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Re: The U.S. federal debt - how does this story end? [Sanuk] [ In reply to ]
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I truly believe that we are at the stage where no one is going to tackle this issue until it is painfully obvious it is causing immediate problems. At which point it will be a dire problem and too late. Among the politicians and the public there is no appetite for short term pain for long term gain. Which is why we won't deal with global warming either.

They constantly try to escape from the darkness outside and within
Dreaming of systems so perfect that no one will need to be good T.S. Eliot

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Re: The U.S. federal debt - how does this story end? [len] [ In reply to ]
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That's 500B not 500M. Scary that 500B is no longer considered massive.

Thanks, that is hilarious/sad that I made that typo.
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Re: The U.S. federal debt - how does this story end? [STJ_2028] [ In reply to ]
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STJ_2028 wrote:
We're over $20 trillion in the hole. This is no longer the elephant in the room, it's a herd of stampeding elephants and the U.S. taxpayer is a gnat hanging on to their dingleberries for dear life.

Social Security and Medicare are going broke and the federal budget/deficit is getting bigger.

There is no political will from either party to seriously address this, and it's rarely even discussed except as a weapon each party tries to use against the other.

How do you guys see this going? Will this be addressed before it's too late? If not, what will life look like after it's too late?


Another tax cut should solve it.
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Re: The U.S. federal debt - how does this story end? [STJ_2028] [ In reply to ]
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It will never be fixed because it's too deeply embedded and has been weaponize for politics.

Social Security was suppose to be bankrupt in the 60s and 70s according to my late grandfather. Americans' expected life span was age 65 + 3 years when Medicare was enacted. Medicare-for-all is extremely unlikely to happen since all of healthcare in the US is $3.2 Trillion - greater than the GDP of France (2.5T) and Britain ($2.6T). Medicare-for-all would add an additional $3 Trillion on top of that according to NAHU.
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Re: The U.S. federal debt - how does this story end? [len] [ In reply to ]
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len wrote:
I truly believe that we are at the stage where no one is going to tackle this issue until it is painfully obvious it is causing immediate problems. At which point it will be a dire problem and too late. Among the politicians and the public there is no appetite for short term pain for long term gain. Which is why we won't deal with global warming either.

I agree with the first part, but I think global warming is a bit of a different animal because it's a problem that requires global buy-in. America's debt is America's problem. Although, as I typed that, I wonder what the global consequences of a US default would be...so perhaps our debt problem is also a global problem?
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Re: The U.S. federal debt - how does this story end? [spudone] [ In reply to ]
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spudone wrote:
Guffaw wrote:
A). The debt keeps increasing.
B) The wealth and income of the top 1% in the USA keeps increasing dramatically. "From 2009 to 2015, the average income for the wealthiest Americans grew by 33.9 percent, more than triple the income growth of 10.3 percent among the remaining ninety-nine percent." ( https://www.usatoday.com/...akes-state/37741185/ )

If only there was some some way to connect these two....


Moral of the story: quit believing those (the 1%) who always say that increased growth will offset tax cuts.

Ok, but then to be fair can we also stop believing those who always say that taxing everyone (even just a little bit) is immoral and will lead to catastrophe?
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Re: The U.S. federal debt - how does this story end? [oldandslow] [ In reply to ]
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oldandslow wrote:
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hirdly, not increasing the age of qualifying for entitlements to 70 sooner since we are living longer.


Except that we aren't (Correction, wealthy people are living longer, poor people are dying younger):

http://time.com/...ife-expectancy-2017/


What you say is true...however, Medicare began in 1965 and you had to be 65 to be covered. SSI started paying benefits around 1940 at age 62...average life span for men has increase from 1940 from age 60 to 78 in 2018...So I don't think the qualifying age has kept up with the increase in life span.

Is it the govt job to refine these programs because many are making poor lifestyle choices?

If we (the Ds and the Rs) are not willing to reform it then raising the qualifying age seems like a reasonable course of action.
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Re: The U.S. federal debt - how does this story end? [STJ_2028] [ In reply to ]
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Here is an article on the first five months of deficit for this fiscal year (with graph).





https://www.cnsnews.com/news/article/terence-p-jeffrey/federal-spending-hits-highest-level-bank-bailout-and-obama-stimulus
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