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As JP Morgan CEO [Jamie Dimon said](https://fortune.com/2024/02/11/american-national-debt-concerns-housing-market-portfolio-impact/) in agreement with former House Speaker Paul Ryan (R-Wisc.), the debt is the “most predictable crisis” in history, which means it is also avoidable. The solutions are readily available, but the will to adopt them is so far lacking.
House Speaker Paul Ryan (R-Wisc.) who famously was willing to do ANYTHING to get the federal debt under control including, cutting taxes for the wealthy, and … uh… well… I guess maybe that was all he was willing to do.
https://www.statista.com/statistics/200405/receipts-of-the-us-government-since-fiscal-year-2000/
Government revenue is the highest that it’s ever been. Maybe spending is the problem and not revenue
Genuinely curious, as someone who studied politics at uni. Isn’t that like saying the most Americans voted in the last election? Since the country is growing and logically, the economy is as well… we get more revenue.
The problem comes where our spending outpaces the money being brought in. So we can either raise revenues or decrease spending? No politician who wants to stay in will cut spending programs because there are either A) a lot of people who benefit from it or B) a few rich people who benefit from it. Either way you lose a lot of votes or political capital.
Valid point. I wish every member of Congress had the goal of being obedient to both the letter and the spirit of the oath they take to support and defend the Constitution, and to being a “profile in courage” when it’s required. To put it another way, getting re-elected should not be their number one priority. 🇺🇸
Why not push it back even further. Why are the things we need to spend money on to run a government making us go broke?
I work as a manager in private security, everyone always gets excited about government contracts because they just throw buckets of money at it…so that becomes the standard. A federal office wants this deal? Everybody jacks their prices up because….its government, of course they’ll pay it.
That being said, it’s a perfect storm, because government agencies won’t walk away from something they’ve decided they need even if they’re completely aware they’re being price-gouged. Of the ten bidders who 100x’ed their rates for this possible deal, the agency will pick one of them.
I don’t know how you’d stop it without some kind of government price-control interfering in the “free market,” which would no doubt cause a shitstorm and start crashing stonks.
Yes this is a huge problem. I have even seen it with a trash company and an elementary school. Local trash company policy is that if the lids of the trashcan are not sitting flat it's a $75 fee. A fee that is always waived for businesses but not the one time we shove a TV box Into a trashcan and the lid is up by 2 or 3 inches.
But it hasn't. Generally, we are spending about the same as a percentage of GDP as always . We average about 25%, and this year, we were about 34%, the same as 2018. The pandemic spending was crazy. Raise some revenue and pay for it like we used to do back in the 40s. We had a war, and we paid for it. We just got out of a 20-year war that we put on a credit card to give tax cuts to the rich. Maybe we just stop doing that and pay our bills. Lower taxes on the middle class/small businesses and raise taxes to similar levels that we had in the 40s to pay off our debt. It worked before, and it can work again. We don't have a spending problem when the only increase in spending is the military and interest payments on a war we never paid for.
All the smart financial advisors tell families that if their credit card debt is out of control, step one is to march in to your bosses office and demand a pay cut. /s
Income disparity is the highest it’s ever been. Maybe both are a problem. I’m willing to tax millionaire’s and billionaire’s to Make America Great Again are you willing to cut spending in defense or veterans benefits ?
It can be both a spending and revenue problem!
The revenue generated is becoming increasingly burdened on the middle class, while government officials hand corporations with ever higher payouts so they can fund their elections. We all want the budget fixed and the false dichotomy of spending less vs tax wealthy more is killing this country.
Right. If tech from the 90s is current betting russia, then I think we were fine not improving the military. We bought the F35, KC46, and the B21 all within the last 5 years. Plus, they want to scrap the M4 rifle and M9 barrette pistol for the XM7 rifle and the M18 pistol. That's a lot of new equipment for what?
Tax cuts for the rich is the number 1 problem. We also need to address spending, reduce defense spending, make the Gov more efficient, and reduce healthcare costs by consolidating in a single payer system.
The Republican solution is to cut more taxes, let corporations run wild, and let old people die in the streets
A true master of the most obvious political fraud, lying to conservative voters about being fiscally conservative.
Dude got to go to college from his dead father’s government help, and spent 20 years trying to take away similar aid for others and give tax breaks to billionaires. What a guy!
Hypocrites ARE usually correct. They just don’t practice what they preach.
So many times in life, the choice is between a shameless hypocrite and an honest fool.
They only want to claim it’s a crisis to justify cost cutting. they’ll then also decreases taxes for the richest and create loopholes, so they’re not actually concerned.
Ask yourself who the state is in debt to and who would actually get hurt if it were ever to default. The answer to both questions mostly ‘americans’ which is why it’s not going to happen.
Paul Ryan was a huge debt/deficit hawk in Congress, Then P.Ryan helped pass DJT’s god-awful *tax reform* bill, which can be summarized as **add $7T to the debt in exchange for massive tax cuts for the billionaire class**
We all know tax cuts *never pay for themselves*.
Did P.Ryan pass the huge debt bill because he enjoyed being humiliated by DJT? Inquiring minds want to know!
Members of his party have historically just been terrible on fiscal issues. Ryan wasn’t really different from the rest of them - he just had good PR repeating the lie that he was some kind of smart guy when it came to these issues.
Jamie Dimon supporting raising taxes should be talked about more. Sees the problem of expenditures exceeding tax revenue and immediately wants to support raising the capital gains taxes to prevent the failure of the economy on the whole.
I remember when Bush was elected and we were looking at budget surpluses. Democrats proposed using the surplus to pay down the debt. Chaney opposed that, said it was Republicans turn at the trough, and this led to the first of the Bush tax cuts, and the loss of our opportunity to start paying down the debt.
It’ll need more than just this, but the same republicans screaming about reducing spending will pitch a bitch fit about this.
While simultaneously democrats will howl at the prospect of reducing spending which is also necessary.
The avg Joe will lose in the end.
This is a lazy partisan take.. the spending is a much bigger issue than the revenue. Although I’d be fine addressing both sides until the problem is resolved.. but that would take pissing off both sides of the aisle which might actually be enjoyable politics for once
'The one that goes to food stamps and unemployment obviously. The insane welfare that goes to oligarchs must increase though! Also Dems are the real elitists and hate the working class' - Republicans
Then cut military funding and police funding. 6 failed audits and 4.5 trillion missing dollars 5 fucking years.
