He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
You've oft stated Damone that #taxationistheft . And to some extend I'd agree with you. But I tell you what - if we keep running these massive deficits - and at this point they are a bi-partisan problem - and the guvmint has to use MMT to inflate the problem away I'm gonna be pretty god damned pissed. #inflationisthefttoo
So, here's the thing, I'm against government largess for reasons of efficiency, free markets, blah blah blah and I think anyone who has spent time in the tug knows I'm no tax and spend liberal
buuuuuuutttt we've essentially convinced the rest of the world to use our currency as the world reserve currency(for historical reasons we are probably the only meaningful country to never default on its debt, thank you George Washington). That means that we are effectively able to finance our debt at negative rates while the rest of the world gets a safe haven for their stored value.
This is like boosters offering recruits loans at negative interest rates, we can use it to buy a new camaro, a sound system, strip clubs, etc. or we could also use it to pay our tuition, buy a house, or start a business.
Sure, we can spend the excess cash on entitlements to short-term boost the consumption of a select group of citizens, or we can invest the money in areas the government is actually an effective agent at growing long term productivity(R&D for example), which will further spur GDP growth which will ultimately reduce our debt to income ratio as well.
Yes, I'm well aware of all of the above. But I am concerned that it can't go on forever my fren. What happens when debt hits 200% of GDP and the foreigners want more interest to buy our? t-bills? To date, we've been able to service our massive debt on the cheap, but if the interest we have to pay starts to increase dramatically the slice of the pie going simply to debt service is going to get ugly.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Feel the cost cutting:
Medicare Spending was $502 Billion in 2008 in 2017 it was $702 Billion. Medicaid Spending was $374 Billion in 2008 in 2016 it was $553 Billion. Feel the cost cutting.
This is like when Hondo blow Obama for his "fiscal austerity" because he reduced multi trillion dollar deficit spending to spending that was only $600 billion in deficit spending.
The fact that Obama jacked it up to over a trillion dollars a year in the first place is never mentioned
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Feel the cost cutting:
Medicare Spending was $502 Billion in 2008 in 2017 it was $702 Billion. Medicaid Spending was $374 Billion in 2008 in 2016 it was $553 Billion. Feel the cost cutting.
This is like when Hondo blow Obama for his "fiscal austerity" because he reduced multi trillion dollar deficit spending to spending that was only $600 billion in deficit spending.
The fact that Obama jacked it up to over a trillion dollars a year in the first place is never mentioned
Again Bob hates context. What is the cost per participant? Dontcha think there was a few more people on the program in 2017? Not to mention inflation.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Social Security along with Medicare are entitlements. It's a misunderstanding of the word that makes you think they are not entitlements.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
You've oft stated Damone that #taxationistheft . And to some extend I'd agree with you. But I tell you what - if we keep running these massive deficits - and at this point they are a bi-partisan problem - and the guvmint has to use MMT to inflate the problem away I'm gonna be pretty god damned pissed. #inflationisthefttoo
So, here's the thing, I'm against government largess for reasons of efficiency, free markets, blah blah blah and I think anyone who has spent time in the tug knows I'm no tax and spend liberal
buuuuuuutttt we've essentially convinced the rest of the world to use our currency as the world reserve currency(for historical reasons we are probably the only meaningful country to never default on its debt, thank you George Washington). That means that we are effectively able to finance our debt at negative rates while the rest of the world gets a safe haven for their stored value.
This is like boosters offering recruits loans at negative interest rates, we can use it to buy a new camaro, a sound system, strip clubs, etc. or we could also use it to pay our tuition, buy a house, or start a business.
Sure, we can spend the excess cash on entitlements to short-term boost the consumption of a select group of citizens, or we can invest the money in areas the government is actually an effective agent at growing long term productivity(R&D for example), which will further spur GDP growth which will ultimately reduce our debt to income ratio as well.
Yes, I'm well aware of all of the above. But I am concerned that it can't go on forever my fren. What happens when debt hits 200% of GDP and the foreigners want more interest to buy our? t-bills? To date, we've been able to service our massive debt on the cheap, but if the interest we have to pay starts to increase dramatically the slice of the pie going simply to debt service is going to get ugly.
This is why we should be investing in things that grow production. Think of it like taking out loans for medical school or an MBA. Sure, your short term debt to income ratio will suffer but your long term earnings increase dramatically.
