Economy The Looming Debt Crisis

[Jack V Savage]

What you just posted said a 10% tariff on IMPORTED goods, with tax cuts offsetting the cost of goods.

Right. Tax hike on the poor, offset by lower taxes on the rich.

I am not a Trumper, but he also said he would close the border. That alone would save billions.

??? What does "close the border" mean? What are you basing your cost estimate on? Note that unauthorized immigrants are a net gain from a debt perspective (i.e., they lower the debt).

He also would impose a tariff on non US citizens buying property and businesses. So even though he is orange and a scum bag, that sounds better than what Bidens team has done. You have to admit that the border is a financial disaster, as is his foreign business acumen (except personally for him and Hunter).

How is raising costs for poor people better than anything Biden has done? And what are you referring to with the comment about "foreign business acumen?" Are you under the impression that Trump was making a lot of money from foreign businesses for the U.S.?

Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law, which they see as a major accomplishment worth expanding, according to interviews with a half-dozen people close to the former president, some of whom spoke on the condition of anonymity to describe private conversations. The cuts could be paid for, at least in theory, with a new 10 percent tariff on all imports to the United States that Trump has called for, which could raise hundreds of billions in revenue. The sharp new tax cuts would help offset higher consumer costs caused by the tariffs

Right, so the plan is to increase the overall deficit but reduce the share of revenue paid by the rich and by corporations and increase the share paid by everyone else.

 

[Jack V Savage]

A little taken aback by that one. I know attacking Biden on the border is part of the GOP messaging strategy, but does anyone think that Trump would do anything to reduce unauthorized immigration? If so, what?

 

[Rational Poster]

A little taken aback by that one. I know attacking Biden on the border is part of the GOP messaging strategy, but does anyone think that Trump would do anything to reduce unauthorized immigration? If so, what?

The amount of conservatives that think over 2 million illegal immigrants entered the country this year is like all of them. It's pretty wild how effective the propaganda is.

 

[Unknown Pleasures]

The accountant in me says you're supposed to look at both sides of the balance sheet.

 

[LMP]

Debt can't be a concern for the Republicans if all they want to talk about is lowering taxes on the wealthy. They have failed to put forth any policies that would address the issue other than for cutting social programs. They don't talk about cutting money to any program that benefit the wealthy. If debt is a concern of yours we need to focus on raising taxes and taking the burden off of lower income people so they can earn more money to pay more taxes. Instead we have politicians that continue to ensure that there is a major wealth gap that is ever growing.

"OMG these poor won't work for a wage they can't live off of."

"Homeless people are a problem, poor people are a problem, immigrants are a problem, but don't you dare tax wealthy people anything."




Trickle down economics doesn't work and has constantly lead to gaps in the budget. Those who benefit the most from the system need to be the ones that bare the most burden on supporting the system they benefit from. Imagine complaining about Medicare and Medicaid when a major part of the expense of these programs goes to profitting private companies.


Sure none of us want to have a wasteful system, and we want our money to be spent efficiently. We want to see the benefits of our tax money. Yet we constantly elect officials that cut quality of life benefits for the poor, work to pass laws that eliminate workers rights, and ensure that we live in a police state. All while wanting to keep wealthy people super wealthy.

 

[SakurabasEar]

@Rob Battisti

We will see in due time. I think its a fool's position to think there's no repercussions for the amount of money thats has been spent compared to actual products and services that are being bought and sold. Also, we're going start shedding jobs rapidly in about 10 years. That certainly won't help anything

 

[Jack V Savage]

The amount of conservatives that think over 2 million illegal immigrants entered the country this year is like all of them. It's pretty wild how effective the propaganda is.

There was a legitimate increase for a bit, but I don't get what anyone thinks it has to do with Biden. Also, Republicans have opposed measures to reduce it (remember the whole partisan panic about the gov't saying they wanted to counter misinformation about it?).

@Rob Battisti

We will see in due time. I think its a fool's position to think there's no repercussions for the amount of money thats has been spent compared to actual products and services that are being bought and sold. Also, we're going start shedding jobs rapidly in about 10 years. That certainly won't help anything

I would bet anything we'll have more jobs in America in 10 years than we do now. And that doesn't even make sense. When people spend money, they're buying goods and services.

 

[SakurabasEar]

There was a legitimate increase for a bit, but I don't get what anyone thinks it has to do with Biden. Also, Republicans have opposed measures to reduce it (remember the whole partisan panic about the gov't saying they wanted to counter misinformation about it?).



I would bet anything we'll have more jobs in America in 10 years than we do now. And that doesn't even make sense. When people spend money, they're buying goods and services.

We are not going to have more jobs in 10 years

What new jobs are we going to have in 10 years jack?

 

[SakurabasEar]

When people spend money, they're buying goods and services.