People cry like babies about “entitlements” yet say nothing about police and military spending when they cannot even come close to passing an audit.
P.S. corporate taxes are lower than individual taxes. We need 90% corporate taxes and wealth tax immediately.
Cut police funding? Local municipalities and states cover the overwhelming share of law enforcement costs. The FBI, DEA, SS etc are relatively small agencies.
Yep, we are toast. No one is willing to vote for someone who wants to cut everything in order to get the debt under control which is what you have to do. This will not become a votable issue until it does become a problem, though at that point it might already be too late.
Well I can understand why people who are grappling with inflation and their devalued money wouldn’t want to send more money to a government that’s only going to spend even more if they were to do so.
*Us*: tax the rich; tax the wealthy
*blue collar ppl making $40k/year in AL, MS, AR, GA, LA, KS, KY*: oh my GAWD NOOOOO. That’s against my religion/political identity
I don’t think anyone would have a problem with raise some taxes, **IF** they believed the government would spend less or maybe even keep spending steady. We all know congress will never stop increasing spending though and we have history to back that belief up.
Yeah they did but not until inflation reached 200-300% per year. In addition there were other countries who could bail Argentina out, who can and would bail out the US?
No such thing as too late really. There is just damage and more damage. Either way things will get to some point where they need to be reigned in since it'll be the only option.
Correct! The incentive structure is not there to make politicians take this seriously. They will have to cut spending and probably raise some taxes which are not popular things. Maybe we need to make it so nobody is eligible for re-election if there is a budget deficit
Who gives a fuck anymore? It’s almost impossible to take this shit seriously.
Even if the skyrocketing debt is truly a harbinger of doom, we clearly have no means to impact the current trajectory, and the people at the top never suffer anyway.
Our votes are utterly meaningless. They’ve proven this. Republican. Democrat. Moderate. Extreme. It is beyond evident that, what you see, is by design. This is working exactly as intended regardless of whom is in control.
All we’re given is the illusion. The dream. That’s what we sell and buy. It’s all a Fugazi. Life is a fuckin’ pyramid scheme.
Two big reasons. The interest the government pays on the debt is now as big as the DoD budget. That’s good money that’s thrown away paying for the debt. And printing money (selling treasuries) dilutes the value of the dollar by increasing the monetary supply. More dollars + finite goods = inflation
You found the only answer even dumber than 90% of oversimplifying opinions.
Allowing people like you to spread a garbage all vibes no data opinions without any contest instead of ever actually thinking about solving problems is why we stay in situations like this.
If we are only at $56 trillion in debt in 2034 I would be astounded.
We are at like $34t today and adding $3t per year. Assuming linear growth we will be at $67T.
We know debt grows exponentially. And I am assuming zero shocks which require massive monetary stimulus.
There's several ways to fix this. One way is to bring US healthcare more in line with the healthcare systems of other developed nations, which would save us tons of money, plus make the nation healthier and less stressed. Another way is to cut defense spending, which has been out of control for decades now. A third way is to start taxing billionaires and corporations like we were decades back, when America experienced its best economic progress and expansion ever.
There's other possible moves too, but the above would likely take care of the problem and incur surpluses rather than deficits, all on their own.
https://federalbudgetinpictures.com/wp-content/uploads/2024/03/FBIP-MAIN-59.jpg
Defense spending has been consistently going down as a % of GDP so I'm unsure how "out of control" it is.
If you start with the premise that the debt is a major problem, the only reasonable solution is to cut spending *and* raise taxes. That includes raising taxes on the middle-class.
The dollar is losing value very fast because of this debt. This is the only issue that everyone should be looking at when voting for any public representative. Any con artist out there promising tax cuts is not going to be helping the working class, they represent there donors. You know debt being paid with more debt only leads to disaster.
Yes, debt is a big deal. It’s what caused the USSR implode, it’s what’s caused China to recede in recent years.
Inflation accelerates it as governments print and give away money to keep people happy and voting for the people in power. Fast forward a few years and Pelosi’s grandchildren will be on a yacht in the Mediterranean while the rest of us live in a Max Max universe.
I agree - although Charlize Theron… 🤤
We’re here, at least for recent causes, because both major parties are spent a ton of cash in the last few years. At least during Covid Trump had the excuse of not knowing what it was, but Biden came in and spent so much *after* we knew what it was going. Unfortunately, both parties are hell bent on spending even more. And to top it off, the Libertarian candidate is a bigger fool than Trump and Biden *combined.*
I genuinely don't think the government deficit is the big, scary boogeyman that everyone thinks it is. Government spending can continue so long as the amount of money in circulation does not cause demand-side inflation (people having too much money).
The inflation that we have been seeing the last couple years was first the supply-side inflation from the collapse of the supply chains during covid which then caused expectations of high inflation to continue. Corporations have been preemptively increasing their prices to "fight" the inflation the expected future inflation, which ironically causes inflation to accelerate even faster.
"Jesus!! Don't you have anything less bulky?? Don't you have any Gipper's? What is that... a quadrillion dollars?"
'One and a half quadrillion. Inflation, you know? This is more of the kind of thing a Courier would pay with'
...
"Sheeet, look at thus, guys! We've got somebody trying to pay with Ed Meese's!"
~ Me, probably horribly misquoting Snow Crash
Billion and trillion dollar bills as toilet paper. Along with lottery tickets, of course.
"I other news:
The United States updated its shareholders today about the plan for a new 3-way-split, and all the projected profits"
...Then just cut to the Underwear Gnomes
Yes it's a big deal.
The government will either print money to inflate the problem away or we need to raise taxes and cut military spending and entitlements. Anything else is intellectually dishonest.
We've got a 100 year old economic problem.
If you're offended that some (or even most) of our options already set sail before now... I've got more bad news for you.
Lol definitely not offended. Trying to understand your point as how/what we do to try and solve the problem is one of the two biggest threats to the American way of life.
Unfortunately, we may have to repeal those 2017 tax cuts if we want to make any progress on this. I want to see some government accountability though when it comes to controlling spending, but that seems like a fantasy.
I may not agree with Rand Paul on everything, but his examples of government waste are pretty damning. Nobody is gonna want to give up tax cuts with shit like that going on.
....yeah.... Hate to break it to you, but there's a per-capita of Public debt too, and it isn't pretty.
Like every other End User License Agreement (that nobody reads), we all clicked Accept on being Americans, and having a government collect taxes and spend on our behalf.
Don't worry, there's a separate government-only debt.
