If I am a millionaire, I would pay SS taxes on much more of my income….therefore, I should expect a significantly higher benefit. Secondly. Abolishing tax cuts and cutting defense spending isn’t going to do the trick. A simple five step process will nearly eliminate the national debt in short order: 1. Got it. It’s not just Grandma who we are murdering. That might rankle, but it’s not fraud.”. The federal government was running a surplus. Allowing for public debt at any level is the problem. The world may lose confidence in our system (and government) sooner than I think – and we’ll feel the pain of high inflation. The Fed can just forgive the debt about to roll over and the bond holders take a big haircut on student loans and other local govt debt. One of those people helped me learn a little bit about iluminati I suffered before I became a millionaire via the help of iluminati.I knew here in US promised to help me give email which I emailed told them I want become a member and be protected.They accept my application and I was initiated after my initiation. The US debt is now projected to be larger than the ... - CNN But they are hypocritical on maintaining the well being of the people that the military is really supposed to protect and that is the American people. In contrast to their elected officials, most Americans believe the debt and deficit are important. | The Obama Administration’s big lie was to skew economic facts to hide the last effects of the great Recession. | The federal government weighs in on Mahanoy Area School District v. B.L.. Damon Root Who is in control of the house? We off you our ‘protection.'”. America has a debt problem and a failure of leadership. Photo by Anne Wernikoff for CalMatters. It is not much but if you care about deficits and debt it is the best you can do. So on down the line until you have $1,000 bucks or whatever of created money sloshing around the economy from an initial $100. So, TL;DR, if you can’t cut entitlement spending you can’t get rid of the deficit. "A nervous bond market could demand higher interest rates, further weakening both the economy and the deficit," says Riedl. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. It just blows my mind. We’re right on line with the CBO’s projections from 2016, all you’re seeing here is the debt that was already baked in back then. That is a figment of neoclassical/marginalist economics. If you just print the money, then you have increased the total amount of money in the system by 100 million. The inflationary impact of unbacked dollars is no worse than the inflationary impact of the same amount of debt-backed dollars. Question 7: Now, changing the subject from taxes to spending, suppose we broke down all government spending to a per household cost—do you think the combined spending of federal, state and local governments amounts to more or less than $40,000 per household per year? But conceptually, SS is like an annuity payment for life.”. Banks are not counting the money twice. If we want to tackle big issues like climate change, student debt or national security, then we shouldn't saddle ourselves with growing interest costs. True, he did say that, but he also recanted his statement and said it would be unlikely and took that promise off of the table. It’s true in large corporations too. Congress lurches from one crisis to another—some real, some manufactured to score political points—and Trump's tempestuous presidency has only made things worse. States With the Least Debt in 2020. I tell them, “I think I can fill your budget needs AND leave $599.00 in the petty cash fund, in case you want to throw yourselves a party for doing such a good job this year.” That’s how you get 3-4 times going rate and lock down the job for yourself. The fact is there are a LOT of Rs in the house, and some in the senate, who would LOVE to gut most of the BS federal spending. Aside from vetoing spending bills, and forcing a shutdown (been there, done that), POTUS Trump’s options are very limited. If you bought an egg this morning and try to buy an egg with the same amount of money this pm and the grocer says ‘Eff off I don’t want that money’, that is the root of hyperinflation. Increasing America’s debt weakens us domestically and internationally. Rescind the Trump and Bush tax cuts and cut defense spending in real dollars to what it was when Clinton was in office and you will get rid of most of the deficit. Like anyone at Reason would ever make that argument. The fact is that the Baby Boomers are fully in retirement mode, with the oldest of them being 65-years-old ten years ago, and 75 today. Congress Wants To Give Them $350 Billion Anyway. Masses of the population pay no attention to what is happening and are easy to manipulate. The American political system seems incapable of planning for the long term. Back in the ancient days, the solution was ‘jubilee’ – but the only economist now who understands that history is Michael Hudson. You'll here much more talk about many other things too. Well, the Democrats have been making some noise about *what* Trump wants to spend money on, like a wall, and then making mewling noises about how that spending will increase the deficit. One, I think that a site like Reason, the writer should know the difference between hear and here. !….One need only look at the second graph in thus article, (debt held by public) to see that our debt skyrocketed during, (tripling i believe) the entirety of the obama years.and Has leveled OFF DURING THE TRUMP YEARS, BECAUSE THE HEAVY SPENDING HAS BEEN MOSTLY OFFSET by INCREASED GOV. This guy makes a lucid argument that the Communist Party of China currently controls ~ $30,000,000,000,000 (that’s trillion) in western assets – conjured out of the ether with their brilliant dual currency scheme: If you go back the full 5 years, you will find a staggering amount of forensic detail. When empires stop expanding, they turn to cannibalism. | The cause of that one was actually a very simple excess inventory one. Ultimately, the two giants (SS and Medicare) are unlikely to be messed with in any way, for the simple reason that old people vote more than anyone else, making their reform a political loser. More importantly, however, Social Security, Medicare, and Medicaid should all be strongly