National Debt
- Thread starter TigerGrowls
- Start date
Then why the hell are we giving even bigger tax cuts to the rich and new tax cuts to the service industry, people who work OT and those on Social Security? How does that make sense and what will be cut in order to fund those massive give-aways?
"Although Trump ran on lowering the cost of consumer goods, Trump and his sidekick Elon Musk, along with pharmaceutical entrepreneur Vivek Ramaswamy, have vowed to slash the U.S. government, apparently taking their cue from Argentina’s self-described anarcho-capitalist president Javier Milei, who was the first foreign leader to visit Trump after the election. Milei’s “shock therapy” to his country threw the nation into a deep recession, just as Musk says his plans will create “hardship” for Americans before enabling the country to rebuild with security.
Ramaswamy today posted on social media, “A reasonable formula to fix the U.S. government: Milei-style cuts, on steroids.” He has suggested that cuts are easier than people think. The Washington Post’s Philip Bump noted that on a podcast in September, Ramaswamy said as an example: “If your Social Security number ends in an odd number, you’re out. If it ends in an even number, you’re in. There’s a 50 percent cut right there. Of those who remain, if your Social Security number starts in an even number, you’re in, and if it starts with an odd number, you’re out. Boom. That’s a 75 percent reduction done.”
But, as Bump notes, this reveals Ramaswamy’s lack of understanding of how the government actually works. Social Security numbers aren’t random; the first digit refers to where the number was obtained. So this seemingly random system would target certain areas of the country.
Today, both Jacob Bogage, Jeff Stein, and Dan Diamond of the Washington Post and Robert Tait of The Guardian reported that Trump’s economic advisors are talking with Republicans in Congress about cuts to Medicaid, the Supplemental Nutrition Assistance Program (SNAP) formerly known as food stamps, and other welfare programs, in order to cover the enormous costs of extending tax cuts for the wealthy and corporations. Medicaid is the nation’s health insurance for low-income Americans and long-term care. It covers more than 90 million Americans, one in five of us. Rural populations, which tend to vote Republican, use supplemental nutrition programs more than urban dwellers do.
The Washington Post reporters note that Republicans deny that they are trying to reduce benefits for the poor. They are, they say, trying to reduce wasteful and unnecessary spending. “We know there’s tremendous waste,” said House Budget Committee chairman Jodey Arrington (R-TX). “What we don’t seem to have in the hour of action, like when we have the trifecta and unified Republican leadership, is the political courage to do it for the love of country. [Trump] does.”
Those cuts will likely not sit well with the Republicans whose constituents think Trump promised there would be no cuts to the programs on which they depend."
November 18, 2024
On Friday, Secretary of Commerce Gina Raimondo locked in a $6.6 billion deal with the Taiwan Semiconductor Manufacturing Company for it to invest $65 billion in three state-of-the-art fabrication plants in Arizona.
heathercoxrichardson.substack.com
We cant tax our way out of the national debt. This is the number one issue in the world imo because if the US goes down then it will suck the rest of the world down with it. Now civilization will still exist but it will be dicy for a period of time when the bottom drops out......dicy for years imo.Then why the hell are we giving even bigger tax cuts to the rich and new tax cuts to the service industry, people who work OT and those on Social Security? How does that make sense and what will be cut in order to fund those massive give-aways?
"Although Trump ran on lowering the cost of consumer goods, Trump and his sidekick Elon Musk, along with pharmaceutical entrepreneur Vivek Ramaswamy, have vowed to slash the U.S. government, apparently taking their cue from Argentina’s self-described anarcho-capitalist president Javier Milei, who was the first foreign leader to visit Trump after the election. Milei’s “shock therapy” to his country threw the nation into a deep recession, just as Musk says his plans will create “hardship” for Americans before enabling the country to rebuild with security.
Ramaswamy today posted on social media, “A reasonable formula to fix the U.S. government: Milei-style cuts, on steroids.” He has suggested that cuts are easier than people think. The Washington Post’s Philip Bump noted that on a podcast in September, Ramaswamy said as an example: “If your Social Security number ends in an odd number, you’re out. If it ends in an even number, you’re in. There’s a 50 percent cut right there. Of those who remain, if your Social Security number starts in an even number, you’re in, and if it starts with an odd number, you’re out. Boom. That’s a 75 percent reduction done.”
But, as Bump notes, this reveals Ramaswamy’s lack of understanding of how the government actually works. Social Security numbers aren’t random; the first digit refers to where the number was obtained. So this seemingly random system would target certain areas of the country.
Today, both Jacob Bogage, Jeff Stein, and Dan Diamond of the Washington Post and Robert Tait of The Guardian reported that Trump’s economic advisors are talking with Republicans in Congress about cuts to Medicaid, the Supplemental Nutrition Assistance Program (SNAP) formerly known as food stamps, and other welfare programs, in order to cover the enormous costs of extending tax cuts for the wealthy and corporations. Medicaid is the nation’s health insurance for low-income Americans and long-term care. It covers more than 90 million Americans, one in five of us. Rural populations, which tend to vote Republican, use supplemental nutrition programs more than urban dwellers do.
