Control,Power , and an Unlimited supply of Money,is what makes Washington D.C. survive.Take the money away,and they got nothing.Not even their own personal integrity, morals or human decency(they sold it all ).
"𝘋𝘰𝘯𝘢𝘭𝘥 𝘛𝘳𝘶𝘮𝘱 𝘱𝘶𝘭𝘭𝘦𝘥 𝘢 𝘴𝘵𝘶𝘯𝘵 𝘸𝘩𝘦𝘯 𝘩𝘦 𝘤𝘶𝘵 𝘵𝘢𝘹𝘦𝘴 𝘪𝘯 2017. 𝘈𝘥𝘷𝘦𝘳𝘵𝘪𝘴𝘦𝘥 𝘢𝘴 𝘢 ‘𝘮𝘪𝘥𝘥𝘭𝘦 𝘤𝘭𝘢𝘴𝘴 𝘵𝘢𝘹 𝘤𝘶𝘵,’ 𝘵𝘩𝘦 𝘴𝘢𝘷𝘪𝘯𝘨𝘴 𝘸𝘦𝘯𝘵 𝘰𝘷𝘦𝘳𝘸𝘩𝘦𝘭𝘮𝘪𝘯𝘨𝘭𝘺 𝘵𝘰 𝘵𝘩𝘦 𝘳𝘪𝘤𝘩 (𝘔𝘪𝘤𝘩𝘢𝘦𝘭 𝘉𝘭𝘰𝘰𝘮𝘣𝘦𝘳𝘨 𝘨𝘰𝘵 𝘵𝘩𝘦 𝘴𝘪𝘯𝘨𝘭𝘦 𝘭𝘢𝘳𝘨𝘦𝘴𝘵 𝘸𝘪𝘯𝘥𝘧𝘢𝘭𝘭 – 𝘢 $68 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘵𝘢𝘹 𝘤𝘶𝘵). " Provably wrong, not even taking into account the idea of "proportionality."
Bill, if you insist on showing the world your left butt cheek, 𝗮𝘁 𝗹𝗲𝗮𝘀𝘁 𝗽𝗶𝗰𝗸 𝘀𝗼𝗺𝗲𝘁𝗵𝗶𝗻𝗴 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗳𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 "𝗯𝗮𝗰𝗸 𝘂𝗽." There are a myriad of things that Trump did wrong and a plethora for you to choose from - why not pick a real gripe instead of this tired, ragged, laughably-incorrect talking point that comes directly from the MSM and DNC?
Mr. Bonner is technically correct. For a tax cut that applies to everyone equally, as it should, anyone making more money than someone in the middle class will get more (of their own) money back. Why this is a problem, or why the "rich" should be taxed more (progressivism? see: https://fee.org/articles/the-progressive-income-tax/), I can't say. But, if I were to speculate, I would guess it has something to do with the tenth commandment: "Thou shalt not covet thy neighbour's house, thou shalt not covet thy neighbour's wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour's." Rich people, most of them, got their money by working harder or smarter, usually both, than other people. Good for them. I don't envy them or want their stuff, I have enough crap of my own.
The problem is: the money doesn’t ultimately come from “them”. Most of the country, certainly most of those who receive the money from the government, don’t pay income taxes so they don’t care about the debt. And, the money that’s being borrowed today, for current consumption, not investment, will be paid back by our children and grandchildren, one way or another.
I'm wondering why Denning still lives here when Bonner and Dyson live abroad? Humm, maybe I'm missing the point of all this malarkey... Portugal is looking better and better.. and it just might be worth giving up my guns and Kabota to move there...
And now yet another reason to hate Woodrow Wilson. I don’t know this but I’m fairly confident a deep dive into the Second Liberty Bond Act of 1917 will reveal his fingerprints somewhere.
You're right that the Gummit has enough tax receipts to pay the interest on the debt. They just don't have enough to pay much of anything else, you know things like salaries, social security benefits, nothing important. And yes, they could cut out the fat if they wanted to, but they don't want to and so the problem is up to the electorate to vote in representatives who will, oh, but they don't want to.
