https://www.npr.org/2023/07/13/1187540763/budget-federal-deficit-nationa-debt-ceiling Primary causes : - tax revenue down about 10% due to lower capital gains from down market - social security up due to cost of living adjustments - Medicare and Medicaid increases - higher interest costs The federal government's deficit nearly tripled in the first nine months of the fiscal year, a surge that's bound to raise concerns about the country's rising debt levels. The Treasury Department said Thursday that the budget gap from October through June was nearly $1.4 trillion — a 170% increase from the same period a year earlier. The federal government operates under a fiscal year that begins October 1.
One thing is for sure: it’ll be a cold day in hell before Congress has the guts to reform the tax code. Hell, McCarthy and the House pups want to decrease expenditures, including crucial ones for the middle and lower classes. As I’ve said many times, income inequality, and the failure of Congress to address that threat, is destroying this country.
Is it odd that “Income inequality” is directly correlated to “effort inequality” while simultaneously ignoring “opportunity equality?” Asking for a friend….
Good question. We can still do something about it, but it will take a long term approach and not too much pain. But waiting until it becomes too late will be significantly worse.
I think you would need to cite some data showing that. In my circle of friends, the ones who are working the hardest are not the ones who are making the most.
Agree that the primary focus should be "opportunity equality." Disagree that it's ignored or currently exists to a legitimate degree.
It takes no effort at all to accumulate interest, rents and capital gains lol, you are correct about effort inequality but I'm guessing you have your notions on that pretty skewed against the people who actually labor to create that wealth for others.
This is a very big deal, wgbg. We're going to go bankrupt. It's going to happen. Just wait. And wait. And wait.
Do you think effort in life only matters when you’re 30 years old? Unfortunately you are not alone in this grossly inaccurate assumption(if you do). Effort begins in Middle School. Instead of spending 6 hours a day on Xbox, you spend 4 of those hours on reading and math…to prepare you for advanced courses in High School. In High School instead of drugs or vandalism, you put in the extra study effort to succeed in advanced courses so you can attend a good college and get a meaningful degree. At 23, as a fresh college graduate, you forego the new car and drive around in a 10 year used vehicle so you can save money and invest. That requires effort and discipline. By the time you reach 30 and decide it’s time to put some real effort in your life, you are already so far behind that it becomes too daunting for most mortals. Moral of the story for you friend: teach your kids the value of effort to reward ratio when they are 8 years old, and spend the next 10 years reinforcing that virtue.
All time terrible take. All time. Come tell my guys throwing trash on the back of a garbage truck for 10 hours a day in 105 degree heat index that you, as a lawyer, put in more "effort" then them.
You left out the part about how you're more likely to be wealthy in life based on the situation you were born into and little else.
My favorite part about making this point is that technically I'm a "ceo" at 3 companies. Yes, CEOs, owners and investors deserve to reap the rewards of the risk, capital, and effort put into their company. I wouldn't do it otherwise. But the wealth gap is unsustainable
