Biden Admits He Will Raise Taxes

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

no they don't.

no business has that power.

and it was the FAA that failed in their oversight so why aren't their inspectors going to jail for their culpability in the deaths caused by the 737?

Why did Bill Clinton go to jail for for signing the deregulation that allowed too big to fail to be possible?

The answers are more complex than you think.

it wasn't a single thing that crashed the economy it was a storm of bad law, bad governance and bad business

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

no they don't.

no business has that power.

and it was the FAA that failed in their oversight so why aren't their inspectors going to jail for their culpability in the deaths caused by the 737?

At the very least they should be fired but this kind of stuff doesn't happen one way. You fire someone at the FAA and he blows the whistle on the rest.

Why did Bill Clinton go to jail for for signing the deregulation that allowed too big to fail to be possible?

The answers are more complex than you think.

it wasn't a single thing that crashed the economy it was a storm of bad law, bad governance and bad business

Why didn't Clinton go to jail for signing legislation? Wow do you really believe this is a proper rebuttal? One might ask why he doesn't get more blame but that is because both parties are bought and owned the same.

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

no they don't.

no business has that power.

and it was the FAA that failed in their oversight so why aren't their inspectors going to jail for their culpability in the deaths caused by the 737?

At the very least they should be fired but this kind of stuff doesn't happen one way. You fire someone at the FAA and he blows the whistle on the rest.

Why did Bill Clinton go to jail for for signing the deregulation that allowed too big to fail to be possible?

The answers are more complex than you think.

it wasn't a single thing that crashed the economy it was a storm of bad law, bad governance and bad business

Why didn't Clinton go to jail for signing legislation? Wow do you really believe this is a proper rebuttal? One might ask why he doesn't get more blame but that is because both parties are bought and owned the same.

it was his legislation that caused the economy to crash.

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

no they don't.

no business has that power.

and it was the FAA that failed in their oversight so why aren't their inspectors going to jail for their culpability in the deaths caused by the 737?

At the very least they should be fired but this kind of stuff doesn't happen one way. You fire someone at the FAA and he blows the whistle on the rest.

Why did Bill Clinton go to jail for for signing the deregulation that allowed too big to fail to be possible?

The answers are more complex than you think.

it wasn't a single thing that crashed the economy it was a storm of bad law, bad governance and bad business

Why didn't Clinton go to jail for signing legislation? Wow do you really believe this is a proper rebuttal? One might ask why he doesn't get more blame but that is because both parties are bought and owned the same.

it was his legislation that caused the economy to crash.

He signed the legislation that many created. I would have loved to see them all go to prison but writing and signing bad legislation unfortunately is not illegal. Hiring illegals is though.

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

no they don't.

no business has that power.

and it was the FAA that failed in their oversight so why aren't their inspectors going to jail for their culpability in the deaths caused by the 737?

At the very least they should be fired but this kind of stuff doesn't happen one way. You fire someone at the FAA and he blows the whistle on the rest.

Why did Bill Clinton go to jail for for signing the deregulation that allowed too big to fail to be possible?

The answers are more complex than you think.

it wasn't a single thing that crashed the economy it was a storm of bad law, bad governance and bad business

Why didn't Clinton go to jail for signing legislation? Wow do you really believe this is a proper rebuttal? One might ask why he doesn't get more blame but that is because both parties are bought and owned the same.

it was his legislation that caused the economy to crash.

He signed the legislation that many created. I would have loved to see them all go to prison but writing and signing bad legislation unfortunately is not illegal. Hiring illegals is though.

you just said those that caused the crash of the economy should go to jail and now you say they shouldn't?

Like I said it a lot more complicated that you are implying

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

no we can cut spending to do that

The Markets will have none of that.

the markets have no choice in the matter

Of course they do. They run the country.

no they don't

Of course they do which is why they have complete freedom to hire illegals with no concern over being arrested.

Legal Pitfalls of Hiring Undocumented Immigrant Workers

U.S. law makes employers a central player in carrying out immigration restrictions. Learn what the law says about hiring undocumented immigrants.

www.nolo.com

Sure there are laws. They aren't enforced though.

And those businesses that break them do not run the country as you claim they do

Yes they do which is why they have carte blanche to do pretty much whatever they want. Hire illegals, perpetrate fraud, deceive federal regulators, etc.

Some may pay a fine now and then but like with the mafia, they just consider that a part of doing business.

How many bankers that committed fraud went to prison? Boeing admitted to lying to the FAA, anyone personally held accountable?

Steal $45 from the 7-11 and it's prison. Crash the economy and get rewarded.

no they don't.

no business has that power.

and it was the FAA that failed in their oversight so why aren't their inspectors going to jail for their culpability in the deaths caused by the 737?

