Posted on 11/27/2020 7:34:28 PM PST by RandFan
Sen. Lindsey Graham (R-S.C.) is poised to become the chairman of the Budget Committee if Republicans keep the Senate. He said he wants to create a new commission to propose ways to reduce the deficit and address the country’s debt.
“I think we’ve got to understand that we’re going to be raising the debt ceiling in perpetuity if we don’t find a way to bend the curve,” Graham said.
The battle over spending could quickly come to a head with fights looming over budgets, pandemic spending and the debt ceiling, which was suspended under a deal between Trump and Congress. It is set to be reinstated at the end of July.
(Excerpt) Read more at thehill.com ...
Yep. Therefore it is pointless to argue over entitlement spending.
Thanks. (And yes sometimes I assume too much!)
https://www.politico.com/news/2019/10/31/graham-judiciary-chairmanship-grassley-062993
The Senate is a weird place.
Thanks for the link. So apparently, this decision was made over a year ago, that Grassley would come back. Now we know, good work Mr. Smith! And so much for my kooky theories!
The latter is the aggregate of the former. So they’re interconnected
Only way is to begin cutting entitlements. Or maybe we can have negative increases. ;)
Economic growth is the third option.
If we can increase the tax base, we won’t have to raise tax rates.
Economic growth also means innovation. It brings cheaper medical advances, lowering Medicare program costs. And tt brings civil engineering advances such as self-healing concrete which lowers infrastructure repair costs. Etc.
“The latter is the aggregate of the former.”
Bingo. Social Security is not “solvent” except through accounting tricks. There is no Lock Box. There was for a while but it’s been gone for decades. Funds collected for SS go straight into the General fund and are spent. The shortfall, if any, is made up with borrowing.
Couple that with the fact that you’re not legally owed anything no matter what the politicians say. Fleming v Nestor settled that hash long ago.
Eventually the bill will come due and no money will be available to pay SS recipients. Unless of course they just crank up the printing presses. Which is exactly what they’ll do.
L
Bingo. Social Security is not “solvent” except through accounting tricks.
That’s true of every government program, including military pay. The government can only keep paying members of the armed services as long as taxes keep coming in. Otherwise it will have to borrow to pay them - and if there weren’t taxes to pay the borrowing interest the government goes insolvent
Social Security is not different from any other govt program except that the recipients themselves have contributed directly to the benefits they stand to receive.
He can start by getting back the OVER BILLION in unemployment dollars California paid out to prisoners in jail & death row, etc.
Apparently NOT the only state with a problem created by prisoners.....
I always thought that to collect Unemployment, YOUR EMPLOYER had to verify the info. WHO did that step???
“ Social Security is not different from any other govt program except that the recipients themselves have contributed directly to the benefits they stand to receive.”
Please explain Medicare.
Thanks.
L
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