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re: There really is no cure to the current economic problems in the US
Posted on 4/21/24 at 10:20 am to Revelator
Posted on 4/21/24 at 10:20 am to Revelator
quote:
Like a previous poster mentioned, there are too many special interest groups getting fat on the government.
When we cant constrain spending with revenue, we end up with massive debt and bloated programs.
Right now, there are few too tradeoffs happening.
0
Posted on 4/21/24 at 10:21 am to Wishing Well
Welcome to me years ago, my saying has been "no one goes to DC to serve only a single term". Even before COVID I was saying how the fiscal path of Congress would eventually lead us off a cliff because there's not nearly enough political will to change it.
The largest expenditures have been Social Security (including SSI), Medicare and Defense. Defense gets cut, then re-allocated, then cut, rinse, repeat all the time. Medicare and SS?
The old, grey foxes would rise up in a wave smelling of Vicks VapoRub to vote out anyone who even dared suggest such cuts. They are retired so they have little else to fixate on.
The federal government is going to be running at least a $1.5T deficit every year for the foreseeable future. LINK Not being able to cut any/enough from the biggest expenditures means it would need to be made up from cuts everywhere else. HUD, Education (passthrough dollars to states), NGOs (lulz), pay for members of Congress and their staffs (double lulz), etc. That's money Congress uses to buy votes and power, they aren't touching that to any responsible extent.
And no matter what's cut, the media will throw person after family after groups of people onto the screens to cry about how this particular cut has made it difficult for them to just feed themselves (read: political pressure to not cut).
For the last decade or so the federal government has essentially been borrowing money in order to service the debt so it can continue to borrow ever increasing amounts of more money. The compounding effect of interest on that debt means each year more must be borrowed than the previous year.
It was bad enough before COVID, but COVID spending poured jet fuel on that fire and now there's no putting it out. The CBO estimates that debt servicing will be the largest expenditure category in the federal budget by the end of the decade. Do you think that fact is going to change federal spending habits?
No. The same reasons which exist now will exist then, there will still be nowhere near the amount of political will needed to change that.
Everyone wants the cure, but no one wants to go through the pain which comes from taking it nor giving it.
The largest expenditures have been Social Security (including SSI), Medicare and Defense. Defense gets cut, then re-allocated, then cut, rinse, repeat all the time. Medicare and SS?
The old, grey foxes would rise up in a wave smelling of Vicks VapoRub to vote out anyone who even dared suggest such cuts. They are retired so they have little else to fixate on.
The federal government is going to be running at least a $1.5T deficit every year for the foreseeable future. LINK Not being able to cut any/enough from the biggest expenditures means it would need to be made up from cuts everywhere else. HUD, Education (passthrough dollars to states), NGOs (lulz), pay for members of Congress and their staffs (double lulz), etc. That's money Congress uses to buy votes and power, they aren't touching that to any responsible extent.
And no matter what's cut, the media will throw person after family after groups of people onto the screens to cry about how this particular cut has made it difficult for them to just feed themselves (read: political pressure to not cut).
For the last decade or so the federal government has essentially been borrowing money in order to service the debt so it can continue to borrow ever increasing amounts of more money. The compounding effect of interest on that debt means each year more must be borrowed than the previous year.
It was bad enough before COVID, but COVID spending poured jet fuel on that fire and now there's no putting it out. The CBO estimates that debt servicing will be the largest expenditure category in the federal budget by the end of the decade. Do you think that fact is going to change federal spending habits?
No. The same reasons which exist now will exist then, there will still be nowhere near the amount of political will needed to change that.
Everyone wants the cure, but no one wants to go through the pain which comes from taking it nor giving it.
Posted on 4/21/24 at 10:41 am to Wishing Well
It's gonna hurt, but the US gubmint has gotta start creating solutions somewhere -- by liquidating our national land assets.
Is the loss of $30 bucks gonna hurt? Sure. But...but...the National DEBT!!
Will the slum-lord will miss his $4 no-frills Section 8 rental at Baltic Ave? Meh. Neighborhood was already kinda sketchy anyway.
Is the loss of $30 bucks gonna hurt? Sure. But...but...the National DEBT!!
Will the slum-lord will miss his $4 no-frills Section 8 rental at Baltic Ave? Meh. Neighborhood was already kinda sketchy anyway.
This post was edited on 4/21/24 at 10:42 am
Posted on 4/21/24 at 11:02 am to 4cubbies
quote:
Reagan started the drunken sailor spending and expansion of government that led us to where we are today.
Fool never heard of FDR or LBJ and the great welfare act of 1965.
Posted on 4/21/24 at 11:04 am to Wishing Well
quote:
If we suddenly had a congress and President that somehow passed EXACTLY what would be required to stop us from going off a cliff, it would likely result in as much as a decade of economic turmoil the likes of which no one currently alive has ever seen. It would basically ruin an entire generation of Americans.
