Our Budget Deficit

[Andy1]

https://www.cbo.gov/publication/58984
 

For anyone who cares about the deficit, the Congressional Budget Office recently released a report analyzing proposals to balance the budget over 10 years. See link above.

If the Trump tax cuts are allowed to expire, and no reductions are made to defense, social security, Medicare and veterans programs, then all other non-interest spending would need to be cut by 86%.

If the Trump tax cuts are extended, with no cuts to defense, veterans programs, Medicare or social security, and 100% of all other non interest spending were cut, there would still be a small deficit. 

 

[T master]

Taxes are a necessary evil but if the wing nuts in charge would stop spending so dam much it wouldn't be nearly as bad !

 

I think they should start by cutting all of their pay & are the politicians pay for their health care then they would know what it's like & i bet if they didn't give any of them a fully guaranteed pension for only being in the gov't for a short time that too would be a step in the right direction .

 

From what i've heard Pelosi will get 2 pensions for not only being speaker but for being in the House of Reps. which wouldn't it be nice to be that big of a screw up and still be allowed to keep your job & get 2 pensions for being terrible .

 

Plus they need to keep more money here in the US instead of bailing everybody else out America First !! Once that's taken care of then help out when & where we can but not to the excess that have been for years .

 

 

[Andy1]

We can complain about the pay and benefits of politicians or some stupid obscure expense but that is not a serious solution to the problem. Solving the deficit will require years of sacrifice by some segment of society. Proposals that don’t include cutting or changing eligibility for social security/Medicare, cutting military budget or raising taxes won’t put a dent in the debt. Failure to do anything and we just pass a worse problem down to our children.

[Doc Brown]

1 hour ago, Andy1 said:

We can complain about the pay and benefits of politicians or some stupid obscure expense but that is not a serious solution to the problem. Solving the deficit will require years of sacrifice by some segment of society. Proposals that don’t include cutting or changing eligibility for social security/Medicare, cutting military budget or raising taxes won’t put a dent in the debt. Failure to do anything and we just pass a worse problem down to our children.

Opening the borders more is another must if you want new businesses and tax payers given the declining US birth rate.  

[Over 29 years of fanhood]

It’s because the federal government spends 15 thousand dollars per year for every man woman and child in the country. That is ludicrous. 
 

only half the population files tax returns at all and only half of them pay taxes.

 

that means the federal government spends 60 grand per tax payer per year. That’s insane. 

Edited March 22, 2023 by Over 29 years of fanhood

[Andy1]

2 hours ago, Over 29 years of fanhood said:

only half the population files tax returns at all and only half of them pay taxes.

I think the actual number is about 60% of households pay taxes. The point is still valid though. It’s not just the bottom income brackets that aren’t paying too. I also think if you’re not paying into SS or Medicare, you shouldn’t be eligible for benefits.

[Tommy Callahan]

8 minutes ago, Andy1 said:

I think the actual number is about 60% of households pay taxes. The point is still valid though. It’s not just the bottom income brackets that aren’t paying too. I also think if you’re not paying into SS or Medicare, you shouldn’t be eligible for benefits.

that last part would be a cost cutter but would also hurt disabled people.

[SoCal Deek]

Flatten the tax rates and you'll solve all of this. 

[PetermansRedemption]

I assume this will just balloon until it eventually defaults, right? 

[Tommy Callahan]

1 minute ago, PetermansRedemption said:

I assume this will just balloon until it eventually defaults, right? 

cant imagine what a default would look like.

 

but guessing our adversaries have.

 

 

[Precision]

The deficit and national debt are going to need to be addressed soon and the solution is going to need to come from all Americans.

 

The 40% of Americans that pay no federal income tax are disengaged from the federal budgetary process.  Tax hikes, cuts and spending bills have almost no impact on this large percentage of the population.  These people need to start paying taxes, so they have some skin in the game.  It's easy for representatives to spend like a drunken sailor when higher taxes/spending do not affect their constituents.   

 

The top 0.5% need to have loopholes closed so they are paying their fair share.  Having said this, relying on the top 10% of earners to fund most of the government is a risk.  CA and NYC have experienced an exodus of high earners which have caused budgetary issues.  I could see that trend occurring on a national scale should the tax burden continue to be shifted to this demographic.

[Andy1]

23 hours ago, Chris farley said:

that last part would be a cost cutter but would also hurt disabled people.

Legislation can protect those who are truly disabled. With todays economy though, there are many more opportunities for employment for people with disabilities. Lots of people work at home. The goal should be to move people into employment, consistent with their abilities, rather than providing lifetime checks. 

[Tommy Callahan]

32 minutes ago, Andy1 said:

Legislation can protect those who are truly disabled. With todays economy though, there are many more opportunities for employment for people with disabilities. Lots of people work at home. The goal should be to move people into employment, consistent with their abilities, rather than providing lifetime checks. 

I agree with most of that. its not 1950. everything isnt manual.  

 

Up this way they constantly create more "private companies" that are state aid groups for people with disabilities and what not. most are just jobs programs.  So just driving up more cost.  

Edited March 23, 2023 by Chris farley

[SoCal Deek]

2 hours ago, Andy1 said:

Legislation can protect those who are truly disabled. With todays economy though, there are many more opportunities for employment for people with disabilities. Lots of people work at home. The goal should be to move people into employment, consistent with their abilities, rather than providing lifetime checks. 

Totally agree but maybe we should all understand that people with disabilities are people just like everyone else and we don’t have to ‘move’ them anywhere. They’re making their way in the world with tremendous aspirations just like everyone. 

[B-Man]

 

Omnibus Spending bills used to be called. . . . . . . "Budgets"

 

 

 

 

 

 

[T master]

All of those numbers have changed since this post was first written, Biden has increased those numbers & give him another year & it will be even worse .

 

I don't see this country ever balancing the budget the people in charge are in no way fiscally responsible enough to do what is needed to bring it back even to a reasonable rate as long as they can continue to be allowed to print more money .

 

They should start by sending all of the senators, congressmen & others like lobbyist home with out pay & cutting all of the retirees that are making their fat retirements for screwing up the system while they were in office . They do a absolute terrible job and still get paid top dollar for screwing things up makes sense to me .

 

The people aren't the problem here the politicians are and allowing the crooks to run the bank will never amount to a sound fiscal recovery .