$1,920,000,000,000 Debt Explosion Hits US As International Monetary Fund Issues Dire Warning on Nation's 'Loose Fiscal Policy'

[Terrywoodenpic]

They are going to start with the criminals. Do you have an issue with that?

Depends how they define criminals.
If that means people in jail who have been convicted and are not citizens nor refugees then ok.

However these things tend to end up quite differently, and may end up with any one who may look Chinese or olive skinned.

 

[Clizby Wampuscat]

Depends how they define criminals.
If that means people in jail who have been convicted and are not citizens nor refugees then ok.

However these things tend to end up quite differently, and may end up with any one who may look Chinese or olive skinned.

They mean people who have committed crimes in the US or in the country they came from.

 

[Terrywoodenpic]

They mean people who have committed crimes in the US or in the country they came from.

That does not define a criminal.
Some one who has served their time is not a criminal.

However some one who has been found guilty and awaiting sentence certainly is.
trump for instance.

 

[Clizby Wampuscat]

That does not define a criminal.
Some one who has served their time is not a criminal.

However some one who has been found guilty and awaiting sentence certainly is.
trump for instance.

Well that is who they are going to deport first however you want to define them. That is what they are saying.

 

[Twilight Hue]

Our debt(the US) has been out of control for many years. I don't see it doing anything but increasing like it has since 1835-1836 when it was at zero.

At current the debt is around $36 trillion. That's an average of $191,489,361,702 increase per year the last 188 years.

Its sad in reality.

Yep. Last president to pay off the national debt was Andrew Jackson in 1835. Not the same Party anymore.

 

[sun rise]

Maybe, but you can cut taxes and reduce spending at the same time to reduce the deficit. Trump is going to try to reduce the size of the federal government significantly.

Best way to reduce the deficit is higher taxes and cutting spending.

 

[sun rise]

Yep. Last president to pay off the national debt was Andrew Jackson in 1835. Not the same Party anymore.

Bill Clinton cut the deficit to zero but Bush's tax cuts reversed that.

 

[Clizby Wampuscat]

Best way to reduce the deficit is higher taxes and cutting spending.

What taxes would you raise and by how much? What would you cut and by how much? Per the US debt clock we have spent $7.2T so far our deficit is $2.2T. SS, Medicare, Interest is about $3.3T of the $7.2T spent which cannot be cut. So if we cut half of the $3.9T left we would need to increase revenue by $250B to balance the budget. (if my math is right). I would rather just cut the $2.2T out of the budget and not tax people more. Tons of services will be cut to states and individuals to balance the budget, they don't need to be taxed more as well.

 

[sun rise]

What taxes would you raise and by how much? What would you cut and by how much? Per the US debt clock we have spent $7.2T so far our deficit is $2.2T. SS, Medicare, Interest is about $3.3T of the $7.2T spent which cannot be cut. So if we cut half of the $3.9T left we would need to increase revenue by $250B to balance the budget. (if my math is right). I would rather just cut the $2.2T out of the budget and not tax people more. Tons of services will be cut to states and individuals to balance the budget, they don't need to be taxed more as well.

I'd let the taxes on the upper income brackets go back to what they were before the Trump tax cut and leave the cuts intact on lower income people.

What specifically would you cut to get to $2.2T?

 

[Terrywoodenpic]

I'd let the taxes on the upper income brackets go back to what they were before the Trump tax cut and leave the cuts intact on lower income people.

What specifically would you cut to get to $2.2T?

Neither a balanced budget nor a start on a debt reduction is likely to be achievable. As the interest on accumulated debt is such a high proportion of GDP.
Unfortunately combined higher taxes and cuts to services will be insufficient. The differential is just too great.

Nothing short of cuts in the big bills like the military will make any noticeable difference.
Tariffs will only increase costs and inflation so will be no help.America needs a total financial and political reset, which could only happen following a TOTAL collapse.
Such a collapse would reverberate throughout the rest of the world causing financial and social chaos.

No one wants this to happen on their watch, but is likely unavoidable, as American debt has reached un resolvable proportions.

 

[Clizby Wampuscat]

I'd let the taxes on the upper income brackets go back to what they were before the Trump tax cut and leave the cuts intact on lower income people.

What specifically would you cut to get to $2.2T?

I downloaded the current US budget. $4.26T is mandatory spending. Discretionary spending is made up of $869B is defense and $1.009T is non defense. So we cannot eliminate the deficit without cutting mandatory programs. Mandatory spending is required by law and can only be changed by changing the laws. Discretionary spending is done with an appropriation bill each year. If we want to solve the deficit problem it is going to hurt by eliminating programs and/or drastically increase taxes on everyone and this is why politicians want nothing to do with it. For example if we do get rid of the department of education that is $82B, only 3.7% of the current deficit.

 

[crossfire]

I downloaded the current US budget. $4.26T is mandatory spending. Discretionary spending is made up of $869B is defense and $1.009T is non defense. So we cannot eliminate the deficit without cutting mandatory programs. Mandatory spending is required by law and can only be changed by changing the laws. Discretionary spending is done with an appropriation bill each year. If we want to solve the deficit problem it is going to hurt by eliminating programs and/or drastically increase taxes on everyone and this is why politicians want nothing to do with it. For example if we do get rid of the department of education that is $82B, only 3.7% of the current deficit.

So, what would you cut? Social Security, Medicare, SNAP, Federal Unemployment Insurance, or the salaries of federal judges and congress-critters?

 

[Clizby Wampuscat]

So, what would you cut? Social Security, Medicare, SNAP, Federal Unemployment Insurance, or the salaries of federal judges and congress-critters?

Don't know. Get rid of some departments wholly, maybe Education, Agriculture, HUD, Energy, Homeland security. Those add up to $530B. I don't have the answers. Probably will take an outside the box genius thinker to solve the problem.

 

[crossfire]

Don't know. Get rid of some departments wholly, maybe Education, Agriculture, HUD, Energy, Homeland security. Those add up to $530B. I don't have the answers. Probably will take an outside the box genius thinker to solve the problem.

These, plus the interest on the debt, are the mandatory spending items.

So, what would you cut? Social Security, Medicare, SNAP, Federal Unemployment Insurance, or the salaries of federal judges and congress-critters?

You said we can't eliminate the debt without cutting the mandatory spending in post #51. We're gonna have to raise more revenue as well. We can grow the economy and raise more money through the existing taxes on the growth, but that is not going to be enough either.

Cutting the departments of education and agriculture is going to hit the poorer red states. Cutting Homeland Security will not secure the borders. I'm not sure what cutting HUD will do-it would depend on the property owners.