Solving runaway deficit spending by the federal government begins with reducing the size of federal government by 50% over a 5-10 period and returning much of the appropriations and financial decisions to the state level. Allow each state to manage their tax money to suit their needs and quit enabling the federal government the power to coerce and blackmail state governments to bend to their will or face losing federal tax dollars.
For example, there's no good reason the federal government should be threatening any state by withholding federal highway funds or any other federal funding if the state doesn't abide by some idiotic DEI legislation or executive order. This type of BS is occurring all the fricking time.
I think a 50% reduction in the federal government would result in potential debt reduction of $250-500 billion/year.
This post was edited on 4/21/24 at 11:06 am
Posted on 4/21/24 at 11:32 am to 4cubbies
quote:
Reagan started the drunken sailor spending
Indeed. His increasing spending while cutting revenues was referred to as "Voodoo Economics" by his very own vice president, George H.W. Bush, in the 1980 primaries.
All the wailing and gnashing of teeth over the huge corporations was done by the hippies in the 70s, for which they were called "communists".
How the turntables turn...
Posted on 4/21/24 at 11:41 am to WildTchoupitoulas
quote:
All the wailing and gnashing of teeth over the huge corporations was done by the hippies in the 70s, for which they were called "communists".
True.
All of us old Boomer hippies were against the formation of the US Corporatocracy, against war, against suppression of free speech, against government intrusion into our lives. Now, as a 65 year old former hippy I'm considered a right wing radical, yet I essentially have the same beliefs.
Posted on 4/21/24 at 11:46 am to Bass Tiger
quote:
All of us old Boomer hippies were against the formation of the US Corporatocracy, against war, against suppression of free speech, against government intrusion into our lives. Now, as a 65 year old former hippy I'm considered a right wing radical, yet I essentially have the same beliefs.
I'm not quite a boomer, but EXACTLY.
A liberal today acting like they have kinship with early 70s liberals is just
Posted on 4/21/24 at 11:47 am to 4cubbies
quote:Yea. It's all Reagan's fault!
Reagan started the drunken sailor spending and expansion of government that led us to where we are today.
Posted on 4/21/24 at 12:18 pm to Wishing Well
quote:
You could do a poll right now. As Americans about say, the top 10 areas of expenditure today(other than military) and you'd get SOLID majorities saying we need to spend MORE on all of them.
Education
Welfare
Old People
Social Security
Medicare
Health Care
You would be incorrect from my perspective.
I am old and retired.
1. I would not vote for additional funding for education because throwing money at the issue is not the answer. The answer is cultural transformation from a dead-beat society with government dependent single parent mom's to traditional family ties.
2. I would never vote for additional money for welfare for exactly the reason cited above. If don't want to work and result to crime, then you will be jailed or shot.
3. Not sure what old people means but I would not vote for government funding to take care of old people. Individuals need to be responsible for their own retire and healthcare and if that is not enough then hopefully their families can't help them. We helped elderly parents for 4 of our best retirement years.
4. I would not vote for an increase in Social Security. I would support an option for workers to be able to invest the SS benefits as the see fit. If they bad choices, then that's on them.
5. I would not support expanding Medicare. The Democrats forced Obamacare on us so if that isn't enough then tough shite.
6. I would not support expanding Healthcare in the form of Obamacare.
Posted on 4/21/24 at 12:24 pm to Bass Tiger
quote:
All of us old Boomer hippies were against the formation of the US Corporatocracy, against war, against suppression of free speech, against government intrusion into our lives. Now, as a 65 year old former hippy I'm considered a right wing radical, yet I essentially have the same beliefs.
Indeed.
Posted on 4/21/24 at 12:30 pm to GurleyGirl
quote:Unfortunately, you aren't the only vote.
You would be incorrect from my perspective.
Americans, overwhelmingly, tell politicians........."gimme more shite.........don't make me pay for it".
So. We get politicians who offer more shite and promise others will pay.
Posted on 4/21/24 at 12:35 pm to Wishing Well
They will tax everything when they get the chance. Up the marginal rate. Tax unrealized gains in investments. Tax retirement plans they deem have more than the "fair share". They will find the money.
Posted on 4/21/24 at 1:12 pm to tiggerthetooth
quote:
Half the country thinks modern monetary theory is a valid economic plan. I've heard plenty of people basically saying debt is made up and fake and we don't really ever have to pay it
In reality a large percentage of Americans are not paying attention. Reruns of gameshows that were on in the 70's are more popular than many news programs. More than half the country has no idea what monetary theory is much less thinks about it. The crash will come, millions will die and the odds are China will kill most of us after government fails.
Posted on 4/21/24 at 1:14 pm to Wishing Well
quote:
I'm not quite a boomer, but EXACTLY.
A liberal today acting like they have kinship with early 70s liberals is just
What currently calls itself a liberal is a Marxist POS.
Posted on 4/21/24 at 1:16 pm to tiggerthetooth
quote:
Half the country thinks modern monetary theory is a valid economic plan
Ha ha. Over half of the population couldn’t tell you who the speaker of the House is, much less have an understanding of economics.
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