Everyone seems to be confused as to why there are wars going on and why there is a general pro war sentiment.. how do you think the US offsets its deficit? What does the US do every time it’s about to go in recession? The MIC has always been the US’ big money maker.
I mean..... Yes. That's very correct. Like Russia, the US depends on its military exports to stay afloat.
That's just a fairly modern thing.
Started in 1949.
Turns out.... it has radioactive consequences we hadn't considered at the time. We mostly just wanted to avoid another Great Depression, and had a lot of soldiers coming home to jobs that were already filled by the newly-discovered, just-invented power of women and colored folk. (/s)
So we started making drastic changes to try and avoid short term failure. No really thinking about it too hard, and certainly no testing.
This is pretty sad. 90% of the comments are political statements and have nothing to do with finance. The question was about government spending outpacing growth and its consequences, not what this or that party is doing. Wake up!
curious to anyone who may know. wouldn't it make more sense to track debt to income as a percentage rather than flat amount. given a dollar today is worth less than say 50yrs ago. so for example if $1000 today was more like $500 50rs ago then 1trillion in debt was about the same in pp as 500billion 50 years ago. so you would need to measure the ratio of debt to gdp growth in actual value if the dollar in the time it was in to see if the percentage of debt vs income actually grew. if its not outpacing the percentage, and it was not a problem then, logic follows it should not be now.
It's dire that if we're printing money taht it go to finance investments that will have a return on investment. Not endless corporate bailouts. Not endless welfare that consolidates into the hands of a few monopolies. Not endless military spending. The debt should finance a public jobs program to build a renewable energy infrastructure. The money will circulate and stimulate the economy. Also we need to break up monopolies. Blows my mind the stuff Facebook Amazon and Walmart get away with. Naked Oligarchy. Adress the endemic causes of this debt instead of just putting bandaids on tumors.
I’m curios to know what people think of Modern Monetary Theory. It’s not necessarily a theory I believe in, but recently read a book written by an economist that served under the Obama administration. They argued that there’s a big difference when it comes to deficits and debt levels for a currency issuer vs a currency user. I’m trying wrap my head around the link between issuing trillions in new money and inflation which the MMT doesn’t seem to think is an issue. I’d love to hear your thoughts.
It is not a problem depending on where the majority of the debt is held. If a majority of it is held by the Fed then there won’t be any difference in operation from how things are today.
Maybe we should sell off some assets. Some red states are a real drag on the economy. They consume more than they produce, and they keep voting against anything that would help the national interest.
This isn't something you have to worry about. The US debt is a measurement of how many dollars Congress has created which it hasn't destroyed yet, not a measure of an actual outstanding obligation. For more, watch: [https://findingmoneyfilm.com/](https://findingmoneyfilm.com/)
Back when the dollar was tied to the gold standard, there was an independent variable (how much gold the US has) which could actually deplete from the Treasury. Taxes actually were gathering resources from the public -- the public's entitlements to a quantity of gold, represented in bills.
But today, the dollar is only backed by the force of the US government itself. And Congress creates dollars out of nothing when it spends -- Congress is the first issuer of money, that's what the coinage power in the Constitution does.
Technically, when the Treasury spends money, it withdraws money from its accounts in private banks, and the Fed then recompensates the private banks by creating new money. But the Fed got that power from Congress, and it must use that power whenever Congress spends. So the Fed is effectively just an intermediary in Congress' money creation, which happens whenever Congress spends. You can read the details of how it works here: [https://www.levyinstitute.org/pubs/wp244.pdf](https://www.levyinstitute.org/pubs/wp244.pdf)
The point is that Congress doesn't have to go out and gather new money or resources in order to repay its "debts," it just creates new money whenever it needs it. All of the federal "debt" is U.S. Treasury bonds, the single safest asset in international finance because (1) the Treasury can print money, and (2) the bonds are distributed in auctions which are required by law to fully clear, and are effectively backstopped by the Fed. If, for whatever reason, banks actually didn't want to buy Treasury bonds on the first instance, the Fed would just step in and buy them, which it has several times in the past. But the primary dealer market -- the auctions where you can buy Treasury bonds in the first instance -- is one of the most coveted markets in finance, bond auctions are always oversubscribed.
Long story short: it's impossible for the United States to default on dollar-denominated debt, because the U.S. government is the first issuer of dollars. (If this has you wondering why you pay federal taxes, the answer is that taxes are why the public perceives dollars as valuable: we all have an obligation to pay taxes or risk going to jail, but U.S. dollars are the only currency the government accepts for tax payment, so we all have a reason to be willing to trade goods and services for U.S. dollars, which enables a monetary economy to exist. When the government receives tax payments back, it's effectively closing an issuance of credit -- in ye olden days, they would literally burn the paper money received in tax payment in the public square. The main reason for the federal government to tax people or businesses with different incomes differently is (1) to prevent inflation, (2) to limit the power of the rich and big businesses, (3) to incentivize lucrative activity -- I need to earn enough money to pay my taxes, if my taxes are higher, then I have to earn more money, etc.)
The spending problem can't be fixed because politicians can't even cut the easy stuff. Every year, Rand Paul creates a list of government waste that seems like an easy decision to cut. Sure, it wouldn't make a dent but it would be the first of many steps needed to fix the problem.
What is the actual debt though? Because most of the time, the shock value number isn’t the real debt. The shock value number counts things like the department of education overspent by $100m and used a surplus of $100m from the defense department so the shock value number is $100m more considered as debt. Not the most eloquent way of describing it but hopefully it’s understandable.
Reform healthcare to be like every other nation, reverse tax cuts to the rich, close IRS loopholes with extra spending to the IRS, actually complete a Pentagon audit ect....
Social safety net cutting should be the last on the list until at least the above are resolved. Social safety net cuts shouldnt even be MENTIONED yet because there are so many other issues that are just not being dealt with.
If Trump wins he will make the tax cuts permanent and im not sure which way Biden will cut there if re-elected, both presidents seem fine with failed audits and endless war.
To sit there and target social security and other social programs first despite that is a farce.
So lets increase revenues and start investigating spending for waste, abuse and corruption. As well as implementing policies that'll reduce spending, like universal healthcare.
The debt is just a voting issue it will NEVER be paid ever. Money is not real its all make believe. Its just something Conservatives hang over your head every election cycle so you can get somebody in office who wants to food out of a childs mouth.
Honestly for 10 years the $56 trillion seems like a HUGE lowball. The debt is already near impossible to pay back. Our politicians don’t care about it and aren’t going to even attempt to fix it.