Paying down the current debt would be much more painful than simply growing our way out of it. Why do you think our current debt to GDP ratio is so much healthier than most of the developed world?
Also, as I said, that's why entitlements are much more dangerous than investments. You can fairly easily quit further capital investments. Ending entitlements produces riots.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
Damoan hates context. Doesn't realize how embarrassing it is to say federal revenues are at an all time high and can't have an effect on the deficit.
It’s embarrassing to think that government revenue is a problem. It’s not.
How does it track with inflation/costs? Honest question.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Yes and no. I'd be curious to see the data on what the average SS recipient paid in to the system vs what they received in benefits. Guess some of it has to do with how long you live.
The money you pay in is not actually put in the Al Gore lock box where it can compound for 40 years like your private account. So the answer is if you live you'll get more than you pay, It was based on people dying
Mitch is still a worthless piece of shit though. Bears repeating
Instead of taxing cigarettes we should give them away like the army used to
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Yes and no. I'd be curious to see the data on what the average SS recipient paid in to the system vs what they received in benefits. Guess some of it has to do with how long you live.
Healthy lower to middle income earners who live into their 80s will see a positive ROI from Social Security. High income earners, especially if you only live into your mid-70s, will see a negative ROI from Social Security.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
Damoan hates context. Doesn't realize how embarrassing it is to say federal revenues are at an all time high and can't have an effect on the deficit.
It’s embarrassing to think that government revenue is a problem. It’s not.
How does it track with inflation/costs? Honest question.
Inflation has pretty much been artificially done away with for several years. We're going to have to pay that piper too
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Feel the cost cutting:
Medicare Spending was $502 Billion in 2008 in 2017 it was $702 Billion. Medicaid Spending was $374 Billion in 2008 in 2016 it was $553 Billion. Feel the cost cutting.
This is like when Hondo blow Obama for his "fiscal austerity" because he reduced multi trillion dollar deficit spending to spending that was only $600 billion in deficit spending.
The fact that Obama jacked it up to over a trillion dollars a year in the first place is never mentioned
Again Bob hates context. What is the cost per participant? Dontcha think there was a few more people on the program in 2017? Not to mention inflation.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Yes and no. I'd be curious to see the data on what the average SS recipient paid in to the system vs what they received in benefits. Guess some of it has to do with how long you live.
You also need to figure in about 40 years of interest as well. If you net $100k you should be paying around $6200 per year towards social security. After 40 years that amounts to $248k. That by itself would pay monthly benefits for close to 10-12 years. After factoring interest over 40 years of compound interest of around 2% would put that value at around $382k, which would extend the payout value to around 16-17 years. If retirement age is 65, then that pays you until 81-82 years old. As of today the average US life expectancy is 78.5 years old. By just investing social security in minimal risk short term bonds, the US government on average would have enough money to pay and then some.
But obviously this never happened. Imagine if we had competent people in office
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Yes and no. I'd be curious to see the data on what the average SS recipient paid in to the system vs what they received in benefits. Guess some of it has to do with how long you live.
The money you pay in is not actually put in the Al Gore lock box where it can compound for 40 years like your private account. So the answer is if you live you'll get more than you pay, It was based on people dying
Mitch is still a worthless piece of shit though. Bears repeating
And I blame both sides for this bullshit. Compound interest in low risk investments would have made social security completely solvent.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Yes and no. I'd be curious to see the data on what the average SS recipient paid in to the system vs what they received in benefits. Guess some of it has to do with how long you live.
The money you pay in is not actually put in the Al Gore lock box where it can compound for 40 years like your private account. So the answer is if you live you'll get more than you pay, It was based on people dying
Mitch is still a worthless piece of shit though. Bears repeating
Instead of taxing cigarettes we should give them away like the army used to
We? should give away heroin and fentanyl so the dreck of society will OD and die faster.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
You've oft stated Damone that #taxationistheft . And to some extend I'd agree with you. But I tell you what - if we keep running these massive deficits - and at this point they are a bi-partisan problem - and the guvmint has to use MMT to inflate the problem away I'm gonna be pretty god damned pissed. #inflationisthefttoo
So, here's the thing, I'm against government largess for reasons of efficiency, free markets, blah blah blah and I think anyone who has spent time in the tug knows I'm no tax and spend liberal
buuuuuuutttt we've essentially convinced the rest of the world to use our currency as the world reserve currency(for historical reasons we are probably the only meaningful country to never default on its debt, thank you George Washington). That means that we are effectively able to finance our debt at negative rates while the rest of the world gets a safe haven for their stored value.
