Within 30 years, 100 percent of the US deficit will be medicare and social security

[oil&gas]

Mike “Mish” Shedlock's
1/25/2023

In 1965 mandatory spending was 34 percent of the budget. In 2022 it was 71 percent of the budget.

'If You Really Want To Understand How Much Trouble We're In, Give Me A Few Minutes Of Your Time' says Rep. David Schweikert (R-AZ).

Ten Key Quotes

If You Really Want To Understand How Much Trouble We're In, Give Me A Few Minutes Of Your Time.

Your government is just an insurance company with an army

In the next 30 years, 100 percent of the deficit is Medicare and Social Security.

The shortfall in Medicare is about 75% of all of our borrowing.

In ten years, unless we fix Social Security, you are going to double the poverty of senior citizens.

These are the things we are here to fix instead of the trite crap we come behind these microphones and talk about.

Medicare for all is a financing bill. None of those health care bills change what we pay. They just move around who pays.

Until the conversation changes about "what we pay" you can't save us.

Is this body ready to tell the truth about the math? Because the math will always win.

We're not telling the truth about the fragility of interest rates. Every dime is covering interest.


What Is Causing the Budget Deficit?

Interest on Debt
Regarding point five, "In ten years, unless we fix Social Security, you are going to double the poverty of senior citizens," expect massive tax increases or far more free money proposals that will drive up inflation rather than reduced payments.

What About Climate Change?
David Schweikert's rant did not even cover the climate change debate.

Biden, AOC, Warren and others want to spend tens of trillions of dollars on climate change boondoggles.

Who's supposed to pay for that? Taxing the wealthy won't even begin to cover what Democrats have in mind.

Money, Money, Money, Money, Money, Money, Money
John Kerry Says We Need “Money, Money, Money, Money" to Combat 1.5 Degrees of Climate Change.

"The state of the union is coming up. The president's got to, and you know I think will, because he believes this, we gotta move this. Because that's the only way we can keep 1.5 degrees alive."

"So how do we get there? The lesson I've learned in last years, and I've learned it as secretary and leaned it since reinforced in spades, is money. money, money, money, money, money, money."

Within 30 years, 100 percent of the US deficit will be medicare and social security

In 1965 mandatory spending was 34 percent of the budget. In 2022 it was 71 percent of the budget. 'If You Really Want To Understand How Much Trouble W

www.fxstreet.com

 

[toguy5252]

I have no idea whether you are right or not but what i do know is that the rich keep getting richer and the poor keep getting poorer and the gap is grwoing and threefore the social safety net gets more important over time.

 

[Frankfooter]

25% of the US debt is now from Trump's tax break for billionaires.
25%.

 

[Anbarandy]

25% of the US debt is now from Trump's tax break for billionaires.
25%.

That's good debt though.

 

[poker]

Mike “Mish” Shedlock's
1/25/2023

In 1965 mandatory spending was 34 percent of the budget. In 2022 it was 71 percent of the budget.

'If You Really Want To Understand How Much Trouble We're In, Give Me A Few Minutes Of Your Time' says Rep. David Schweikert (R-AZ).

Ten Key Quotes

If You Really Want To Understand How Much Trouble We're In, Give Me A Few Minutes Of Your Time.

Your government is just an insurance company with an army

In the next 30 years, 100 percent of the deficit is Medicare and Social Security.

The shortfall in Medicare is about 75% of all of our borrowing.

In ten years, unless we fix Social Security, you are going to double the poverty of senior citizens.

These are the things we are here to fix instead of the trite crap we come behind these microphones and talk about.

Medicare for all is a financing bill. None of those health care bills change what we pay. They just move around who pays.

Until the conversation changes about "what we pay" you can't save us.

Is this body ready to tell the truth about the math? Because the math will always win.

We're not telling the truth about the fragility of interest rates. Every dime is covering interest.


What Is Causing the Budget Deficit?

Interest on Debt
Regarding point five, "In ten years, unless we fix Social Security, you are going to double the poverty of senior citizens," expect massive tax increases or far more free money proposals that will drive up inflation rather than reduced payments.

What About Climate Change?
David Schweikert's rant did not even cover the climate change debate.

Biden, AOC, Warren and others want to spend tens of trillions of dollars on climate change boondoggles.

Who's supposed to pay for that? Taxing the wealthy won't even begin to cover what Democrats have in mind.