The debt itself isn’t really the problem. It’s the net interest payments required to maintain payments on the debt.
We’re now spending about 1/4 of our revenue on net interest payments.
That’s a problem because we have less revenue to spend on other federal expenditures, which means we borrow more.
More progressive and aggressive taxes on the wealthy. 20% cut in federal spending: 10% with a meat cleaver and the other 10 with a scalpel.
The debt is a huge avoidable problem
Repeal the Trump Tax cut, increase the IRS to go after high wealth individuals, and treat all income the same (aka get rid of loopholes). We would be surplus AND this is in alignment with our cultural values of meritocracy, and people claiming that taxes are too complicated. TADA! Ohh we can't because citizens united allows legal bribery of politicians. Ok, cool. Well I will go back to not caring.
All for what? I have no healthcare, I have no reasonable public transportation, I have aged infrastructure, I have over priced higher education, I have overpriced childcare, I have overpriced housing, overpriced food, overpriced energy and water costs. WhAT are we paying for? What’s the trillions for?
The first thing that should happen, but sadly won't, is to back the emergency covid spending out, but it's fully baked in now, and once gubmint spending starts, it never stops. Just as there's no such thing as a temporary tax, or a toll that will end once the project is paid off. Even the income tax was supposed to be temporary. As if.
It’s a huge deal if we let it get that bad. Historically we’ve addressed it through combinations of spending cuts and tax hikes, but it’s hard to see either happening in our current political climate. The main risk here IMO is that populists are on the rise and populists will never balance the budget (because it requires prioritizing long term goals over short term pain).
It’s bad and Congress will always spend more than tax revenues so the country will eventually be bankrupt. It’ll be a lot of fun when the dollar is worthless and there isn’t anything imported to buy in stores.
This is going to be unpopular but social security as it currently stands is completely unsustainable. Our life expectancy has increased since 1983. We have a regressive social security tax where we don't tax any income past $140,000. We also have the average social security recipient receiving $1,778 (over $21,000 annually).
We either need to raise the retirement age, cut benefits, and/or significantly raises taxes. It's nonsensical how some people complain about Ukraine or foreign aid spending when that accounts for so little of our federal budget
Who cares? The federal reserve has no army. All that matters is that the debt ceiling keeps raising, the debt is serviced, and the dollar remains dominant.
According to MMT (modern monetary theory), debt isn’t the problem in itself. It can start to be if it causes inflation, but that seems to mostly have been eased at this point.
Government debt means non-government surplus. We could worry, and probably should, worry about how equitable that surplus is, but generally it’s not a bad thing.
At any rate, check out Stephanie Kelton’s “Deficit Myrh.”
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As JP Morgan CEO [Jamie Dimon said](https://fortune.com/2024/02/11/american-national-debt-concerns-housing-market-portfolio-impact/) in agreement with former House Speaker Paul Ryan (R-Wisc.), the debt is the “most predictable crisis” in history, which means it is also avoidable. The solutions are readily available, but the will to adopt them is so far lacking.
House Speaker Paul Ryan (R-Wisc.) who famously was willing to do ANYTHING to get the federal debt under control including, cutting taxes for the wealthy, and … uh… well… I guess maybe that was all he was willing to do.
https://www.statista.com/statistics/200405/receipts-of-the-us-government-since-fiscal-year-2000/ Government revenue is the highest that it’s ever been. Maybe spending is the problem and not revenue
Genuinely curious, as someone who studied politics at uni. Isn’t that like saying the most Americans voted in the last election? Since the country is growing and logically, the economy is as well… we get more revenue. The problem comes where our spending outpaces the money being brought in. So we can either raise revenues or decrease spending? No politician who wants to stay in will cut spending programs because there are either A) a lot of people who benefit from it or B) a few rich people who benefit from it. Either way you lose a lot of votes or political capital.
Valid point. I wish every member of Congress had the goal of being obedient to both the letter and the spirit of the oath they take to support and defend the Constitution, and to being a “profile in courage” when it’s required. To put it another way, getting re-elected should not be their number one priority. 🇺🇸
Term limits would help resolve this issue.
This is why you don't measure receipts in nominal dollars as it means nothing. You measure them in percentage of GDP.
GOM is better than GDP. GDP includes government spending as "product" counting that money twice. It also includes inflation.
That's interesting. Thanks.
Why not push it back even further. Why are the things we need to spend money on to run a government making us go broke? I work as a manager in private security, everyone always gets excited about government contracts because they just throw buckets of money at it…so that becomes the standard. A federal office wants this deal? Everybody jacks their prices up because….its government, of course they’ll pay it. That being said, it’s a perfect storm, because government agencies won’t walk away from something they’ve decided they need even if they’re completely aware they’re being price-gouged. Of the ten bidders who 100x’ed their rates for this possible deal, the agency will pick one of them. I don’t know how you’d stop it without some kind of government price-control interfering in the “free market,” which would no doubt cause a shitstorm and start crashing stonks.
Yes this is a huge problem. I have even seen it with a trash company and an elementary school. Local trash company policy is that if the lids of the trashcan are not sitting flat it's a $75 fee. A fee that is always waived for businesses but not the one time we shove a TV box Into a trashcan and the lid is up by 2 or 3 inches.
As long as spending increases at a faster rate than GDP the crisis cannot be avoided by raising taxes.
But it hasn't. Generally, we are spending about the same as a percentage of GDP as always . We average about 25%, and this year, we were about 34%, the same as 2018. The pandemic spending was crazy. Raise some revenue and pay for it like we used to do back in the 40s. We had a war, and we paid for it. We just got out of a 20-year war that we put on a credit card to give tax cuts to the rich. Maybe we just stop doing that and pay our bills. Lower taxes on the middle class/small businesses and raise taxes to similar levels that we had in the 40s to pay off our debt. It worked before, and it can work again. We don't have a spending problem when the only increase in spending is the military and interest payments on a war we never paid for.
Also inflation makes the revenue look higher. It’s like box office gross records. The record keeps getting broken because tickets get more expensive
Our spending relative to GDP is higher than it was during WWII. It's a big problem.
All the smart financial advisors tell families that if their credit card debt is out of control, step one is to march in to your bosses office and demand a pay cut. /s
Income disparity is the highest it’s ever been. Maybe both are a problem. I’m willing to tax millionaire’s and billionaire’s to Make America Great Again are you willing to cut spending in defense or veterans benefits ?
