Posted on 06/11/2024 4:27:44 AM PDT by george76
"The first step is putting a stop to any new borrowing and working together to reduce the deficit. Our fiscal house is barreling down an unsustainable path and we must act fast before tomorrow's problems become today’s," said the head of the Committee for a Responsible Federal Budget...
The U.S. government is borrowing $4.9 billion each day on average, driving the deficit for the first 8 months of this current fiscal year to $1.2 trillion, according to the latest data from the Congressional Budget Office.
"With little surprise, our economic challenges have continued to mount with our debt only four years away from reaching a record share of the economy and interest costs soaring past our defense budget this year," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in an analysis published on Monday.
"The Social Security retirement trust fund is still on track to face insolvency in less than a decade with Medicare not far behind. Without changes, retirees will be facing potential across-the-board cuts to their benefits," she also said.
MacGuineas said that "rising interest rates, persistent inflation, and looming trust fund insolvency" demonstrates that "there is much more to be done to correct" the nation's fiscal path.
"The first step is putting a stop to any new borrowing and working together to reduce the deficit. Our fiscal house is barreling down an unsustainable path and we must act fast before tomorrow's problems become today’s," she said.
In FY2019, prior to the COVID-19 pandemic that resulted in Congress passing several economic stimulus bills, the deficit was $984 billion.
Bankruptcy happens gradually and then suddenly.
[US borrowing nearly $5B a day as deficit hits $1.2T for first eight months of fiscal 2024]
Quick! Send more money to get World War III going faster!!
And neither of the two Presidential candidates will even mention it, much less have a plan. Nor will they mention the big pharma takeover of the country. It’s as if our two biggest problems don’t even exist. I wouldn’t trust Kennedy to fix them, but at least he’s acknowledging the biggest elephants in the room.
Borrowing? CONFISCATING from hard-working Americans via the IRS.
TAXATION without representation causing generations of debt slave citizens paying for mini kings and queens of BIG GOV.
“retirees will be facing potential across-the-board cuts to their benefits”
There is the proverbial scare tactic that the MSM/gummit uses to raise taxes and keep up their spending. The solution is bizarrely simple, cut the living hell out of the federal government and literally a million unnecessary employees.
Approaching Weimar territory
All his solutions would make it worse.
The problem, as was the problem in the Weirmar republic, are entitlements.
Welfare, Medicaid need to stop cold. Half of it goes to illegals anyway. They’d have jobs if we deported illegals.
It’s just Monopoly money at this point.
THE END.
> And neither of the two Presidential candidates will even mention it, much less have a plan. <
Yep. Federal spending was out of control when Trump was president. And it continues to be out of control now that Biden is president. Neither man vetoed a single major spending bill.
Except for Rand Paul, no one in DC cares. It’s both tragic and disgusting.
So much for this biden maladministration’s “build back better”. Our children and grandchildren will curse us for letting these criminal fools take over America.
The Dems are waiting on the Republicans to propose what they know will get them killed in the elections to fix the actual problems and the R waiting on the D.
“Retirees will be facing potential across-the-board cuts to their benefits,” she also said.
************
I suspect it is more than just the The U.S. government is borrowing $4.9 billion each day on average, driving the deficit for the first 8 months of this current fiscal year to $1.2 trillion, according to the latest data from the Congressional Budget Office.
Nothing is going to change until we hit the wall.
Budget constraints or reining in reckless spending is always something for “later”.
👁️📌
It literally is, and has been since the gitgo (1913). A dollar is an instrument of debt, printed (entered into a ledger) by the FED, from which interest is due before it ever enters circulation, and then re-taxed/re-loaned/re-usury'd constantly thereafter. A dollar is unconstitutional.
The only real money is Constitutional money:
"make any Thing but gold and silver Coin a Tender..."
"To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;"
THE END indeed.
> Nothing is going to change until we hit the wall. <
Sad but true. And as we near that wall, I’m sure the federal government will try some reckless and counterproductive last-minute maneuvers. Maybe they’ll raise taxes to extreme levels. Maybe they’ll confiscate retirement plans. Etc.
The confiscation of retirement plans has already been floated. The theory is that since the plans are tax-advantaged, they’re really not yours. So the government can seize them, and replace them with long-term bonds. It’s a radical idea that I don’t see happening.
I’m betting on hyperinflation instead. At some point the feds will just start wildly printing dollars to pay off the debt.
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