Seems to me we need to get a handle on this long term. Everything should be on the table. https://www.cbo.gov/publication/58848 CBO projects a federal budget deficit of $1.4 trillion for 2023. (Deficits and spending have been adjusted to exclude the effects of shifts that occur in the timing of certain payments when October 1 falls on a weekend.) In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow. After 2027, deficits increase again, reaching 6.9 percent of GDP in 2033—a level exceeded only five times since 1946 n CBO’s projections, outlays and revenues measured as a percentage of GDP equal or exceed their 50-year averages through 2033. Outlays increase from 23.7 percent of GDP in 2023 (a high level by historical standards) to 24.9 percent in 2033, largely because of rising interest costs and greater spending on programs that provide benefits to elderly people. Revenues amount to 18.3 percent of GDP in 2023. They then decline over the next two years before increasing after 2025, when certain provisions of the 2017 tax act expire. Revenues are roughly stable after 2027; they total 18.1 percent of GDP in 2033. Debt held by the public is projected to rise in relation to the size of the economy each year, reaching 118 percent of GDP by 2033—which would be the highest level ever recorded. Debt would continue to grow beyond 2033 if current laws generally remained unchanged
Amen, and reverse some of them. But the good government types, often well-meaning, know that will never happen, so they expect all the give to come from the other side. They tell you it's your responsibility to be the bigger person because it's a big problem, and everyone knows the other side won't care no matter how big the problem is. Hence the cat food caucus to cut seniors' SS and Medicare.
And, for all the PPP "loans" get some of the damned money back! The fraud in the money that was doled out was downright sickening!
If Wall Street Banks are to big to fail what about the entire USA? In fact I imagine every stock market in the world would be pretty listless the day after the announcement. But Vladimir would be happy! I'm thinking I might be qualified to run the fed..........and I can't even balance my piggy bank.....always empty! LOL
This is why these projections are generally worthless, if we were to balance the budget, it would just be an accounting trick, one that could easily be undone by some new budget passed the next year. Unfortunately Democrats are too stupid to game the CBO like the Republicans do.
Meh. As a fiscal conservative i gave up that fight a long time ago. It’s a giant political loser to campaign on reducing the debt or deficit. zero gain on votes and it’s impossible to compete with Santa Claus.
ha. That gif is pretty funny. JMHO but it’s Just a waste of resources, both time and realized to campaign on fiscal conservatism. Whether it’s 280 characters, 4000 or just a sound bite it’s impossible to compete with free. So as a matter of political/ election policy it’s a meh
It’s Math. Population is getting older meaning more retired and sick folks and fewer working. We need a national immigration policy that includes many getting here on merit. Not just refuge.
That's a bandaid. As more countries pull themselves out of the dark ages, the same will happen to them, and immigration will slow regardless of our policy. We need to start fixing the economic model, not base our solution on more consumption and bodies.
I didn’t say it’s the only problem but it’s making the fact the wealthy aren’t paying enough taxes worse by having an upside population model.
Well in the abstract, plenty of people campaign on it. The reality is that making cuts to the military, or SS/Medicare aren't popular, nor is campaigning on tax increases either. The other main problem is that most people in power realize deficits don't matter, and that the national budget is a fiction of sorts anyways. "Balancing the budget" sounds nice, but its ultimately just an accounting trick, it doesnt mean anything, really.
No argument there, I guess I'm just more pessimistic than others. I don't see how it gets fixed without a massive war or a long, drawn out decline, especially when the boomers start dying off. Immigration and taxes won't be fixed anytime soon, if ever.
Capitalism is presaged on endless growth and consumption, I dont think that economic model is changing
One thing that’s missing in the discussion of this is that baby boomers are the rat in the snake so to speak. When that bulge flattens out coupled with increased immigration some/most of these problems will be mitigated somewhat.
Can Immigration Solve the Problem of an Aging Society? We estimate that immigration between 1990 and 2017 added nearly 43 million people to the population, but had a minimal impact on the share of the population that is of working age. This is because immigration added to both the working-age population and to those outside of the working-age population in nearly equal proportions. We also find that post-1990 immigration had a somewhat larger impact on the ratio of workers to retirees. However, raising the retirement age by one year has as large an impact on the ratio as do the nearly 43 million post-1990 immigrants and their progeny.