I've read that you recommend selling some government assets. reckon the gummit could hold a yard sale. The Chinese have a bunch of dollars, we could sell them a bunch of F-35's and maybe an aircraft carrier or two, that sounds like a good idea. Whadaya think?
Actually that's not accurate because the U.S. Treasury takes in roughly 350 Billion dollars each month in taxes, fees and tariffs. That's enough to cover 100 percent of Social Security and Medicare payments, Military expenses including payments to Veterans, and the interest on the debt. There's only a "default" if interest owed to creditors isn't paid.
Because the U.S. Treasury takes in roughly 350 Billion dollars each month in taxes, fees and tariffs. That's enough to cover 100 percent of Social Security and Medicare payments, Military expenses including payments to Veterans, and the interest on the debt. There's only a "default" if interest owed to creditors isn't paid. That's why there is no real shortage of money or danger of default. It's all Kabuki Theatre as Bill says.
For Fiscal Year 2022 total federal spending was $6.3 Trillion. Total revenues were $4.9 Trillion. Of that $6.9 Trillion, $4.1 Trillion is "mandatory" spending, i.e. Social Security, Medicare, aka LEGALLY called "Entitlement" spending (it DOES NOT include the $751 Billion Defense spending.) $1.7 Trillion is Discretionary spending which DOES include Defense spending.) Net interest $.5 Trillion which averages to about $42 Billion per month.
Revenues are lumpy, so using averages is probably not a good idea but I will do so for simplicity.
Total revenues would average to about $408 Billion per month. Mandatory "entitlement" payments would average about $342 Billion per month. Defense spending would average to about $63 Billion per month. Those two come to $405 Billion. So, yes under these ideal assumptions we could cover social security and defense spending. By these number we have $3 Billion in surplus revenues to apply to interest on the debt.
So, we have a net of $39 billion per month in net interest expenses and that poses a cashflow problem that would have to be resolved with borrowing. And we haven't discussed the $1 Trillion in discretionary spending that is, whether we like it or not, part of the current budget. That's another $83 billion per month.
Warning - you are relating facts and common sense to a known lefty. Although this particular one has been seen to occasionally heed the Truth in the past...
What I wrote below is nonsense, well, the first two sentences of the 2nd paragraph are nonsense. The government brings in enough money to coverer the interest on the debt by many factors of 10. It was stupid.
I was referencing Dave's reply to Cat (a known lefty) but I know it's hard to follow the light grey reply lines sometimes. In addition:
"Donald Trump is not interested in fixing any problems."
I guess feeling that way despite all the historical evidence might not make you a lefty, but it surely out's you as a TDS sufferer. So at the least you have that in common with BB...
I'll accept that logic - though in this case it brought us TraitorJoe Bribem. And we can all see what a bang-up job he (and his owners) are doing to our Country.
Your TDS would have to be severe, and terminal, to prefer the current band of bumbling, destructive criminals over DJT. Stolen elections have consequences dontchaknow...
Debt ceiling had grown to the maximum acceptable limit between the wars, to a “hard, permanent, line in the sand, to be defended at any cost”.
Political hyperbole, at its superb, very best and wise.
A tad more scientifically implausible, than King Canute dictating to the ocean waves, not to venture further up the beach.
“Temporary” = “Until we have to do it again”
Control,Power , and an Unlimited supply of Money,is what makes Washington D.C. survive.Take the money away,and they got nothing.Not even their own personal integrity, morals or human decency(they sold it all ).
Sigh.