means tested; meaning: you get nothing unless you are (1) incapable of working, and (2) have no significant income or assets anymore. And there is no profit – only losses – for banks in demand-deposits if they have to be 100% reserved. This is essentially an annuity. Worse yet, the CBO's projections don't account for the inevitable eventual end to this run of economic growth. Such levels of debt can have far-reaching negative effects on wages, living standards, and government and personal financial security. The deficit for January 2021 was $130 billion larger than the deficit recorded in January 2020. Other payments were shifted into January 2020 because February 1, 2020 of that year fell on a weekend. Rather than actually try to figure any of this out in Hayekian terms, we far prefer to side with one side or the other – creditor v debtor in the particular circumstance of the time – and let the boom/bust be the way we conduct war on the other. NOYB2, I am not 100% sure I agree. There is no ‘normal market-based regulation’ of the connection between ‘savings’ and ‘investment’. Almost – but actually, the Fed is buying Treasuries on the open market. States’ performance is analyzed from two perspectives: First, the 15-year lump sum of revenue relative to expenses, to uncover states’ ability to bring in sufficient funds to cover costs over the long term; and second, the year-by-year record for each state, to identify how often it experienced shortfalls. Say’s Law is the way it works in classical economics – and that doesn’t work with banks or any ‘intermediary’ — only with coinage or commodity money. Finance officials announce the unemployment rate could reach 18%, worse than the Great Recession. Best-case scenario, it’s a real belief, but not a motivating belief. Buy gold bars and put em in a vault? That is the problem I see with doing away with the SS income cap. I mean, what else legally can POTUS Trump do to restrain spending? Social Security is fully self-funded, and Congress stole much of their funds (our retirement savings) to pay for tax cuts for the wealthy under GW Bush. Nope. Due to the way SS is constructed, current SS taxes are used to pay for current beneficiaries as they are collected. In addition, the taxes paying for them should be cut accordingly, benefits should be cut to a minimum necessary, and payouts should be scaled according to available funds. But how? “…There has to be a balance between protecting the people from the inequities of capitalism and the defense of capitalism…”. All we do is spend, spend, spend. Google pay 350$ reliably my last pay check was $45000 working 9 hours out of consistently on the web. If the government borrows 100 Million dollars and spends it, there is a net increase of 100 million- some public entity gave 100 million to the government, removing that money from the economy. And two, that it’s time to be worried. When you look at their actions, however, it becomes apparent that this is a non-issue. At least with private enterprise, that money would have been set aside and not spent. It’s just not something democracy is structurally capable of. Their monetary system is similar to ours – it’s a fiat currency system. Required fields are marked *, © Keeptalkinggreece.com 2021, All Rights Reserved, Greek state budget deficit 2020 at €22.8bn; lower than expected, says Finance Ministry. The trick with fractional reserve lending is that it’s not the first transaction that makes it crazy… It’s the 10th. The Fed prints money to buy the debt, then hands the interest on that debt right back to the Treasury. Nowadays if we just issued even a partial amount of the deficit in debt free money we could definitely use it to get us out from under this mess. The labor force participation rate has been slowly improving though, which means more people are being tempted back into work by rising wages etc. Correction: most Americans claim to believe the debt and deficit are important. While both parties enjoy spending money, one party believes that cuts to government spending are literally murder which might cause a person to logically conclude they are not a party with any interest in cutting spending. Tax increases aren’t that popular either. They favor spending reduction as an abstract idea, but when asked which programs should be cut, they say “no” to most. Cuomo’s budget office estimates it has grown to $14.5 billion. c’mon now, Clinton deserves all the credit in the world for happening to be POTUS during both the inflation of the dotcom bubble and a period where the demographics were hugely favorable in terms of SS cashflow. Wrong. Begin issuing pure “unbacked” fiat money to fund the deficit, rather than going further into debt. Note…I am not opposed to means testing per se. Issuing unbacked dollars will halt the increase in the national debt and its crushing $479 billion in annual interest. Reporters sometimes mislead the public about the composition of federal spending by using a subset of spending that omits the vast majority of social programs. 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. Hanging over this decade of good news is the gloom of a missed opportunity. You mean like having to pay for what they want? You have definitely hit on one of the biggest problems, that everyone is for cutting spending on programs that don’t benefit them and for taxing someone else. But don’t fool yourself into believing that the burden will be shared equally. It did not hurt the US one bit when we left Vietnam, and will not hurt us one bit when we leave Afghanistan. In fact , it has leveled off under Trump despite increased spending, due to increased revenues due to tax reform. But that language is reserved for very select Trump expenditures and not applicable at all to things Democrats want to spend money on. 2011 and 2014 both had negative Q1. But we have a big inclination to shove costs/risks into the future while bringing back the benefits to today. Here’s a list of ‘booms and busts’ during the ‘free banking’ era in the US after the 2nd Bank of US and before the Fed: 1836/7; 1839-42; 1845/6; 1847/8; 1853/4; 1857; 1860/1; 1865-67; 1869/70; 1873-79; 1882-85; 1887; 1890; 1893/4; 1896; 1900; 1903/4; 1907; 1910/11; 1913/4 (the Federal Reserve Act was signed during this one). Unless the deficit and debt