This is like boosters offering recruits loans at negative interest rates, we can use it to buy a new camaro, a sound system, strip clubs, etc. or we could also use it to pay our tuition, buy a house, or start a business.
Sure, we can spend the excess cash on entitlements to short-term boost the consumption of a select group of citizens, or we can invest the money in areas the government is actually an effective agent at growing long term productivity(R&D for example), which will further spur GDP growth which will ultimately reduce our debt to income ratio as well.
Yes, I'm well aware of all of the above. But I am concerned that it can't go on forever my fren. What happens when debt hits 200% of GDP and the foreigners want more interest to buy our? t-bills? To date, we've been able to service our massive debt on the cheap, but if the interest we have to pay starts to increase dramatically the slice of the pie going simply to debt service is going to get ugly.
This is why we should be investing in things that grow production. Think of it like taking out loans for medical school or an MBA. Sure, your short term debt to income ratio will suffer but your long term earnings increase dramatically.
Paying down the current debt would be much more painful than simply growing our way out of it. Why do you think our current debt to GDP ratio is so much healthier than most of the developed world?
Also, as I said, that's why entitlements are much more dangerous than investments. You can fairly easily quit further capital investments. Ending entitlements produces riots.
A lot the Euro fag and Japan debt issues are related to low growth because they stopped making babies.
But again we’re dealing in hypotheticals here and I think we’re past our point of growing our way out of this problem. We’ve done it twice in our relatively recent history - i.e., post WWII and in the 90s. Both periods involved massive defense spending cuts. In the former, the only entitlement was SS and most peeps died in their early 60s. In the latter we got a major boost from Moore’s Law productivity growth and Race wasn’t an AARP member yet.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Feel the cost cutting:
Medicare Spending was $502 Billion in 2008 in 2017 it was $702 Billion. Medicaid Spending was $374 Billion in 2008 in 2016 it was $553 Billion. Feel the cost cutting.
This is like when Hondo blow Obama for his "fiscal austerity" because he reduced multi trillion dollar deficit spending to spending that was only $600 billion in deficit spending.
The fact that Obama jacked it up to over a trillion dollars a year in the first place is never mentioned
Again Bob hates context. What is the cost per participant? Dontcha think there was a few more people on the program in 2017? Not to mention inflation.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
People like to call Social Security an entitlement. SSI is, but standard Social Security is paid for through years of payments. It’s their fucking money, and they should get it.
Yes and no. I'd be curious to see the data on what the average SS recipient paid in to the system vs what they received in benefits. Guess some of it has to do with how long you live.
The money you pay in is not actually put in the Al Gore lock box where it can compound for 40 years like your private account. So the answer is if you live you'll get more than you pay, It was based on people dying
Mitch is still a worthless piece of shit though. Bears repeating
Instead of taxing cigarettes we should give them away like the army used to
Big part of J's health care plan, as well as gutting medicare. Let old people die and help them get there like real TUFF Americans.
Comments
Medicare Spending was $502 Billion in 2008 in 2017 it was $702 Billion. Medicaid Spending was $374 Billion in 2008 in 2016 it was $553 Billion. Feel the cost cutting.
This is like when Hondo blow Obama for his "fiscal austerity" because he reduced multi trillion dollar deficit spending to spending that was only $600 billion in deficit spending.
The fact that Obama jacked it up to over a trillion dollars a year in the first place is never mentioned
You seriously are an idiot.
Paying down the current debt would be much more painful than simply growing our way out of it. Why do you think our current debt to GDP ratio is so much healthier than most of the developed world?
Also, as I said, that's why entitlements are much more dangerous than investments. You can fairly easily quit further capital investments. Ending entitlements produces riots.
But obviously this never happened. Imagine if we had competent people in office
Not a call for genocide. Don’t twist.
But again we’re dealing in hypotheticals here and I think we’re past our point of growing our way out of this problem. We’ve done it twice in our relatively recent history - i.e., post WWII and in the 90s. Both periods involved massive defense spending cuts. In the former, the only entitlement was SS and most peeps died in their early 60s. In the latter we got a major boost from Moore’s Law productivity growth and Race wasn’t an AARP member yet.