Money, Money, Money, Money, Money, Money, Money
John Kerry Says We Need “Money, Money, Money, Money" to Combat 1.5 Degrees of Climate Change.

"The state of the union is coming up. The president's got to, and you know I think will, because he believes this, we gotta move this. Because that's the only way we can keep 1.5 degrees alive."

"So how do we get there? The lesson I've learned in last years, and I've learned it as secretary and leaned it since reinforced in spades, is money. money, money, money, money, money, money."

Within 30 years, 100 percent of the US deficit will be medicare and social security

In 1965 mandatory spending was 34 percent of the budget. In 2022 it was 71 percent of the budget. 'If You Really Want To Understand How Much Trouble W

www.fxstreet.com

So Robert Reich was correct when he said the GOP would use the Debt Ceiling to attack Medicare and Social Security…. Well played.

as posted in another thread:


Robert Reich is 100% correct here…


Friends,

Few things make me as furious as the mainstream media’s reluctance to tell the public what the Republican Party is doing — and instead hide the truth behind “both sides” rubbish. How the hell can democracy work if The New York Times, CNN, and even NPR obscure what’s really going on?

Let me state five central truths about the pending fight over the debt ceiling and show you how the mainstream media is distorting each of them.

Truth #1: The fight is being waged solely by the Republican Party. The Democrats did not pick this fight. When Trump occupied the White House, Republicans voted to increase the debt limit three times without incident. Over the last quarter century, it has been raised over a dozen times.

You wouldn’t know this from the way it’s being covered. Last Thursday’s Times, in an article titled “Months Before a Potential Crisis, Both Parties Kick Off a Fiscal Blame Game,” leads with the wildly false equivalence that:

“Members of both parties are intent on painting the opposition as culpable for the turmoil that would result from a catastrophic default on the debt this summer….

Administration officials say Republicans are provoking an unnecessary crisis by insisting on deep spending cuts …. [But Kevin McCarthy] has started early trying to lay the blame at the feet of Democrats instead. As Republicans vow to extract spending cuts in exchange for an increase in the debt limit, Mr. McCarthy insists it is Mr. Biden and his allies in Congress who are acting cavalierly by refusing in advance to negotiate on such reductions, and they who are risking upheaval if they do not shift their position. The clear inference is that whatever happens will be the fault of Mr. Biden and Senate Democrats.

CNN is no better. Anchor Erin Burnett has framed the fight as “a dangerous game of chicken,” in which “Republicans refuse to raise the debt ceiling without any strings attached,” while “the White House — well, they are going to the opposite extreme.”

White House going to the opposite extreme? Hello?

CNN congressional correspondent Lauren Fox even describes Republicans and Democrats as “retreating to their corners” and “sticking to their political talking points.”

Truth #2: The fight has nothing whatever to do with controlling the national debt. It has to do with paying the nation’s bills. The “debt ceiling” is merely an accounting convention. The national debt is comprised of obligations already incurred. If Republicans were serious about controlling the national debt, they’d be willing to consider tax increases — including repeal of the giant Trump tax cut that went mostly to big corporations and the very rich. But the national debt isn’t on their minds.

Yet the mainstream media is intent on treating this as a fight over the national debt.

On CNN’s major political talk show last Sunday, anchor Jake Tapper suggested to Rep. Ro Khanna (D-Calif.) that it would be “irresponsible” for the GOP not to force a fight over the debt ceiling, saying, “We have these crazy deficits, crazy national debt. It's $30 trillion right now … Isn't it time that Congress takes this seriously? And would the Republicans be irresponsible for not forcing this conversation?” In an interview with the ranking Democrat on the House Budget Committee, Tapper said that it’s “a problem” that “the U.S. government spends a lot more money than it takes in” and that Democrats are unwilling to negotiate. “Republicans say they are willing to come to the table to discuss raising the debt ceiling but they also want to discuss negotiations to reduce future government spending. … Are you willing to at least sit down and see if there is a deal to be made in any way?”

Truth #3: For the last half century, Democratic administrations have been more fiscally responsible than Republican ones. I was part of Bill Clinton’s administration, which balanced the federal budget after Ronald Reagan and George H.W. Bush had racked up record deficits. Obama cleaned up after George W. Bush’s runaway spending and tax cuts. The Trump administration added a whopping $7 trillion to the national debt.

