There's two sides to this issue. Income: raise taxes instead of borrowing money to cut taxes for the top 1%. Spending: don't spend $10Trillion on pointless wars and nation building. Invest that money in social and physical infrastructure to stay competitive in the world economy. Even without wars, the US still spends as much on defense as the next 10 or 20 national combined, including China.
Debt Ceiling
- Thread starter astonmartin708
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cut overlapping programs. the gov has 29 programs to address childhood obesity. dept of education. fda. hhr, ag, ...
Looking at federal tax revenue from 2018 to 2020 (post tax cuts) and tax revenue from 2015 to 2017 (pre cuts), how much tax revenue do you believe those cuts cost the country?
U.S. Federal Government Tax Revenue
The federal government generates tax revenue through sources like income and corporate taxes. Learn how much tax revenue the U.S. generates each year.
cost the gov?Looking at federal tax revenue from 2018 to 2020 (post tax cuts) and tax revenue from 2015 to 2017 (pre cuts), how much tax revenue do you believe those cuts cost the country?
U.S. Federal Government Tax Revenue
The federal government generates tax revenue through sources like income and corporate taxes. Learn how much tax revenue the U.S. generates each year.www.thebalance.com
where would the gov spend the difference? why not let the Earners spend it?
why not cut gov spending to match the revenues.
Brave Senator ?
"Many of us in Congress argued that we could not afford to do everything, that we needed a fiscal policy that matched our revenues with our expenditures. … We are here today because that advice was ignored, those hard choices were ducked, and the bill for our decisions will be sent to our children and grandchildren, in the form of the additional debt we will authorize today. It did not have to be this way, Mr. President. In the next Congress, the threat of massive deficits, which have made us increasingly dependent of foreign lenders to stay afloat, will still be with us. My symbolic vote against raising the debt limit would have been a protest of the policies that have brought us to this point, and a demand that we change course.”
"Many of us in Congress argued that we could not afford to do everything, that we needed a fiscal policy that matched our revenues with our expenditures. … We are here today because that advice was ignored, those hard choices were ducked, and the bill for our decisions will be sent to our children and grandchildren, in the form of the additional debt we will authorize today. It did not have to be this way, Mr. President. In the next Congress, the threat of massive deficits, which have made us increasingly dependent of foreign lenders to stay afloat, will still be with us. My symbolic vote against raising the debt limit would have been a protest of the policies that have brought us to this point, and a demand that we change course.”
Happening during a time when we borrowed how much for useless foreign wars?
Crazy to think our national debt is now 4x what it was when Biden made that statement in 2004. 4x the amount of debt to burden our children and grand children as Biden so eloquently put it.
To put that number in further perspective, Biden increased the National debt by $8.6T during his vice presidency. More than our total debt when he expressed his concern for burdening our children with said debt.
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Just pointing out the irony that the man who expressed his concerns (and rightly so) for the debt we’re leaving our children has now seen $11.6T in debt accumulate under his direct watch and has proposed $6T in spending in 2022.
Prediction…our elected officials will continue to rack up huge deficits until it all implodes. I’m not sure when that time will come only that it will.
Prediction…our elected officials will continue to rack up huge deficits until it all implodes. I’m not sure when that time will come only that it will.
Well, we all saw how unpopular reducing deficits through both spending cuts and revenue (tax) increases is when Carter was in office. No one wants to be Carter in terms of servicing our debt because it makes you unpopular with both sides. (Not that it was the main, or only reason he was unpopular)
Maybe if someone had the leadership and foresight to explain why debt reduction or at least stability is vital to the long term health of our economic system as well as the standard of living of future generations the idea wouldn’t be unpopular. The obvious problem is our elected officials are selfish as is the populous as a whole. When this thing crashes and we are forced to devote a substantial portion of our tax revenue to debt service maybe people will then ask questions.
I would offer that any generation that fights to legalize the killing of an unborn generation does in reality not give a crap about the mess it leaves behind for future generations.
What a crock argument. It's not really an argument. You should stick to Texas independence.
Really.... why would you care about the mess left for future generations if you werent planning to have one?
That's laughable. I don't agree with abortion, but supporting abortion doesn't signify that it's supporters won't/don't want to have a next generation.
It's used for convenience/bad timing/not having the means to support a child. It's also for situations when the person has sex with someone they don't want to raise a child with or abuses them. Sometimes it happens with rape. It usually doesn't happen because they don't want to have kids.