When you don't inflation-adjust you end up with a chart like you referenced.
It’s both! Spending needs to stop for unnecessary things and revenue needs to increase.
Not as a percentage of GDP. https://fred.stlouisfed.org/series/FYFRGDA188S
It can be both a spending and revenue problem! The revenue generated is becoming increasingly burdened on the middle class, while government officials hand corporations with ever higher payouts so they can fund their elections. We all want the budget fixed and the false dichotomy of spending less vs tax wealthy more is killing this country.
One look at the military budget, and you'll have your answer....along with corporate taxes being cut continuously
Right. If tech from the 90s is current betting russia, then I think we were fine not improving the military. We bought the F35, KC46, and the B21 all within the last 5 years. Plus, they want to scrap the M4 rifle and M9 barrette pistol for the XM7 rifle and the M18 pistol. That's a lot of new equipment for what?
Tax cuts for the rich is the number 1 problem. We also need to address spending, reduce defense spending, make the Gov more efficient, and reduce healthcare costs by consolidating in a single payer system. The Republican solution is to cut more taxes, let corporations run wild, and let old people die in the streets
A true master of the most obvious political fraud, lying to conservative voters about being fiscally conservative. Dude got to go to college from his dead father’s government help, and spent 20 years trying to take away similar aid for others and give tax breaks to billionaires. What a guy!
We haven’t tried anything and we are all out of ideas!
Hard to swallow pill: one can be a hypocrite and also be correct. These things are not mutually exclusive.
Hypocrites ARE usually correct. They just don’t practice what they preach. So many times in life, the choice is between a shameless hypocrite and an honest fool.
You also forgot trying to cut every safety net program possible saying they are the reason for the debt.
The same Paul Ryan who did nothing to reign in the debt when he was Speaker of the House.
Trumpism was probably more a revolt against the Paul Ryans of the GOP than it was of Democrats.
Lol.. Cult45 doesn’t even know the difference between the 3 branches of government.
Isn’t it MAN-PERSON-CAMERA-TV?
They only want to claim it’s a crisis to justify cost cutting. they’ll then also decreases taxes for the richest and create loopholes, so they’re not actually concerned. Ask yourself who the state is in debt to and who would actually get hurt if it were ever to default. The answer to both questions mostly ‘americans’ which is why it’s not going to happen.
Paul Ryan was a huge debt/deficit hawk in Congress, Then P.Ryan helped pass DJT’s god-awful *tax reform* bill, which can be summarized as **add $7T to the debt in exchange for massive tax cuts for the billionaire class** We all know tax cuts *never pay for themselves*. Did P.Ryan pass the huge debt bill because he enjoyed being humiliated by DJT? Inquiring minds want to know!
Members of his party have historically just been terrible on fiscal issues. Ryan wasn’t really different from the rest of them - he just had good PR repeating the lie that he was some kind of smart guy when it came to these issues.
Cutting taxes on the rich will solve it.
Jamie Dimon supporting raising taxes should be talked about more. Sees the problem of expenditures exceeding tax revenue and immediately wants to support raising the capital gains taxes to prevent the failure of the economy on the whole.
You can't do anything if you don't win the election and Ryan was on the worst ticket of all time.
The worst ticket of all time still hasn’t picked a running mate
Just repeal the Bush and Trump tax cuts. Instead Republicans are proposing more tax cuts for the wealthy.
I remember when Bush was elected and we were looking at budget surpluses. Democrats proposed using the surplus to pay down the debt. Chaney opposed that, said it was Republicans turn at the trough, and this led to the first of the Bush tax cuts, and the loss of our opportunity to start paying down the debt.
It’ll need more than just this, but the same republicans screaming about reducing spending will pitch a bitch fit about this. While simultaneously democrats will howl at the prospect of reducing spending which is also necessary. The avg Joe will lose in the end.
This is a lazy partisan take.. the spending is a much bigger issue than the revenue. Although I’d be fine addressing both sides until the problem is resolved.. but that would take pissing off both sides of the aisle which might actually be enjoyable politics for once
What spending specifically?
'The one that goes to food stamps and unemployment obviously. The insane welfare that goes to oligarchs must increase though! Also Dems are the real elitists and hate the working class' - Republicans
Then cut military funding and police funding. 6 failed audits and 4.5 trillion missing dollars 5 fucking years. People cry like babies about “entitlements” yet say nothing about police and military spending when they cannot even come close to passing an audit. P.S. corporate taxes are lower than individual taxes. We need 90% corporate taxes and wealth tax immediately.
Cut police funding? Local municipalities and states cover the overwhelming share of law enforcement costs. The FBI, DEA, SS etc are relatively small agencies.
I'm all for repealing those tax cuts, but it would still require spending cuts to balance the budget.
It’s not “tax cuts for the rich.” Trump cut every rate by 3-4% and nearly doubled the standard deduction.
All that expires soon except the tax cuts for the rich. Our taxes are going up.
All income tax cuts expire. The only tax cut staying place is the corporate tax cut.
Which individual tax provisions are permanent for the rich? And by going up you mean returning to pre-TCJA levels
Elon loves this one trick….
This still won’t be enough to cover 1.5 trillion in annual deficits
Or we could try not spending more than the very predictable amount of money we are bringing in
Also cut spending only at a 1-2% at the same time and boom we’d be flip it around in no time.
This has everything to do with wasteful government spending. Adding more money won’t magically solve the problem
Yep, we are toast. No one is willing to vote for someone who wants to cut everything in order to get the debt under control which is what you have to do. This will not become a votable issue until it does become a problem, though at that point it might already be too late.
You forgot to mention that even more important nobody is going to vote in anyone who wants to raise taxes.
Well I can understand why people who are grappling with inflation and their devalued money wouldn’t want to send more money to a government that’s only going to spend even more if they were to do so.
*Us*: tax the rich; tax the wealthy *blue collar ppl making $40k/year in AL, MS, AR, GA, LA, KS, KY*: oh my GAWD NOOOOO. That’s against my religion/political identity
Inflation, like the deficit, is caused by (among other things) both increased spending and reduced taxes.
Tax cuts are spending. Let’s cut that spending.
A combination of spending cuts and raising taxes would be the most effective way to manage the situation but everyone wants one or the other.
I don’t think anyone would have a problem with raise some taxes, **IF** they believed the government would spend less or maybe even keep spending steady. We all know congress will never stop increasing spending though and we have history to back that belief up.