I'm not referring to the people, obviously

I'm growing tired of this fallacy that you people keep promoting

 

[Corona]

I blame GOATnald for this current issue. Good thing for GOATnald I’m told it’s irrelevant tho.

 

[Rational Poster]

There was a legitimate increase for a bit, but I don't get what anyone thinks it has to do with Biden. Also, Republicans have opposed measures to reduce it (remember the whole partisan panic about the gov't saying they wanted to counter misinformation about it?).



I would bet anything we'll have more jobs in America in 10 years than we do now. And that doesn't even make sense. When people spend money, they're buying goods and services.

There was definitely a surge post COVID, but the reason we have any sort of data is because our border security is quite effective and always improving, especially when compared to the 2000s.

We're actually catching and turning them away or deporting them back to their country. Even the majority of asylum seekers have their claims rejected and they're deported.

Anyone will a real grasp on the issues would be advocating for more immigration courts and judges and attorneys to speed up the process, but they don't do that ever.

They also don't like to address that the majority of illegal entry or overstay happens by plane for like the passed ten years. More evidence that the border security is effective and improving.

 

[Jack V Savage]

We are not going to have more jobs in 10 years

What new jobs are we going to have in 10 years jack?

I cannot list them all. But I would say the odds are well over 99% that there will be more jobs in the American economy in 10 years than there are now.

I'm not referring to the people, obviously

I'm growing tired of this fallacy that you people keep promoting

"You people?" What is the fallacy?

 

[ShadBo]

Soo... at even worse interest rates than currently.

Eventually will be getting financing at the 30% from the sketchy used car lots.

I have never once read something you posted that added value to the thread.

You offer no insights or perspective, and it's crystal clear that you often don't have a clue what you're talking about.

If it weren't for memes, twitter, or images with less than 5 words, you would not be capable of participating at all.

Sad.

 

[Renard]

Well, it's probably how they plan on introducing CBDCs. Create problem, sell the "solution." People are stupid but not completely stupid, they'll be resistant to it. Introducing it during some sort of acute financial crisis would be a way to coerce higher adoption.

The Bank of England released their CBDC plans and it's pretty interesting in terms of understanding how they plan on pulling off this scam worldwide. They'll issue wholesale CBDCs (like federal reserves) to private financial institutions and the financial institutions will create "products" out of this CBDC, for example JP Morgan Chase's tokens (JPM Coin). These tokens will be retail CBDC in all but name, and they'll require biometric identification to use. All the transactions you make using these tokens will then be stored into the country's central bank database, tied to your biometrics and completely identifiable to you. The CBDC systems are all designed to be interoperable, and that data will be registered to the World Bank's Universal Global Identity System. They're building a centralized, all-encompassing infrastructure for total financial surveillance and control. People who use these tokens will essentially be signing up for both digital ID and CBDCs without necessarily realizing that's what they're doing. If people allow themselves to get embedded into that system once the perpetrators have on-boarded whichever percentage of the world population they're looking to hit through various forms of coercion, they can essentially turn full 1984 at a moment's notice. No doubt using some new crisis as the excuse and wrapping the rationale in fluff and word-salad so the idiots think they're doing something "good" by obeying authoritarian edicts. So it's pretty important that people don't fall for it. This system can't work if a significant percentage of the population refuses to play ball. If they try to ram it through like they did in Nigeria they're taking their mask off and people will clearly see what they are, what this is. Can't platitudes your way out of that one.

 

[SakurabasEar]

I cannot list them all. But I would say the odds are well over 99% that there will be more jobs in the American economy in 10 years than there are now.



"You people?" What is the fallacy?

>Start vegetable stand in the metaverse

 

[Jack V Savage]

>Start vegetable stand in the metaverse

Exactly the kind of lucid, non-jerky response that we've come to expect from you, I guess...

What a miserable existence some of you have.

 

[SakurabasEar]

Exactly the kind of lucid, non-jerky response that we've come to expect from you, I guess...

What a miserable existence some of you have.

I'm living fine, actually..

I think the covid pandemic may have eliminated your sense of humor

 

[Rob Battisti]

I think the reason you come off as a hack ITT is that you dismiss the only realistic solution proposed (revenue increases) and you bring up the GOP's idiotic debt-ceiling argument, which I don't think any serious person would fail to see through.

I literally stated that the republicans are the issue and I also said the only way out of it is increased revenue and debased currency

 

[Rob Battisti]

I love that the guy saying this isn’t a legitimate concern is calling me a hack for pointing out that we will only ever have perpetually growing debt from this point on.

 

[andnowweknow]

I love that the guy saying this isn’t a legitimate concern is calling me a hack for pointing out that we will only ever have perpetually growing debt from this point on.

Might be good to start with a list of things that you are willing to give up that directly effect you.