If you want a demographic to make a generalised comparison...
Democrats have just as many kids as Republicans, but generally support abortion. That's, just an argument to make oneself feel morally superior. You know those type of arguments very well.
There is a very fine line separating you and Rippin/Shon. You just know how to keep your mouth shut, in order not to hang yourself repetitively.
It's used for convenience/bad timing/not having the means to support a child. It's also for situations when the person has sex with someone they don't want to raise a child with or abuses them. Sometimes it happens with rape. It usually doesn't happen because they don't want to have kids.
If you want a demographic to make a generalised comparison...
Democrats have just as many kids as Republicans, but generally support abortion. That's, just an argument to make oneself feel morally superior. You know those type of arguments very well.
There is a very fine line separating you and Rippin/Shon. You just know how to keep your mouth shut, in order not to hang yourself repetitively.
Manchin walked out during Schumer’s Senate speech re the agreement to raise the debt ceiling saying “this is crazy”. Not sure why Schumer chose to make such a polarizing speech after 10 Pubs and Manchin agreed to side with the Dems to raise the debt ceiling but in doing so it appears Schumer just made compromises on infrastructure and budget bills much more difficult.
Opinion piece from the bastion of conservatism CNN
www.cnn.com
Analysis: Chuck Schumer picked the wrong moment to go on a partisan rant
The Senate was in self-congratulatory mode on Thursday night.
www.cnn.com
I have maxed out my credit card. Instead of paying anything on it, i will just ask the cc company to increase my max so I can spend more.
congress should not be allowed to enact any new spending unless it eliminates programs of equal or greater spending.
If you have an unpayable debt of $100, you have a problem… if you have an unpayable debt of $10,000,000 the bank has a problem.
At least $10Trillion, but invest $1T over ten years in our own people and country, and it's blasphemy.
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Tell that to China.If the bank has an unsecured loan of $10M it deserves to have a problem
I wouldn’t want to be Evergrande’s directors right now. Those boys are likely to disappear.
DOD annual funding bill signed today for $768B. Makes funding infrastructure for $1,000B for ten years look like small potatoes.
That number is highest in the history of the DOD. Yes….even higher than during those wars some claimed to have added $10T to our deficit.
Question….in a time where the US is involved in no wars, why are the Dems setting a record for the defense budget ?
U.S. Military Spending/Defense Budget 1960-2024
Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are...
Not a record expenditure. Wars are funded from multiple sources in addition to theThat number is highest in the history of the DOD. Yes….even higher than during those wars some claimed to have added $10T to our deficit.
Question….in a time where the US is involved in no wars, why are the Dems setting a record for the defense budget ?
U.S. Military Spending/Defense Budget 1960-2024
Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are...www.macrotrends.net
DoD budget.
Making this a partisan issue is beside the point. It is more accurately a
statement about the US propensity for using the military as a solution for all its problems. Next up, China.
I was simply asking why are we budgeting a record amount for the DOD in a period where no wars are occurring? Is this not a valid question? You were the one who first brought up the amount
Republicans bitch about Obama massively reducing our military expenditures, now they are bitching about Biden keeping pace with inflation and not decreasing our military expenditures. Any decision gets criticism from the opposition.
The only one bitching on here about the size of the DOD budget was WATU when he commented on its large size. I’m simply asking why it hasn’t done down now we’ve exited those wars which some claim have added $10T to our deficit? I believe it to be a valid question.
I'm just saying you are asking that question, while if he had supported the opposite, there would be criticism abound. This is a can't win issue. The only way to evade much criticism would be to leave the expenditure the same. (Which in these times of inflation, would be a cut.)
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WATU has consistently been on record of supporting cuts to the DOD. I assume which is why he pointed out the amount today. Is not my question to a progressive as to his feeling about Biden not cutting the DOD budget during a time of peace not fair game? One could argue that even maintaining the status quo in defense spending from war time to peace time is an net increase as those war related expenses are now being budgeting to other defense areas.
I don’t understand why speaking out on the largest defense budget in history would evoke criticism? The only criticism at least from myself would be not speaking out against the budgeted amount given one’s strong opposition in the past. Now if a person now supports such a budget because of the political party of those in the White House and Congress then we obviously have a major issue of credibility.