At the very least they should be fired but this kind of stuff doesn't happen one way. You fire someone at the FAA and he blows the whistle on the rest.

Why did Bill Clinton go to jail for for signing the deregulation that allowed too big to fail to be possible?

The answers are more complex than you think.

it wasn't a single thing that crashed the economy it was a storm of bad law, bad governance and bad business

Why didn't Clinton go to jail for signing legislation? Wow do you really believe this is a proper rebuttal? One might ask why he doesn't get more blame but that is because both parties are bought and owned the same.

it was his legislation that caused the economy to crash.

He signed the legislation that many created. I would have loved to see them all go to prison but writing and signing bad legislation unfortunately is not illegal. Hiring illegals is though.

you just said those that caused the crash of the economy should go to jail and now you say they shouldn't?

Like I said it a lot more complicated that you are implying

Not at all as you understood what I said. The law was bad. The fraud part was illegal. No one could go to prison for the mixing of private and public funds. It's the fraud that was committed with those funds that should have sent people to prison.

 

[evenflow1969]

Well thats kind of the point. The money doesn't go to debt till there is a balanced budget. As far as reparations "Whatch u talking bout Willis"? Sorry different strokes came to my head there. IDK why

They've been talking about reparations for years, just never had the power to actually do it. Well.......now they do have the power to do it.

Sens. Kamala Harris and Elizabeth Warren Back Idea for Reparations

Sen. Kamala Harris and Sen. Elizabeth Warren are the recent Democratic presidential candidates who are embracing reparations.

www.ebony.com

The Congress did pay reparations to Japanese Americans for their internment in WWII.
Democrats have already introduced 2 bills on reparations in the House. They mean to do it.

Political Theater. That simple.

 

[Ray From Cleveland]

Hey you rubber neck mf, I think its up your ass, I can hear it ringin

What's your head doing up his ass?

 

[billyerock123]

there are so many thing wrong with your post... first one that got me laughing was welfare for illegals sorry to inform you
1)to get welfare you have to be a citizen ... and you have to prove to the welfare office you are a citizen ... so much for your welfare BS...
2) republicans have screw up the loans for students so bad where their interest rate is outrageous ...
3) its obvious you are a racist ... we can clearly see that ... if you knew how to do research you would know Obama never raised taxes on people under 250K ;;;

He didn't? You must have not been paying attention. One of the first things he did was greatly increase taxes on cigarettes. Cigarettes are mostly used by lower income and middle-class people. Then he attacked roll-your-own cigarette shops with increased taxes on them as well. So not only were the poor and middle-class paying those taxes, but had to switch to more expensive brands when those businesses closed down coast to coast. How many people making over 250K paid Commie Care taxes? The supreme court said they had to be considered taxes and not fines in order to keep it, and Obama said fine, they're taxes then.

I
paid attention it is you who has no idea what you are talking about

 

[Ray From Cleveland]

paid attention it is you who has no idea what you are talking about

Obama calls for cigarette tax hike of 94 cents a pack

President Obama's proposed 94 cent tax hike on a pack of cigarettes is designed to raise education money while cutting smoking rates. But some say it hits the poor hardest.

money.cnn.com

Highway bill is expected to put an end to roll-your-own cigarettes

Proponents in Congress who pushed the cigarette issue claim a tax disparity needed to be fixed.

www.cleveland.com

American Indian Leaders Weigh In on Federal Cigarette Tax Increase - KFF Health News

khn.org

 

[billyerock123]

Well thats kind of the point. The money doesn't go to debt till there is a balanced budget. As far as reparations "Whatch u talking bout Willis"? Sorry different strokes came to my head there. IDK why

They've been talking about reparations for years, just never had the power to actually do it. Well.......now they do have the power to do it.

Sens. Kamala Harris and Elizabeth Warren Back Idea for Reparations

Sen. Kamala Harris and Sen. Elizabeth Warren are the recent Democratic presidential candidates who are embracing reparations.

www.ebony.com

The Congress did pay reparations to Japanese Americans for their internment in WWII.
Democrats have already introduced 2 bills on reparations in the House. They mean to do it.

Sounds good to me .. it’s about time they start paying for their wrong doing ... I bet the 5 Americans who were killed somebody going to pay ... I hope l get to watch all those protesters who went into the capitol get ten years a piece ...what a bunch of fools ... they bought this trump was cheated by the mail in ballots his lies are getting them all kinds of jail time ... what a bunch of fools,, well they’re republicans what came one expect suckers for every conspiracy on the planet...