Yet if you watch or listen to the mainstream media, you’d think that the two parties are equally fiscally irresponsible and will be equally at fault for whatever happens next.

Introducing a pair of segments, CNN anchor John Berman said “Republicans refuse to budge on demands and Democrats refuse to budge on negotiations.”

Truth #4: The real reason Republicans are waging this fight is they see it as a backdoor way of attacking the two most popular (and largest) safety nets in the federal government: Social Security and Medicare. They dare not take on these programs directly. But the GOP believes that negotiating over the debt ceiling gives them an opportunity to begin to shrink these programs.

The mainstream media barely mentions this underlying strategy. Politico refers to raising the debt limit as a “political stalemate” and describes the positions as: “Conservatives want a deal that includes spending cuts, but the White House says meeting the country’s obligations should be non-negotiable.”

Truth #5: The act of holding the full faith and credit of the United States hostage is the economic equivalent of aiming a nuclear missile at the American (and world) economies and demanding concessions. It’s not a bargaining tactic. It’s a terrorist tactic.

Yet the mainstream media makes it sound as if Republicans have long used fights over the debt ceiling to counter Democratic spending. Consider this, in last Friday’s The New York Times, in an article titled “A Political Fight is Again Putting the Economy at Risk.”

Republicans, in particular, have used the passage of bills increasing the limit as leverage to try to force spending cuts on Democratic administrations …. If lawmakers have a problem with spending, the debt ceiling offers a way to protest….

The media are even blaming Democrats for not negotiating over the debt ceiling. On NPR’s Morning Edition, political correspondent Susan Davis said, “For now, McCarthy is the only leader at the negotiating table.”

Of course McCarthy is the only one at the negotiating table. The Biden administration and the Democrats are not negotiating because raising the debt ceiling should be non-negotiable.

Friends, I’m not even talking here about Fox News or its many far-right imitators. I’m referring to the so-called “moderate” mainstream media that most Americans rely on for their news.

The pending fight over raising the debt ceiling is complicated. If the mainstream media gets it wrong, how do we expect most Americans to get it right?

 

[oil&gas]

So Robert Reich was correct when he said the GOP would use the Debt Ceiling to attack Medicare and Social Security…. Well played.
..........................

Do you think the right thing for the GOP to do (which they won't) is to
support Democrat's spending on climate change? If the GOP is as devious
as Robert Reich they may still turn out to be a blessing in disguise. Think
about what the consequence will be if the Democrats can spend as much
as John Kerry and AOC on carbon emission reduction.

 

[poker]

Do you think the right thing for the GOP to do (which they won't) is to
support Democrat's spending on climate change? If the GOP is as devious
as Robert Reich they may still turn out to be a blessing in disguise. Think
about what the consequence will be if the Democrats can spend as much
as John Kerry and AOC on carbon emission reduction.

I think the GOP had Trump in Office, and control of the Houses… and had no issue increasing the debt ceiling then. It’s only a problem when a Democrat is in the White House.

I also agreed with Reich’s take on Dem’s being historically far more fiscally responsible.

 

[oil&gas]

I think the GOP had Trump in Office, and control of the Houses… and had no issue increasing the debt ceiling then. It’s only a problem when a Democrat is in the White House.

I also agreed with Reich’s take on Dem’s being historically far more fiscally responsible.

I agree that Republicans are despicable in raising the issue of debt ceiling.
That being said I must point out Democrats' record of fiscal responsibility
in the past is not necessarily predictive of prudent spending in the future.
John Kerry's solution to climate change could turn out to be catastrophic.

 

[jalimon]

The problem is simply inequalities.

Less yacht for CEO of big hospital, insurance companies and big pharma.

Is it normal that some basic common dental procedures cost in Spain or Portugal 10% of what it cost in the US? I have a colleague in the US that took a flight to Spain to get it done as even with transport and hotel it was still less costly.

Trickle down the $ and stop the greed. A big reset is needed. Yes it will mainly affect the meddle class to rich but they can afford it. And down the road benefit from it as less poor people means less crime. When you have a roof and a basic job that let you enjoy life a bit you are less inclined to steal and cause trouble.

A friend of mine went to live in Chili (he spoke fluent Spanish) and he says everyone is poorer but much happier... No need for gated community in Chili. and no one is afraid to take public transport at any time.