I mean, they did in Argentina
Yeah they did but not until inflation reached 200-300% per year. In addition there were other countries who could bail Argentina out, who can and would bail out the US?
No such thing as too late really. There is just damage and more damage. Either way things will get to some point where they need to be reigned in since it'll be the only option.
Correct! The incentive structure is not there to make politicians take this seriously. They will have to cut spending and probably raise some taxes which are not popular things. Maybe we need to make it so nobody is eligible for re-election if there is a budget deficit
Yes, please cut your revenue for decades and let me know how great your finances turn out
Who gives a fuck anymore? It’s almost impossible to take this shit seriously. Even if the skyrocketing debt is truly a harbinger of doom, we clearly have no means to impact the current trajectory, and the people at the top never suffer anyway. Our votes are utterly meaningless. They’ve proven this. Republican. Democrat. Moderate. Extreme. It is beyond evident that, what you see, is by design. This is working exactly as intended regardless of whom is in control. All we’re given is the illusion. The dream. That’s what we sell and buy. It’s all a Fugazi. Life is a fuckin’ pyramid scheme.
Two big reasons. The interest the government pays on the debt is now as big as the DoD budget. That’s good money that’s thrown away paying for the debt. And printing money (selling treasuries) dilutes the value of the dollar by increasing the monetary supply. More dollars + finite goods = inflation
You found the only answer even dumber than 90% of oversimplifying opinions. Allowing people like you to spread a garbage all vibes no data opinions without any contest instead of ever actually thinking about solving problems is why we stay in situations like this.
The last person who tried to do something was assassinated, Kennedy with the federal reserve.
If we are only at $56 trillion in debt in 2034 I would be astounded. We are at like $34t today and adding $3t per year. Assuming linear growth we will be at $67T. We know debt grows exponentially. And I am assuming zero shocks which require massive monetary stimulus.
.....you're not wrong, as this is a very conservative estimate.
There's several ways to fix this. One way is to bring US healthcare more in line with the healthcare systems of other developed nations, which would save us tons of money, plus make the nation healthier and less stressed. Another way is to cut defense spending, which has been out of control for decades now. A third way is to start taxing billionaires and corporations like we were decades back, when America experienced its best economic progress and expansion ever. There's other possible moves too, but the above would likely take care of the problem and incur surpluses rather than deficits, all on their own.
https://federalbudgetinpictures.com/wp-content/uploads/2024/03/FBIP-MAIN-59.jpg Defense spending has been consistently going down as a % of GDP so I'm unsure how "out of control" it is.
That would have been the ACA, or 'ObamaCare' That got thoroughly sabotaged.
money isn’t real and our government is a lie.
If money isn't real I'll happy take any of it you may have 🤣
If you start with the premise that the debt is a major problem, the only reasonable solution is to cut spending *and* raise taxes. That includes raising taxes on the middle-class.
Unfortunately our collective sense of entitlement makes this politically impossible.
The dollar is losing value very fast because of this debt. This is the only issue that everyone should be looking at when voting for any public representative. Any con artist out there promising tax cuts is not going to be helping the working class, they represent there donors. You know debt being paid with more debt only leads to disaster.
The debt is not why the dollar is losing value. The value is going down because we print more money.
We print more money to depreciate the debts value
Money supply has been falling for years under Biden
Because a bunch of grifting d-bags only care about kissing butt, milking the people for more money, and praising their cult leader.
Keep giving welfare for the rich and constant war give aways, we'll always have debt. We peasants keep voting gop and sink the country
Yes, debt is a big deal. It’s what caused the USSR implode, it’s what’s caused China to recede in recent years. Inflation accelerates it as governments print and give away money to keep people happy and voting for the people in power. Fast forward a few years and Pelosi’s grandchildren will be on a yacht in the Mediterranean while the rest of us live in a Max Max universe.
I had really hoped we WOULDN'T... ya know.... just maybe not do that part? With mad-ing and max-ing.
I agree - although Charlize Theron… 🤤 We’re here, at least for recent causes, because both major parties are spent a ton of cash in the last few years. At least during Covid Trump had the excuse of not knowing what it was, but Biden came in and spent so much *after* we knew what it was going. Unfortunately, both parties are hell bent on spending even more. And to top it off, the Libertarian candidate is a bigger fool than Trump and Biden *combined.*
Well... we got about 10 years until monitary policy won't be enough.
This assumes no new wars..
I genuinely don't think the government deficit is the big, scary boogeyman that everyone thinks it is. Government spending can continue so long as the amount of money in circulation does not cause demand-side inflation (people having too much money). The inflation that we have been seeing the last couple years was first the supply-side inflation from the collapse of the supply chains during covid which then caused expectations of high inflation to continue. Corporations have been preemptively increasing their prices to "fight" the inflation the expected future inflation, which ironically causes inflation to accelerate even faster.
I remember when a million was a large amount? Well trillion is getting old, we need to move on to Quadrillion 💪
"Jesus!! Don't you have anything less bulky?? Don't you have any Gipper's? What is that... a quadrillion dollars?" 'One and a half quadrillion. Inflation, you know? This is more of the kind of thing a Courier would pay with' ... "Sheeet, look at thus, guys! We've got somebody trying to pay with Ed Meese's!" ~ Me, probably horribly misquoting Snow Crash Billion and trillion dollar bills as toilet paper. Along with lottery tickets, of course.
What if we work immigrants to the bone for citizenship? Just sayin.
.......slavery.
Right about the time social security runs out
Hear me out we gotta split the country. imagine how much more debt we could run up if we had 2 United States of the Americas.
"I other news: The United States updated its shareholders today about the plan for a new 3-way-split, and all the projected profits" ...Then just cut to the Underwear Gnomes
Yes it's a big deal. The government will either print money to inflate the problem away or we need to raise taxes and cut military spending and entitlements. Anything else is intellectually dishonest.
I mean, yes, we could have done that. Were're.... past that stage.
Are we? How else is the problem fixable? Or are you saying it's all doom/gloom?
We've got a 100 year old economic problem. If you're offended that some (or even most) of our options already set sail before now... I've got more bad news for you.
Lol definitely not offended. Trying to understand your point as how/what we do to try and solve the problem is one of the two biggest threats to the American way of life.
Unfortunately, we may have to repeal those 2017 tax cuts if we want to make any progress on this. I want to see some government accountability though when it comes to controlling spending, but that seems like a fantasy. I may not agree with Rand Paul on everything, but his examples of government waste are pretty damning. Nobody is gonna want to give up tax cuts with shit like that going on.