"𝘋𝘰𝘯𝘢𝘭𝘥 𝘛𝘳𝘶𝘮𝘱 𝘱𝘶𝘭𝘭𝘦𝘥 𝘢 𝘴𝘵𝘶𝘯𝘵 𝘸𝘩𝘦𝘯 𝘩𝘦 𝘤𝘶𝘵 𝘵𝘢𝘹𝘦𝘴 𝘪𝘯 2017. 𝘈𝘥𝘷𝘦𝘳𝘵𝘪𝘴𝘦𝘥 𝘢𝘴 𝘢 ‘𝘮𝘪𝘥𝘥𝘭𝘦 𝘤𝘭𝘢𝘴𝘴 𝘵𝘢𝘹 𝘤𝘶𝘵,’ 𝘵𝘩𝘦 𝘴𝘢𝘷𝘪𝘯𝘨𝘴 𝘸𝘦𝘯𝘵 𝘰𝘷𝘦𝘳𝘸𝘩𝘦𝘭𝘮𝘪𝘯𝘨𝘭𝘺 𝘵𝘰 𝘵𝘩𝘦 𝘳𝘪𝘤𝘩 (𝘔𝘪𝘤𝘩𝘢𝘦𝘭 𝘉𝘭𝘰𝘰𝘮𝘣𝘦𝘳𝘨 𝘨𝘰𝘵 𝘵𝘩𝘦 𝘴𝘪𝘯𝘨𝘭𝘦 𝘭𝘢𝘳𝘨𝘦𝘴𝘵 𝘸𝘪𝘯𝘥𝘧𝘢𝘭𝘭 – 𝘢 $68 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘵𝘢𝘹 𝘤𝘶𝘵). " Provably wrong, not even taking into account the idea of "proportionality."
Bill, if you insist on showing the world your left butt cheek, 𝗮𝘁 𝗹𝗲𝗮𝘀𝘁 𝗽𝗶𝗰𝗸 𝘀𝗼𝗺𝗲𝘁𝗵𝗶𝗻𝗴 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗳𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 "𝗯𝗮𝗰𝗸 𝘂𝗽." There are a myriad of things that Trump did wrong and a plethora for you to choose from - why not pick a real gripe instead of this tired, ragged, laughably-incorrect talking point that comes directly from the MSM and DNC?
Sigh again...
Mr. Bonner is technically correct. For a tax cut that applies to everyone equally, as it should, anyone making more money than someone in the middle class will get more (of their own) money back. Why this is a problem, or why the "rich" should be taxed more (progressivism? see: https://fee.org/articles/the-progressive-income-tax/), I can't say. But, if I were to speculate, I would guess it has something to do with the tenth commandment: "Thou shalt not covet thy neighbour's house, thou shalt not covet thy neighbour's wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour's." Rich people, most of them, got their money by working harder or smarter, usually both, than other people. Good for them. I don't envy them or want their stuff, I have enough crap of my own.
FOUR things for certain from Washington.
More debt.
More inflation.
More taxes.
More BS.
Time to go off grid!
The problem is: the money doesn’t ultimately come from “them”. Most of the country, certainly most of those who receive the money from the government, don’t pay income taxes so they don’t care about the debt. And, the money that’s being borrowed today, for current consumption, not investment, will be paid back by our children and grandchildren, one way or another.
I'm wondering why Denning still lives here when Bonner and Dyson live abroad? Humm, maybe I'm missing the point of all this malarkey... Portugal is looking better and better.. and it just might be worth giving up my guns and Kabota to move there...
Sad to read the folks we are suppose to “trust”, treat the people who pay their salaries so poorly.
Slainte
And now yet another reason to hate Woodrow Wilson. I don’t know this but I’m fairly confident a deep dive into the Second Liberty Bond Act of 1917 will reveal his fingerprints somewhere.
You're right that the Gummit has enough tax receipts to pay the interest on the debt. They just don't have enough to pay much of anything else, you know things like salaries, social security benefits, nothing important. And yes, they could cut out the fat if they wanted to, but they don't want to and so the problem is up to the electorate to vote in representatives who will, oh, but they don't want to.
I've read that you recommend selling some government assets. reckon the gummit could hold a yard sale. The Chinese have a bunch of dollars, we could sell them a bunch of F-35's and maybe an aircraft carrier or two, that sounds like a good idea. Whadaya think?
Actually that's not accurate because the U.S. Treasury takes in roughly 350 Billion dollars each month in taxes, fees and tariffs. That's enough to cover 100 percent of Social Security and Medicare payments, Military expenses including payments to Veterans, and the interest on the debt. There's only a "default" if interest owed to creditors isn't paid.
See my response to your response to "Cat"
Also, the first two sentences of the 2nd paragraph above are totally wrong. I have no idea why I wrote that.
Reckon they could start by going through this lot with a razor.
https://www.usa.gov/agency-index
Well, there's still the option of piracy, which seems to be getting more popular.
