GOP coming for the "entitlements"
- Thread starter Chishawk1425
- Start date
Watching that guy speak is a perfect microcosm of why the dems lost. "You are to dumb".
Much LoL.
hawkeyetraveler
HB Heisman
The country has a decision: we either have to raise taxes or decrease entitlements. There is not enough money in discretionary spending to balance the budget. The billionaire club that is Trump’s new admin will want decreased entitlements, the Dems will want those billionaires to pay more. With a red government I know which way this will lean.
It will be a hard sell to main street American that Grandpa can’t afford his retirement lifestyle so that Elon can make a few more billion.
How did we ever get by on $3T less spending just 6 years ago? We keep hearing there's almost no discretionary spending but that's undoubtedly not true, and usually doesn't count military spending as discretionary. Heck, Biden just gave $1B to an African country. Biden ahs given $100B+ to Ukraine. Where did that money come from?
So tell us your prediction, specifically, as to what the Republicans will do. When race baiting fails, Dems always seem to fall back on scaring old people about their social security, and rich people needing to pay "their fair share".
Well, remember when Trump passed massive tax cuts that blew up the deficit another trillion dollars a year? Yeah, you can start by getting rid of those.
hawkeyetraveler
HB Heisman
I broke this down in another HBOT thread. Our annual discretionary spending is $1.7 trillion that includes 100% of the military ($0.8T in defense spending). Our deficit is the same $1.7T number. We would have to cut all of it to balance the budget. ALL OF IT.
Mandatory spending is $3.8 trillion (social security, Medicare, veterans benefits, etc0 and debt service is $0.7T.
I’m a fiscal conservative and think we need to cut discretionary spending substantially. But you can’t come close to cutting all of it. look at the simple numbers: we have revenue of $4.4T and expenses of $6.1T. We must either raise taxes or cut costs in the “untouchable” buckets IN ADDITION to discretionary cuts to fix the problem. That is the reality.
Your handle says “finance”…look at the numbers and tell me how we get out of this mess without either increasing taxes or cutting entitlements?
DOGE chief Musk bashes massive government spending on illegal immigrants: ‘Boggles the mind!’
Elon Musk and Vivek Ramaswamy’s DOGE has signaled that funding for services for illegal immigrants is on the chopping block as the agency prepares to hack away at government spending.
If you actually dig into the numbers, including government payroll you'll come up with something far different.
hawkeyetraveler
HB Heisman
Which numbers…give me a link or show me. I’m willing to be proven wrong, but I doubt I will be. I pulled the ones I provided straight from the government budget.
They might have something if they at least wanted to start from the standpoint of doing a full audit of everything and make sure money is going where it’s supposed to.
But they’re not even pretending.
But they’re not even pretending.
hawkeyetraveler
HB Heisman
The blunt reality is that we have to either raise tax rates or cut entitlements eventually. We cannot keep running deficits like we are forever and there is not enough discretionary spending to cut.
If we don’t do either we will eventually have to print more money, devalue the dollar and live in an Argentine style hyper inflationary economy. It is unavoidable if we continue to do nothing. But yeah, instead of doing any of that we will cut taxes again, increase spending on the military and pretend the problem will go away,
If we don’t do either we will eventually have to print more money, devalue the dollar and live in an Argentine style hyper inflationary economy. It is unavoidable if we continue to do nothing. But yeah, instead of doing any of that we will cut taxes again, increase spending on the military and pretend the problem will go away,
Social Security payments are not guaranteed.
That was decided by the Supreme Court in Flemming v Nestor before Elon Musk was even born.
Right now, under existing law, without another vote being held, Social Security benefits will be cut in 2033 or 2034 because they can only be funded by the payroll taxes collected, and in less than a decade it won't be enough. The Ponzi busts (again, they've already raised the payroll taxes over 20 times and cut benefit schedules to keep it creaking along until now it's a money loser for everyone born after 1975).
"We can guarantee cash payments from here on out, what we cannot guarantee is the purchasing power of that cash." -Alan Greenspan during remarks on Social Security, Feb 16, 2005