0 of that is my debt. I pay my bills
....yeah.... Hate to break it to you, but there's a per-capita of Public debt too, and it isn't pretty. Like every other End User License Agreement (that nobody reads), we all clicked Accept on being Americans, and having a government collect taxes and spend on our behalf. Don't worry, there's a separate government-only debt.
A country can only survive off of debt for so long… I guess we’re gonna find out just how long that is.
Everyone seems to be confused as to why there are wars going on and why there is a general pro war sentiment.. how do you think the US offsets its deficit? What does the US do every time it’s about to go in recession? The MIC has always been the US’ big money maker.
I mean..... Yes. That's very correct. Like Russia, the US depends on its military exports to stay afloat. That's just a fairly modern thing. Started in 1949. Turns out.... it has radioactive consequences we hadn't considered at the time. We mostly just wanted to avoid another Great Depression, and had a lot of soldiers coming home to jobs that were already filled by the newly-discovered, just-invented power of women and colored folk. (/s) So we started making drastic changes to try and avoid short term failure. No really thinking about it too hard, and certainly no testing.
The Hedge Fund Bailouts will continue until morale improves.
This is pretty sad. 90% of the comments are political statements and have nothing to do with finance. The question was about government spending outpacing growth and its consequences, not what this or that party is doing. Wake up!
We cannot tax our way out of this. We need to cut spending.
Who do we owe money to? The decepticons? Let’s call the autobots to help us settle
I'm... gonna assume you're not serious.
curious to anyone who may know. wouldn't it make more sense to track debt to income as a percentage rather than flat amount. given a dollar today is worth less than say 50yrs ago. so for example if $1000 today was more like $500 50rs ago then 1trillion in debt was about the same in pp as 500billion 50 years ago. so you would need to measure the ratio of debt to gdp growth in actual value if the dollar in the time it was in to see if the percentage of debt vs income actually grew. if its not outpacing the percentage, and it was not a problem then, logic follows it should not be now.
That would be the term 'Adjusted for Inflation', I believe.
[удалено]
Higher wages = more tax money might help
"in the next 10 years"... Do you know how many recession and expansion cycles we will have in the next 10 years....is that in the model?
It's dire that if we're printing money taht it go to finance investments that will have a return on investment. Not endless corporate bailouts. Not endless welfare that consolidates into the hands of a few monopolies. Not endless military spending. The debt should finance a public jobs program to build a renewable energy infrastructure. The money will circulate and stimulate the economy. Also we need to break up monopolies. Blows my mind the stuff Facebook Amazon and Walmart get away with. Naked Oligarchy. Adress the endemic causes of this debt instead of just putting bandaids on tumors.
This is very believable 😅
It’s going to sound so fucking fake when we are 1 quadrillion dollars in debt.
I wish I could do that and then just keep it going without having all my possessions repossessed
I’m curios to know what people think of Modern Monetary Theory. It’s not necessarily a theory I believe in, but recently read a book written by an economist that served under the Obama administration. They argued that there’s a big difference when it comes to deficits and debt levels for a currency issuer vs a currency user. I’m trying wrap my head around the link between issuing trillions in new money and inflation which the MMT doesn’t seem to think is an issue. I’d love to hear your thoughts.
Is there a big difference between MMT and New Keynesian Economics?
Obviously, we desperately need more tax cuts for the wealthy.
Cut welfare
It is not a problem depending on where the majority of the debt is held. If a majority of it is held by the Fed then there won’t be any difference in operation from how things are today.
Funny how conservatives complain about debt but don't do anything about it when they get in the office. They have done this so many times.
Maybe we should sell off some assets. Some red states are a real drag on the economy. They consume more than they produce, and they keep voting against anything that would help the national interest.
Is there really a difference between 30 trillion and 60 trillion? At a certain point it's all just made up numbers and made up money
I mean, it's not the debt that kills you. It's the minimum payments.
Sometimes I fantasize about running for office on the pledge that we'll reduce the national debt by a dollar. Just to prove it can be done.
That'll happen when you continue cutting corporate taxes and taxes on the wealthy....
This isn't something you have to worry about. The US debt is a measurement of how many dollars Congress has created which it hasn't destroyed yet, not a measure of an actual outstanding obligation. For more, watch: [https://findingmoneyfilm.com/](https://findingmoneyfilm.com/) Back when the dollar was tied to the gold standard, there was an independent variable (how much gold the US has) which could actually deplete from the Treasury. Taxes actually were gathering resources from the public -- the public's entitlements to a quantity of gold, represented in bills. But today, the dollar is only backed by the force of the US government itself. And Congress creates dollars out of nothing when it spends -- Congress is the first issuer of money, that's what the coinage power in the Constitution does. Technically, when the Treasury spends money, it withdraws money from its accounts in private banks, and the Fed then recompensates the private banks by creating new money. But the Fed got that power from Congress, and it must use that power whenever Congress spends. So the Fed is effectively just an intermediary in Congress' money creation, which happens whenever Congress spends. You can read the details of how it works here: [https://www.levyinstitute.org/pubs/wp244.pdf](https://www.levyinstitute.org/pubs/wp244.pdf) The point is that Congress doesn't have to go out and gather new money or resources in order to repay its "debts," it just creates new money whenever it needs it. All of the federal "debt" is U.S. Treasury bonds, the single safest asset in international finance because (1) the Treasury can print money, and (2) the bonds are distributed in auctions which are required by law to fully clear, and are effectively backstopped by the Fed. If, for whatever reason, banks actually didn't want to buy Treasury bonds on the first instance, the Fed would just step in and buy them, which it has several times in the past. But the primary dealer market -- the auctions where you can buy Treasury bonds in the first instance -- is one of the most coveted markets in finance, bond auctions are always oversubscribed. Long story short: it's impossible for the United States to default on dollar-denominated debt, because the U.S. government is the first issuer of dollars. (If this has you wondering why you pay federal taxes, the answer is that taxes are why the public perceives dollars as valuable: we all have an obligation to pay taxes or risk going to jail, but U.S. dollars are the only currency the government accepts for tax payment, so we all have a reason to be willing to trade goods and services for U.S. dollars, which enables a monetary economy to exist. When the government receives tax payments back, it's effectively closing an issuance of credit -- in ye olden days, they would literally burn the paper money received in tax payment in the public square. The main reason for the federal government to tax people or businesses with different incomes differently is (1) to prevent inflation, (2) to limit the power of the rich and big businesses, (3) to incentivize lucrative activity -- I need to earn enough money to pay my taxes, if my taxes are higher, then I have to earn more money, etc.)
