A tax cut is in every way a celebratory thing. Any new revenue is simply spent right away. There is already lots of concern about the exploding U.S. national debt, but as it turns out, this is more like the part of the iceberg that is above the surface. Twitter Permanently Bans Trump. “Bulls & Bears” panel on how the U.S. national debt surpassed $22 trillion and whether the drop in tax revenues will be blamed on President Trump. Spending any new revenues doesn’t help the debt, because the debt is bonds that have already been issued and must be paid off when they mature. U.S. National Debt Hits Record $22 Trillion Federal deficits are now expected to average $1.2 trillion, or 4.4 percent of gross domestic product — far higher than the average over the past 50 years. They are separate problems. The deficit came down every year thereafter, being well less than half that size by the time he left office. Judd Gregg and former Pennsylvania Gov. Just a little. / Despite the record low unemployment rate and an overall hot economy, the U.S budget deficit continues to grow. But the more likely reason is just that lc1789 has nothing to stand on. It’s the most-financially rewarding I’ve ever done. The Reason staff socks are out to get you WCR. I’ve been around on and off for a few years now. “P.S. You may have seen headlines to describe the market carnage like a trillion dollar’s worth of wealth wiped away in a single day. Inflation data is updated regularly, so results may differ from other websites. We Hear You: A Vice President, a Constitution, and a Time for Adults, We Hear You: Taking on the Left, Even in Blue States, We Hear You: From Gender Identity in Sports to Second Amendment Rights, We Hear You: From Misery in San Francisco to Impeachment in Senate, What’s Next for 1776 Commission and the Fight to Preserve US History, Here’s What We Can Expect From a Biden Administration, Podcast: What You Need to Know About Critical Race Theory. You have to understand two things. But government surveys show that many of those officially designated as poor are surprisingly well-off. Pretty funny that. That leads to the second thing we have to understand. Transcript or STFU. We need some serious changes to our healthcare financing. Since that time, U.S. taxpayers have spent over $22 trillion on anti-poverty programs (in constant 2012 dollars). John Miller 13 February 2019. U.S. National Debt Now Surpasses $22 Trillion. More than 100 million — about one third of the U.S. population — receives aid from at least one welfare program. Thus, there have to be benefit cuts in the future. America’s high and rising debt matters because it threatens our economic future. the big difference is that they have an asset now to back up their debt. The $27 trillion gross federal debt includes debt held by the public as well as debt held by federal trust funds and other government accounts. Yet President Obama plans to spend $13 trillion over the next decade on welfare programs that discourage work and marriage. Big debt is a symptom of big spending. They will be reasonably concerned that the debt is growing beyond our ability to finance it. | Spending more than you get in revenue has caused every $ of the national debt; the problem as always is spending too much, not taxing too little. As Sen Everett Dirksen once said: “A billion here, a billion there, pretty soon we’re talking about real money”. They can pay off older bonds that come due by issuing new bonds, monetizing the debt (printing money), or using excess revenue. Tell people, it’s like when you first get a credit card and use it somewhat responsibly, the interest expense is negligible. Either significantly raise taxes on the middle class or significantly cut benefits to current seniors. If we had a modern version of their “white male landowner” it might be “Can pass this history/civics test, and is a net positive tax payer” or something… With such a restriction the nation WOULD NOT be in this situation. I regularly try to get people to understand that SS and MC have no real assets and that they’re all part of the debt. But I have a practical (maybe dumb) question. This has been a certainty for about forty years now : The GOP makes the debt situation worse their time in power; the Democrats make it better during their turn. I’m not really. Pinterest. Start working at home with Google. Even worse than monarchy IMO, many founders agreed on that point actually. Even as the district struggles to vaccinate seniors, it will soon allow half the city to get in line. And their debt is owned by them. Today's £ to $ USD exchange rate is 1.27. We simply spent too much on elderly consumption. In two adjoining sentences no less. When it gets to gazillions, the IMF will bail us out. Sadly, of course, such conditions do exist for some Americans. Congress swiftly passed a $2.3 trillion COVID-19 relief and government funding bill on Monday that was stuffed with cash for foreign countries and policy pet projects for powerful legislators. | The federal debt is the total amount of money that the federal government owes, either to its investors or to itself. The fact is, to a greater or lesser extent it is all of these, and right now we’re all sitting at the foot of Mt Everest trying to figure out how we might attack the summit without any climbing gear. The time to start is now, while the economy is still growing—because another recession will only make these problems more intractable. The last deficit for “W” – WHEN HE HAD A REPUBLICAN HOUSE – was $161B and trending downward. Article I, Section 8: To establish a uniform rule of naturalization. profitvid.com. Poor alphabet troll. The new rate is almost exactly the poverty rate we had in 1967, only three years after President Lyndon Johnson announced his war. The Daily Signal depends on the support of readers like you. In the so-called "alternative fiscal scenario," which assumes current policies (such those tax cuts) are kept in place, the debt would hit 225 percent of GDP by 2050 and more than 600 percent of GDP by 2093. It’s not about ‘money printing’. I think what’s being hinted at here is the enormity of resources being diverted from higher ends by certain manifestations of online “speech” that clearly need to be suppressed. And when I look into my crystal ball, I see politicians promising more! . That excludes that there will ALSO be real economic growth in there, making the debt less of an actual issue. But your forgot the best fix of all. Universal suffrage is the WORST idea in the history of the world. Edwin J. Feulner’s 36 years of leadership as president of The Heritage Foundation transformed the think tank from a small policy shop into America’s powerhouse of conservative ideas. In two adjoining sentences no less. You’re right. However, there is not enough gold or silver in the surface of the earth to pay off $20 trillion. Most of all, nobody at any level has any real idea of what if anything can be done about it or whether they would support any real solution even if someone could propose one (eg, cutting spending; it’s fine so long as it doesn’t affect something of any importance to them). The other problem is that the national debt isn't just getting bigger—it's getting more expensive too. First things first: what are we talking about when we talk about US govt “debt”, and do we all accept the US govt is the currency issuer residing outside, and separate from the private sector.   To us! Neither side of the aisle seems to remotely care about this subject. In just a couple decades it is manageable and not THAT big a deal. years ago. Literally NOBODY would even notice these entire agencies didn’t exist anymore. That was W Bush, who could toss out a multi-trillion dollar pledge on Social Security privatization w/ a casual shoulder shrug. President just sign or veto spending bills, I don’t really give them credit or blame either way. They limited who could vote to people who would be better educated and wealthier, because those people make better choices. – eventually gets paid off (for the most part – some gets wiped out in defaults). Try the Morning Bell and get the day’s most important news and commentary from a team committed to the truth in formats that respect your time…and your intelligence. If we don’t build a digital wall to keep out the Trolls, then millions of taxpayer dollars are going to keep going into law enforcement efforts such as those required by America’s leading criminal “satire” case. The day of Obama’s first inauguration the CBO projected deficit was 1.3 trillion dollars – with the economy in total meltdown. It’s exactly the same here. I suppose I could move to the North Pole where water is all frozen solid and the sun never sets for 6 months. Reason used to understand this, when I started reading the rag almost 10 (!) You $2 donation is falling fast. Evidently we’re already $9 billion over that $22 trillion. One billion dollars would reach 333 feet high. It might… just… work! 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