It doesn't matter if the US defaults on $31T or $100T, a default is a default. If they default, the S&P will fall 7-10% within minutes and we will see the largest market crash since the Great Depression. There is nobody in congress that wants to be pegged as part of the first group to ever allow the country to go into default. The federal government then needs to increase revenue and decrease spending in the following ways:
Increase Revenue
1) Increase the income limit on social security tax from the existing $160,200 limit. Bump it to $350k. There aren't as many income earners in this category, but at least that can increase revenue into social security and keep it going longer. I thought originally Covid would have fixed a lot of the problem, but nope. It was more talk than walk.
2) Add a non-residence tax for migrating workers. If you are on a VISA or green card, then you must pay an additional 5% non-residence tax
3) Increase the capital gains tax on the highest 1% income earners.
Decrease Spending
1) Military spending has gotten completely out of hand, as we spend three times more than the second highest (china) and 10 times more than third (Saudi Arabia)
2) Add a work requirement for people on federal welfare unless they collect from SSI due to disabilities. There are many parks, beaches, hiking trails, highways, that need cleaned and mending. Instead of paying additional funds for companies or government employees to do it, why not have people we are already paying to do this. This should help reduce the amount of government service employees on payroll. People on federal welfare gather at central locations and get bussed to different locations for work, and get bussed back.
3) Create a flat tax system. If you simplify the tax code you can cut the amount of IRS personnel on payroll.
That's a lot of common sense for the Tug.
We have plenty of revenue. We have a spending problem. Increased revenue doesn't result in any program improvements. You just get more government involvement to make the supposed problem worse. Just look at the spending curve and the deterioration of public education. Hundreds of billions for expensive, dirty, non-reliable "renewable" energy.
Like Greenblood said, we spend way too much on the military. Yes, education spending is out of control. It's not really going to the teachers or students, either.
An all time favorite: As longtime union boss Albert Shanker infamously said, “When school children start paying union dues, that’s when I’ll start representing the interests of school children.”
It doesn't matter if the US defaults on $31T or $100T, a default is a default. If they default, the S&P will fall 7-10% within minutes and we will see the largest market crash since the Great Depression. There is nobody in congress that wants to be pegged as part of the first group to ever allow the country to go into default. The federal government then needs to increase revenue and decrease spending in the following ways:
Increase Revenue
1) Increase the income limit on social security tax from the existing $160,200 limit. Bump it to $350k. There aren't as many income earners in this category, but at least that can increase revenue into social security and keep it going longer. I thought originally Covid would have fixed a lot of the problem, but nope. It was more talk than walk.
2) Add a non-residence tax for migrating workers. If you are on a VISA or green card, then you must pay an additional 5% non-residence tax
3) Increase the capital gains tax on the highest 1% income earners.
Decrease Spending
1) Military spending has gotten completely out of hand, as we spend three times more than the second highest (china) and 10 times more than third (Saudi Arabia)
2) Add a work requirement for people on federal welfare unless they collect from SSI due to disabilities. There are many parks, beaches, hiking trails, highways, that need cleaned and mending. Instead of paying additional funds for companies or government employees to do it, why not have people we are already paying to do this. This should help reduce the amount of government service employees on payroll. People on federal welfare gather at central locations and get bussed to different locations for work, and get bussed back.
3) Create a flat tax system. If you simplify the tax code you can cut the amount of IRS personnel on payroll.
That's a lot of common sense for the Tug.
We have plenty of revenue. We have a spending problem. Increased revenue doesn't result in any program improvements. You just get more government involvement to make the supposed problem worse. Just look at the spending curve and the deterioration of public education. Hundreds of billions for expensive, dirty, non-reliable "renewable" energy.
Like Greenblood said, we spend way too much on the military. Yes, education spending is out of control. It's not really going to the teachers or students, either.
An all time favorite: As longtime union boss Albert Shanker infamously said, “When school children start paying union dues, that’s when I’ll start representing the interests of school children.”
I like to pretend not paying my bills is the responsible course. That’s what I like to pretend.
All time bone head post. Keep incurring debt, claim you need to take more loans to pay off the debt while spending at unprecedented levels and claiming those who want to reduce the debt are the bad guys. Jeezus, hh and the rats are idiots.
I like to pretend not paying my bills is the responsible course. That’s what I like to pretend.
All time bone head post. Keep incurring debt, claim you need to take more loans to pay off the debt while spending at unprecedented levels and claiming those who want to reduce the debt are the bad guys. Jeezus, hh and the rats are idiots.
And the dazzler claims to be an MBA. Nothing says success like negative cash flow and increasing debt levels. Pretty sure that the dazzler was consulting with Bed, Bath & Beyond. Good thing the dazzler supports a dementia patient that claimed to have repealed Econ 101 and proclaimed that Friedman was no longer in charge.
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