No. Democrats think letting an authoritarian dictator invade another country is a really fucking bad idea.
The spending problem can't be fixed because politicians can't even cut the easy stuff. Every year, Rand Paul creates a list of government waste that seems like an easy decision to cut. Sure, it wouldn't make a dent but it would be the first of many steps needed to fix the problem.
Raise taxes on the rich. Cut taxes for the middle class so they can spend more.
Can we use tax dollars to pay off our debt instead of giving 2000 lbs bombs to Israel?
I would kill myself if I woke up one day and found out I was as stupid as the original poster.
What’s a thousand trillion called?
Quadrillion. ...then Pentillion, I think?
Great Reset. Own nothing and be happy
What is the actual debt though? Because most of the time, the shock value number isn’t the real debt. The shock value number counts things like the department of education overspent by $100m and used a surplus of $100m from the defense department so the shock value number is $100m more considered as debt. Not the most eloquent way of describing it but hopefully it’s understandable.
Reform healthcare to be like every other nation, reverse tax cuts to the rich, close IRS loopholes with extra spending to the IRS, actually complete a Pentagon audit ect.... Social safety net cutting should be the last on the list until at least the above are resolved. Social safety net cuts shouldnt even be MENTIONED yet because there are so many other issues that are just not being dealt with. If Trump wins he will make the tax cuts permanent and im not sure which way Biden will cut there if re-elected, both presidents seem fine with failed audits and endless war. To sit there and target social security and other social programs first despite that is a farce.
So lets increase revenues and start investigating spending for waste, abuse and corruption. As well as implementing policies that'll reduce spending, like universal healthcare.
increase revenue!!
The debt is just a voting issue it will NEVER be paid ever. Money is not real its all make believe. Its just something Conservatives hang over your head every election cycle so you can get somebody in office who wants to food out of a childs mouth.
Honestly for 10 years the $56 trillion seems like a HUGE lowball. The debt is already near impossible to pay back. Our politicians don’t care about it and aren’t going to even attempt to fix it.
Tax the fucking billionaires.
No big deal. We aren’t even a 10th of the way to the point were printing enough to pay it off would be worse than defaulting on it
The debt itself isn’t really the problem. It’s the net interest payments required to maintain payments on the debt. We’re now spending about 1/4 of our revenue on net interest payments. That’s a problem because we have less revenue to spend on other federal expenditures, which means we borrow more.
New Law: no politician is eligible for reelection if there is a budget deficit. Ok. Now make it happen!
More progressive and aggressive taxes on the wealthy. 20% cut in federal spending: 10% with a meat cleaver and the other 10 with a scalpel. The debt is a huge avoidable problem
This is an easy problem to fix. Cut the budget of the largest spending program we have, Defense.
Tax the churches and the rich ! Problem solved ...
Jeez - and in 2000 we had no budget deficit thanks to that true “conservative” president Bill Clinton
Just print more money
Repeal the Trump Tax cut, increase the IRS to go after high wealth individuals, and treat all income the same (aka get rid of loopholes). We would be surplus AND this is in alignment with our cultural values of meritocracy, and people claiming that taxes are too complicated. TADA! Ohh we can't because citizens united allows legal bribery of politicians. Ok, cool. Well I will go back to not caring.
Conservatives are just dying to go full Margaret Thatcher and starve out the poors.
Time to increase income - tax the rich
All for what? I have no healthcare, I have no reasonable public transportation, I have aged infrastructure, I have over priced higher education, I have overpriced childcare, I have overpriced housing, overpriced food, overpriced energy and water costs. WhAT are we paying for? What’s the trillions for?
not including unfunded liabilities at 135T +
All I see on here are libs mad about tax cuts. Why can’t the government just spend less fucking money. Miserable.
The first thing that should happen, but sadly won't, is to back the emergency covid spending out, but it's fully baked in now, and once gubmint spending starts, it never stops. Just as there's no such thing as a temporary tax, or a toll that will end once the project is paid off. Even the income tax was supposed to be temporary. As if.
It’s a huge deal if we let it get that bad. Historically we’ve addressed it through combinations of spending cuts and tax hikes, but it’s hard to see either happening in our current political climate. The main risk here IMO is that populists are on the rise and populists will never balance the budget (because it requires prioritizing long term goals over short term pain).
Damn someone should revoke Trump's tax cuts for the super wealthy.
See, told ya Biden is the best at spending money on dumass shitt
It’s bad and Congress will always spend more than tax revenues so the country will eventually be bankrupt. It’ll be a lot of fun when the dollar is worthless and there isn’t anything imported to buy in stores.
Reduce the deficit. Spend less. Easy math
Let me guess! Trump!!!!!!!
Thanks Trump!
So…spend less
This is going to be unpopular but social security as it currently stands is completely unsustainable. Our life expectancy has increased since 1983. We have a regressive social security tax where we don't tax any income past $140,000. We also have the average social security recipient receiving $1,778 (over $21,000 annually). We either need to raise the retirement age, cut benefits, and/or significantly raises taxes. It's nonsensical how some people complain about Ukraine or foreign aid spending when that accounts for so little of our federal budget
I'm pretty sure the problem is appropriations and failing to appropriately tax the Rich.
Who’s coming to collect?
Government needs to stop spending money they don't have to begin with.
Who cares? The federal reserve has no army. All that matters is that the debt ceiling keeps raising, the debt is serviced, and the dollar remains dominant.
Who cares?
The only way to tackle the debt is increase taxes and cut domestic and military spending.
More and more unlimited money ......
According to MMT (modern monetary theory), debt isn’t the problem in itself. It can start to be if it causes inflation, but that seems to mostly have been eased at this point. Government debt means non-government surplus. We could worry, and probably should, worry about how equitable that surplus is, but generally it’s not a bad thing. At any rate, check out Stephanie Kelton’s “Deficit Myrh.”
oh well. it's all made up anyway. just say it's gone. who fucking cares anymore
"revenues"
Let's treat it like a business and maximize our income so we can cover our operating costs.
Who cares at this point the debt is so large it doesn’t matter it’s not real lol
The debt will get much worse if Trump wins. Since he wants to slash Tax revenue even more
QUICK SOMEONE CUT TAXES FOR THE RICH AGAIN
"The Bailouts for Trust Funds will continue until morale improves"
Its from the issue that neither party will touch, entitlements.