 

[Never quit]

Biden: "If you elect me, your taxes are going to be raised" - Americans for Tax Reform

At a Joe Biden campaign rally in South Carolina on Friday, a voter told Biden that the Trump tax cut saved him money, but Biden shot back that he would raise taxes if elected. Biden: “By the way, how many of you did really well with that $1.9 trillion tax cut…” [Voter raises a hand to say […]

www.atr.org

Now, with a Democratic Senate, there is nothing to stop the Democrats. You Biden lovers might need a second job.
You can also make your kids get a job. Perhaps you should see a stockbroker and ask about tax shelters. You have been warned but you did not listen.

Biden voters don't have jobs - they rely on your payments for their existence. The parasites live off those tax payments. Even if they seem to have jobs you will quickly discover that they are some government or other parasitical jobs.

So this is again cuckery. It's up to you to protect yourself, and yes laugh when socialism fails again and these people get genocided on the altar of free shit, as men are not having jobs and thus women are not having babies.

But before that protect yourself - these people have decided on going through with it - it's their instinct to consume everything in sight and they likely are the majority. In democracy there are no checks and balances to their erroneous instinct, now that the constitution has been destroyed. The only warning if you want to give one is that - when they fail - the people who are experts at dealing with this nonsense, which is us, won't be there to help. Even family members who support this stuff - to the dumpster they go when it fails - if they are not there already, this stuff tends to follow to personal finances.

Shut the fuck up.....you red white and vomit white motherfuckers, especially you Yahoo's in the south that suck off the tits of tax payers with your disability welfare should get down on your fuckin knees and thank blue states for picking up the tabs you welfare whores suck up.

Socialism is desperately needed in this country, since your Hitler boss has wecked the fuckin economy, you loser bastards

Hahahahahah

 

[Never quit]

Well thats kind of the point. The money doesn't go to debt till there is a balanced budget. As far as reparations "Whatch u talking bout Willis"? Sorry different strokes came to my head there. IDK why

They've been talking about reparations for years, just never had the power to actually do it. Well.......now they do have the power to do it.

Sens. Kamala Harris and Elizabeth Warren Back Idea for Reparations

Sen. Kamala Harris and Sen. Elizabeth Warren are the recent Democratic presidential candidates who are embracing reparations.

www.ebony.com

The Congress did pay reparations to Japanese Americans for their internment in WWII.
Democrats have already introduced 2 bills on reparations in the House. They mean to do it.

Sounds good to me .. it’s about time they start paying for their wrong doing ... I bet the 5 Americans who were killed somebody going to pay ... I hope l get to watch all those protesters who went into the capitol get ten years a piece ...what a bunch of fools ... they bought this trump was cheated by the mail in ballots his lies are getting them all kinds of jail time ... what a bunch of fools,, well they’re republicans what came one expect suckers for every conspiracy on the planet...

You think karmalass will post THIER bail???

 

[Leviticus]

In other words he is willing to make the hard choices that actually fix the economy. Trump cut taxes while raising spending and now we have a deficit that's well over a trillion dollars a year.

Biden realizes you can't cut taxes while without putting spending until he will raise taxes back to a viable level. The difference is unlike Republicans he won't simply raise taxes on the middle class like Reagan and Bush did, wow keeping the taxes on the wealthy incorporations low.

 

[Ray From Cleveland]

In other words he is willing to make the hard choices that actually fix the economy. Trump cut taxes while raising spending and now we have a deficit that's well over a trillion dollars a year.

Biden realizes you can't cut taxes while without putting spending until he will raise taxes back to a viable level. The difference is unlike Republicans he won't simply raise taxes on the middle class like Reagan and Bush did, wow keeping the taxes on the wealthy incorporations low.

I'm middle-class, and the Republicans lowered my taxes, so I don't know what you're talking about. The last one to increase taxes on the middle-class and poor was Obama. As for spending, where is all that money going to come from for reparations, paying off or forgiving college loans, free college, Medicare for all? Tax the wealthy too high and they leave town taking their jobs with them. The only place Democrats like to cut is our military, and China is neck and neck with us when it comes to power with the additional spending under Trump.

 

[Ray From Cleveland]

Sounds good to me .. it’s about time they start paying for their wrong doing ... I bet the 5 Americans who were killed somebody going to pay ... I hope l get to watch all those protesters who went into the capitol get ten years a piece ...what a bunch of fools ... they bought this trump was cheated by the mail in ballots his lies are getting them all kinds of jail time ... what a bunch of fools,, well they’re republicans what came one expect suckers for every conspiracy on the planet...

What wrong doing? Slavery ended over 150 years ago. Taxpayers today had nothing to do with it, and probably some had ancestors who lost their life in the civil war. Reparations for Democrats means vote buying and nothing more.