One percent puppet heard from
Comments
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No puppet!
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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.UW_Doog_Bot said:
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 liberalYellowSnow said:
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. #inflationisthefttooMikeDamone said:
Federal revenue is at an all time high... But yeah, tax cuts!2001400ex said: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.
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. -
Feel the cost cutting:2001400ex said: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.
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.SFGbob said:
Feel the cost cutting:2001400ex said: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.
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. -
Social Security along with Medicare are entitlements. It's a misunderstanding of the word that makes you think they are not entitlements.greenblood said:
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.2001400ex said: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. -
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.YellowSnow said:
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.UW_Doog_Bot said:
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 liberalYellowSnow said:
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. #inflationisthefttooMikeDamone said:
Federal revenue is at an all time high... But yeah, tax cuts!2001400ex said: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.
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.
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. -
We're too big to fail
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How does it track with inflation/costs? Honest question.MikeDamone said:
It’s embarrassing to think that government revenue is a problem. It’s not.2001400ex said:
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.MikeDamone said:
Federal revenue is at an all time high... But yeah, tax cuts!2001400ex said: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.
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Instead of taxing cigarettes we should give them away like the army used toRaceBannon said:
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 dyingYellowSnow said:
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.greenblood said:
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.2001400ex said: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.
Mitch is still a worthless piece of shit though. Bears repeating -
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.YellowSnow said:
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.greenblood said:
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.2001400ex said: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.
