT!
Last edited by beach43ofus; 05-08-2020 at 07:33 AM..
It matters but there's no chance of any fiscal responsibility whatsoever so long as Pelosi controls the power of the purse.
Since nothing can be done about it any time soon, there's not much point talking about it.
Pelosi was only 1/3rd of The Great Heist. Only 2 politicians voted against it. Those 2 is who we should ALL be getting behind and setting aside the Blue-Red junk before we go over the cliff.
It does to me...but I'm a true fiscal conservative. But let's just admit -- neither of our parties are fiscally conservative. They have different ideas on how to spend too much too money
We have to do what Trump did...hijack a political party, or all get behind an Independent who is fiscally responsible...of which, there are only 2 that come to mind...the only 2 that voted against The Great Heist.
It's like when Jack Nicholson played the Joker in a Batman movie when he said, "What this city (Gotham City) needs is AN ENEMA!" Well, Washington, DC needs an enema.
Let's do the right thing and VOTE'EM ALL OUT.
Agreed, but we need to vote somebody in...who?
Why not start with the only 2 who voted agaist The Great Heist?
In 2024, we'll vote in the 2 most fiscally responsible Dems.
We should be pushing Social issues down to the states level and away from the Feds. The Feds should be knocked down a few notches, and huge headcount reductions.
Lets get back to the Feds doing National Defense, International Trade, and as little else as possible. The Federal Gov't is out of control, overbloated. They need a downized by a LOT.
Honestly, no. There's nothing that you or I can do about this and it doesn't matter who is at the helm. The spending is out of control, but it doesn't personally affect John and Jane Doe... until it does. I'm expecting it to all come crashing down. It's been sped along by the pandemic, but it's not like a crash wasn't well on its way to happening either way.
Pelosi was only 1/3rd of The Great Heist. Only 2 politicians voted against it. Those 2 is who we should ALL be getting behind and setting aside the Blue-Red junk before we go over the cliff.
She's the person with the power of the purse, so she gets the blame. Has there ever been a time that Pelosi was Speaker where there wasn't more than a trillion dollar deficit?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
