Taxes, the Deficit/Debt, and the Fiscal Cliff

[HeloDude]

Biden screwed himself/the Dems saying he would only sign a clean bill.  The GOP passed a bill to raise the debt and if McCarthy allows for a clean bill to go forward, his control and speakership is done.

My prediction:  It won’t be a clean debt raise.  Even in 2011/2012 the debt raise showdown was eventually tied to future triggers to cut/slow the spending growth (sequestration).  And I don’t see Biden using the 14th Amendment since Congress controls the spending.

[dream big]

  On 5/21/2023 at 11:59 AM, lloyd christmas said:

Biden said he has done his part.  He doesn’t think he deserves any blame should the US default.  So there’s that.  

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The only thing he’s good at is gaslighting , only because many Americans are dumb enough to believe it. 

[Prozac]

Pure political theater on all sides. We will not default. There will be a last minute deal and both sides will claim victory. Despite what they want you to believe, neither side is serious about reducing deficit spending & that won’t change anytime soon. Until we seriously address social security and Medicare, we aren’t making a dent. We could cut all other discretionary spending and we’d still be deep in the hole. 
 

[HeloDude]

  On 5/23/2023 at 3:56 PM, Prozac said:

Pure political theater on all sides. We will not default. There will be a last minute deal and both sides will claim victory. Despite what they want you to believe, neither side is serious about reducing deficit spending & that won’t change anytime soon. Until we seriously address social security and Medicare, we aren’t making a dent. We could cut all other discretionary spending and we’d still be deep in the hole. 
 

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Solid analysis—concur.

[Sua Sponte]

  On 5/23/2023 at 3:56 PM, Prozac said:

Pure political theater on all sides. We will not default. There will be a last minute deal and both sides will claim victory. Despite what they want you to believe, neither side is serious about reducing deficit spending & that won’t change anytime soon. Until we seriously address social security and Medicare, we aren’t making a dent. We could cut all other discretionary spending and we’d still be deep in the hole. 
 

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The 2011 deal was done at the last minute and the U.S.‘s credit was still downgraded.

[lloyd christmas]

This country is over 31 thousand billions in debt.  It’s not money anymore.  It’s just zeros and decimal point somewhere in a number.  

[M2]

https://www.usdebtclock.org/

[Guardian]

How much of that is owed to China?

Man that clock is crazy. We literally owe 100,000 more every second.

[brabus]

On a healthcare note, took Tricare a month to approve me to see a PT…after going to the ER and being unable to do much physical activity (including flying) this whole time. Govt healthcare is so great, why doesn’t everyone want it?! Also, SS is theft…there needs to be a completely new “social safety net” developed. 

[Stoker]

  On 5/24/2023 at 1:19 PM, Guardian said:

How much of that is owed to China?

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China and Japan are the largest foreign holders of US debt. Japan owns slightly more than a trillion, China slightly less. So about 5% each.

[Smokin]

  On 5/24/2023 at 1:57 PM, brabus said:

...Govt healthcare is so great, why doesn’t everyone want it?! Also, SS is theft…there needs to be a completely new “social safety net” developed. 

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The fact that more people don't recognize this is an obvious sign our society is dumb.  What other investment system do you get out roughly what you put in after having 40+ years of investment growth?  It is a government run pyramid scheme.  If I were to go start an investment plan like this, I'd be thrown in prison, but since the government does it, suddenly it is so great that it is a vital part of our society.

And it should be mandatory to have lived in a socialized medicine system for at least two years to be eligible to vote for such a system.

[Sim]

https://www.zerohedge.com/political/mcmaken-three-lies-theyre-telling-you-about-debt-ceiling

 

Good article about current clown-show.