actually drove the growth…. If we broke down all combined federal, state, and local taxes to a per household cost, do you think this would amount to more or less than an average of $30,000 per household per year? End Medicaid, 4. We have a track record of Washington DC politicians managing SS for 70 years. Thinking about all federal government debt broken down to a per household basis, do you think the average federal debt per U.S. household amounts to more or less than the average consumer debt per U.S. household? Read more, Google pay 350$ reliably my last pay check was $45000 working 9 hours out of consistently on the web. However that general idea is very much how the world works… A bunch of imaginary money created by private banks, and a central bank (or government) that has a few mechanisms for attempting to tweak things to get outcomes they desire. This is a distinction without a difference. Instead of paying that back, Obama did close to nothing. So who cares if the budget goes down. You can always tell a nutjob because they truly believe the only recession ever was 1920. However, the Republicans have cut taxes and push the costs of today’s living on to future generations. Us and most of the media. Or, heaven forbid, shrink the size of the federal government to those bad old days of 1998. The US is not the only nation benefitting from capitalism. It is a perfectly implementable libertarian-oriented solution. When TARP was enacted, it was all over but the waiting: Our government had officially committed to ballooning deficits and eventual crisis. They are separate problems. In large part because it ignores land and assumes economic rent is ‘earned’ (and therefore has to be financed). | That is, you get government healthcare and government retirement only if you are broke and unable to work. That’s because they haven’t repudiated their debt. When the Democrats raised taxes they were doing the financially solid thing in attempting to pay as they went. I was given first money of $2,000.000.00 US Dollars and on monthly basis am now paid $20,000.00 USDollars for working for the hood. This is also why you see tons of good GOP people locally and in states. Facebook; Twitter; LinkedIn; Email; Share; The COVID-19 pandemic has unleashed not just death, but also massive unemployment and a steep recession. Eliminating FICA contributions does not improve our fiscal condition one iota, but it does negatively impact senior citizens, today and the current and future generation in their old age, tomorrow. Until the mid-20th century, the answer was slashing spending at the governmental level. If you have to have 90% reserves by law (don’t recall actual reserve requirements now, too lazy to look up), the first bank can only lend out $90 on $100 in deposits, which is fine. That is more inflationary. OF COURSE they were leaving the labor market permanently (at least those who could afford to). Rs don’t like almost any of that, possibly outside of SS and Medicare. They predate the approval of a new bipartisan budget deal in late 2019 that is expected to add another $1.7 trillion to the national debt over 10 years. There’s plenty of credible research that points out that the money multiplier (fractional reserve lending) is a myth, or at least inaccurate: https://positivemoney.org/how-money-works/advanced/the-money-multiplier-and-other-myths-about-banking/. People want 100% security. It doesn’t even require difficult decisions. Not all “immigrants” are the same retard. May 26, 2020 Andy Schneider. California faces an unprecedented $54.3 billion deficit. CBO also forecast the debt held by the public would rise to 98% GDP in 2020, compared … You are right, Dave! SS payouts should simply be linked to financial solvency of the fund. It is a clear demonstration of their lack on knowledge and of intelligence; you’d assume anyone intelligent would spend a minute or two on their fave search engine to confirm the claim. Christmas is different this year: Does it really matter? Remember, if you try and cut entitlements you’re murdering grandma. The national debt was falling and amounted to only 31 percent of GDP. End Medicare 3. With $13 billion state budget deficit looming and doubt about federal aid, New York lawmakers ponder tax hikes by Dave Lemery, The Center Square | May 19, 2020 05:30 PM By electing more legit conservatives the Rs could theoretically become decent. Correct Answer: More than $122,000. The Deficit as a Percent of GDP The Congressional Budget Office (CBO) projects that this deficit for 2020 will be 16% of U.S. gross domestic product (GDP), which is the largest it's been since 1945. We asked local reporters across the country to tell us what could be on the chopping block in your state. Until then, DC will keep spending like nobody’s business. | Budget spending totaled 70.169 billion euros in 2020, down 0.9 pct from targets, with Public Investment Programme spending totaling 10.647 billion euros, up 226 million from targets. REVENUES DUE TO TAX REFORM BILL. The public may say they think of the debt and the accumulated deficits as a big problem, but not really. The measures of unemployment were not suddenly changed in a back room by Obama. We can’t even freeze currently levels of spending. In the decade to come, we'll pay for squandering it. Share on Facebook Share on Twitter. The amount of money that the United States owes investors has hit record levels in more than a few ways, based on new numbers reported Friday by the US Treasury. Your email address will not be published. Mathematically, it would work far better for the ‘annuitant’. I got all that. Budget spending were up 14.904 billion euros compared with 2019. I almost feel bad about it sometimes…almost. About $1T of new spending got baked into the baseline budget during the Obama years. GS-11s looking to make GS-12 do what they gotta do. Here in America in the 2020’s it is hoped that the Democrat party will collapse to irrelevancy. Gov. It’s really time for Reason to rebrand. Those who came here illegally must be given free health care, free college, and every other government entitlement program we have. Because those are things politicians can endlessly bitch about to pander to their base, without actually doing anything.
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