The Washington Post reporters note that Republicans deny that they are trying to reduce benefits for the poor. They are, they say, trying to reduce wasteful and unnecessary spending. “We know there’s tremendous waste,” said House Budget Committee chairman Jodey Arrington (R-TX). “What we don’t seem to have in the hour of action, like when we have the trifecta and unified Republican leadership, is the political courage to do it for the love of country. [Trump] does.”
Those cuts will likely not sit well with the Republicans whose constituents think Trump promised there would be no cuts to the programs on which they depend."
November 18, 2024
On Friday, Secretary of Commerce Gina Raimondo locked in a $6.6 billion deal with the Taiwan Semiconductor Manufacturing Company for it to invest $65 billion in three state-of-the-art fabrication plants in Arizona.
The DOGE program run by Musk and then growing the economy with Trumps plans are 2 great steps to start getting us out of this major problem imo.
I like this.Then why the hell are we giving even bigger tax cuts to the rich and new tax cuts to the service industry, people who work OT and those on Social Security? How does that make sense and what will be cut in order to fund those massive give-aways?
"Although Trump ran on lowering the cost of consumer goods, Trump and his sidekick Elon Musk, along with pharmaceutical entrepreneur Vivek Ramaswamy, have vowed to slash the U.S. government, apparently taking their cue from Argentina’s self-described anarcho-capitalist president Javier Milei, who was the first foreign leader to visit Trump after the election. Milei’s “shock therapy” to his country threw the nation into a deep recession, just as Musk says his plans will create “hardship” for Americans before enabling the country to rebuild with security.
Ramaswamy today posted on social media, “A reasonable formula to fix the U.S. government: Milei-style cuts, on steroids.” He has suggested that cuts are easier than people think. The Washington Post’s Philip Bump noted that on a podcast in September, Ramaswamy said as an example: “If your Social Security number ends in an odd number, you’re out. If it ends in an even number, you’re in. There’s a 50 percent cut right there. Of those who remain, if your Social Security number starts in an even number, you’re in, and if it starts with an odd number, you’re out. Boom. That’s a 75 percent reduction done.”
But, as Bump notes, this reveals Ramaswamy’s lack of understanding of how the government actually works. Social Security numbers aren’t random; the first digit refers to where the number was obtained. So this seemingly random system would target certain areas of the country.
Today, both Jacob Bogage, Jeff Stein, and Dan Diamond of the Washington Post and Robert Tait of The Guardian reported that Trump’s economic advisors are talking with Republicans in Congress about cuts to Medicaid, the Supplemental Nutrition Assistance Program (SNAP) formerly known as food stamps, and other welfare programs, in order to cover the enormous costs of extending tax cuts for the wealthy and corporations. Medicaid is the nation’s health insurance for low-income Americans and long-term care. It covers more than 90 million Americans, one in five of us. Rural populations, which tend to vote Republican, use supplemental nutrition programs more than urban dwellers do.
The Washington Post reporters note that Republicans deny that they are trying to reduce benefits for the poor. They are, they say, trying to reduce wasteful and unnecessary spending. “We know there’s tremendous waste,” said House Budget Committee chairman Jodey Arrington (R-TX). “What we don’t seem to have in the hour of action, like when we have the trifecta and unified Republican leadership, is the political courage to do it for the love of country. [Trump] does.”
Those cuts will likely not sit well with the Republicans whose constituents think Trump promised there would be no cuts to the programs on which they depend."
November 18, 2024
On Friday, Secretary of Commerce Gina Raimondo locked in a $6.6 billion deal with the Taiwan Semiconductor Manufacturing Company for it to invest $65 billion in three state-of-the-art fabrication plants in Arizona.
If they were really serious about getting it under control, they sure as hell wouldn't strip the government of such an enormous amount of revenue. As a reminder, the last round of unnecessary tax cuts added $2 trillion to the debt.
This will just make it worse and to correct it in the future, a Democrat administration would need to reverse the tax cuts, which would just make them the villains.
Trump's plans have disaster written all over them and I don't think that's what uneducated white voters thought they'd be getting when they couldn't wait to re-elect him to make their eggs cheaper.
It's way worse than that. Unfunded liabilities for the us federal government exceed $100Trillion...that's right one hundred trillion. All the pension promises, social security promises etc. If you haven't watched Rick Rule talk about unfunded liabilities you need to. He believes that just like in the 70s we will attempt to inflate away our debt. That's why the fed is lowering rates and shadow printing money right now.Now you care?
"One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.
The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country."
Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.www.propublica.org
Taxes are essentially pissing into an olympic sized pool. It does nothing but continue to five the ruling class power over the taxpayers. The wealth of every american added up is said to be around $140trillion. Our unfunded liabilities alone are around 130tril.
