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Entitlement Crisis: No One Is Watching America’s ‘Doomsday Clock’
With Nikki Haley out of the 2024 presidential race, there is no one speaking truth about America’s ticking fiscal time bombs …
With Nikki Haley out of the 2024 presidential race, there is no one speaking truth about America’s ticking fiscal time bombs …
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5 comments
Thank you for the argument for higher taxes fur corporations and the wealthiest Americans.
Biden is already on it.
Even if that argument come from a guy who takes loans from the taxpayers , he will never pay back, and the all the taxpayer handouts that come with having 7 kids on a bloggers budget.
You can never accuse Welfare Will Folks of having any self-awareness, that’s for sure ;-)
Higher taxes are only toxic to MAGA Republicans. Why? Because they are too stupid to understand, that Trump and the other Republicans want to cut Social Security, Medicare, and Medicaid (programs that benefit middle-income America) to pay for tax cuts for giant corporations and very rich people. The Trump Tax cuts went 90% to the richest 5% of Americans. The remaining 95% of us divided up 10% of those tax cuts. The Trump Tax cuts did not pay for themselves (they never do at the historically low tax rates we have now. i.e. we are nowhere near the bend in the Laffer curve), and if they are extended they will reduce federal revenue by trillions. It’s time to admit those cuts were a costly mistake, that added hundreds of billions to the federal deficit. You don’t need to give corporations tax cuts at a time when they are already making record profits.
Republicans say, if we increase corporate taxes they will pass it on to the consumer by higher prices. I call BS on that. That is not how microeconomics works. Companies charge what the market will bear for their goods and services regardless of their operating cost. If the market will not pay enough for them to make a profit they go out of business. When Trump cut Corporate taxes they did not cut the cost of their goods and services to the public, so why would they need to increase them if those cuts go away? The answer is they won’t because they are already charging as much as they think they can get and they are making more profits than ever.
“He also points out that the looming liabilities of these two entitlement programs outstrip the gross domestic product of “every planet on earth”
This is a disturbing report on an obvious challenge. National leaders continue to “kick the can down the road” by leaving the problem for future elected officials. I included the above quote to note the need for editing. The earth is our planet. I suspect the writer intended to use “country” instead of planet.
DWB
Tax the billionaires and multi-millionaires and make them pay what the middle class and working poor do. But suppose, for a second, the GOP continues down this path of madness. We know that “trickle down” doesn’t work. In fact, you can chart the rise of the ultra-wealthy and the freefall of salary increases and retirement savings for the middle class from the Reaganomics era to now. Furthermore, does the GOP truly think that they won’t face angry mobs if they pull retirement and social security from those who’ll be retiring in the next 5-10 years? The median 401K balance for those currently 55-65 is just $89K. That’ll last a year, maybe too if they’re frugal in retirement. Then what? How will these people survive? Oh, right, the GOP doesn’t care about living, breathing human beings, or what happens to them. So please, do carry on with this nonsense about “entitlements”. Here’s your solution: tax the rich-problem solved. You’re welcome.
In a recent interview with CNBC Donald Trump was asked how he would handle entitlement spending “on Social Security, Medicare, and Medicaid” as president, he responded.
“So, first of all, there is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements. Tremendous bad management of entitlements. There’s tremendous amounts of things and numbers of things you can do. So I don’t necessarily agree with the statement. I know that they’re going to end up weakening Social Security, because the country is weak.”
He continued: “I mean, take a look at outside of the stock market—we’re going through hell. People are going through hell. They have—I believe that number is 50 percent. They say 32 and 33 percent. I believe we have a cumulative inflation of over 50 percent. That means people are, you know, they have to make more than 50 percent more over a fairly short period of time to stay up. They’ve gotten routed. The middle class in our country has been routed. And the middle class largely built our country. And they’ve been treated very, very badly with policy.”
Can we at least agree he is either in cognitive decline or stupid?