Please explain why there is "no real shortage of money," and "no danger of default."
Because the U.S. Treasury takes in roughly 350 Billion dollars each month in taxes, fees and tariffs. That's enough to cover 100 percent of Social Security and Medicare payments, Military expenses including payments to Veterans, and the interest on the debt. There's only a "default" if interest owed to creditors isn't paid. That's why there is no real shortage of money or danger of default. It's all Kabuki Theatre as Bill says.
For Fiscal Year 2022 total federal spending was $6.3 Trillion. Total revenues were $4.9 Trillion. Of that $6.9 Trillion, $4.1 Trillion is "mandatory" spending, i.e. Social Security, Medicare, aka LEGALLY called "Entitlement" spending (it DOES NOT include the $751 Billion Defense spending.) $1.7 Trillion is Discretionary spending which DOES include Defense spending.) Net interest $.5 Trillion which averages to about $42 Billion per month.
Revenues are lumpy, so using averages is probably not a good idea but I will do so for simplicity.
Total revenues would average to about $408 Billion per month. Mandatory "entitlement" payments would average about $342 Billion per month. Defense spending would average to about $63 Billion per month. Those two come to $405 Billion. So, yes under these ideal assumptions we could cover social security and defense spending. By these number we have $3 Billion in surplus revenues to apply to interest on the debt.
So, we have a net of $39 billion per month in net interest expenses and that poses a cashflow problem that would have to be resolved with borrowing. And we haven't discussed the $1 Trillion in discretionary spending that is, whether we like it or not, part of the current budget. That's another $83 billion per month.
This is a good breakdown of government cash flow. Thank you Mr Scott.
Bottom line appears to be that we SPEND (expenses) more than we RECEIVE (income).
Now comes the hard part.
How do we fix it?
Personally I would hate to borrow to pay my bills. Maybe there are some folks out there who would borrow. Not me.
I would take a hard look at my expenses and get rid of anything that is NOT necessary.
As I tell my wife. There are only two criteria for expenses. Need or want.
I would ask each and everyone of you but that would be impossible to satisfy everyone.
Now everyone should want to pay for this government. Otherwise why are you here?
If you want to enjoy the milk & honey of America and not pay for it. You and I have a problem.
First we need an agreement.
Our system of government is simple.
We have representatives whom we majority elect to persuade others to vote with them on improvements to American life.
And there appear to be two sides.
One says that we have enough income.
The other says we don’t.
My ONLY contention is that it does NOT appear to be financially SOUND to borrow more money when we already owe to much.
Would you personally borrow more?
At some point we have to draw the line.
I say we stop borrowing and face the consequences of the damage.
What say you?
And you contradicted nothing I said. Nice try though.
I think you said that revenues would also cover interest expense. My modest analysis refutes that to the tune of $39B per month.
Where are you getting your "mandatory" spending number(s) for entitlements?
https://www.cbo.gov/publication/58888
I’ll send a link to a graphical representation of the 2022 federal numbers when I get back home to my computer if I can’t find it on my phone.
Hi Dave -
Warning - you are relating facts and common sense to a known lefty. Although this particular one has been seen to occasionally heed the Truth in the past...
What I wrote below is nonsense, well, the first two sentences of the 2nd paragraph are nonsense. The government brings in enough money to coverer the interest on the debt by many factors of 10. It was stupid.
And no, I'm not a lefty.
Hi Mr. Scott -
I was referencing Dave's reply to Cat (a known lefty) but I know it's hard to follow the light grey reply lines sometimes. In addition:
"Donald Trump is not interested in fixing any problems."
I guess feeling that way despite all the historical evidence might not make you a lefty, but it surely out's you as a TDS sufferer. So at the least you have that in common with BB...
Guilty as charged. And proud of it. :-)
Sometimes you have to fight pathology with pathology.
I'll accept that logic - though in this case it brought us TraitorJoe Bribem. And we can all see what a bang-up job he (and his owners) are doing to our Country.
Your TDS would have to be severe, and terminal, to prefer the current band of bumbling, destructive criminals over DJT. Stolen elections have consequences dontchaknow...