CBO Forecasts, deficits, debt

We literally make our own money that we cant run out of unless the country ceases to exist, ends economic activity and/or loses its currency sovereignty.

 

so based on this post. Is your suggestion to make more money ?

 

We do literally make more money every year. The poster was suggesting that there is some finite amount of money, and there isnt, as long as the country exists and collects taxes from economic activity (and services its debt so it can continue to borrow on good terms), you cant run out of it. There isnt a world where the state is going to do a year to year budget where you get the revenue and that determines what you can spend.

 

I never said I blamed them, I just said they are choosing to not have children, so we don't have the workers coming up that would contribute to SS. When my husband and I were married, we never thought about the pressure to have a certain house or car, we just were motivated to make ourselves financially secure. College was a minimum goal for our kids, when some are more tech school candidates. Now they are finally acknowledging that with the shortage of blue collar workers.

My son and his wife, both college educated, him with advanced degrees, could more than afford children but are choosing not to; they like their life the way it is. That's fine, but the country needs more future workers to support SS. I agree on the company thing, they have taken a lot away from their employees. No one can stay with one company anymore, they don't offer any reason to.

 

do you believe there are any negative consequences to making more every year? If so, who do those consequences impact the most ? If not, who benefits the most from creating/printing/making more money ?

 

You're wrong on that point. I am in favor of controlled legal immigration which we currently do not have.

 

There are different reasons the state makes more money every year, a lot of it is to simply replace currency in circulation that is beat up, destroyed, put into penny jars and never recirculated, etc. And obviously the Fed manipulates the money supply to fit its various mandates (which are geared toward the wants of the capitalist class, so there may be negative consequences for people who's needs or wants diverge from what's good for capitalists). In a way, we all benefit from that (at the very least in the form of a functioning government that can provide basic services instead of civil breakdown), though obviously some benefit more than others from the economic activity generated by US policy.

 

I'm talking about the population as a whole not your kid specifically

The US birthrate is the lowest it's been in 32 years, and it's partly because millennials can't afford having kids

Finances are a huge reason and any immigrants will immediately face the same problem. Immigration is a quick fix, kick the can approach, whereas fixing the culture, both family and business, is a tough but permanent fix. Bet you can guess which one we collectively choose just based on that.

Personally I'd never have kids without my wife being a SAHM, something which is unaffordable for most. That needs to be fixed.

 

Are you suggesting the problem of deficits and national debt does not need to be solved? IE Remove the debt limit and all will be fine?

I agree once we kill the golden goose the golden goose isn't coming back any time soon and US world hegemony will take a back seat. That doesn't mean the US no longer exist. It simply means the the stage we enjoy in the world today will no longer exist. The US will be forced to retreat from foreign intervention.

 

The debt ceiling dates to the 1970s, its really just a procedural trick (its just a vote to authorize borrowing for spending that was already appropriated by congress in the past), and it may even be unconstitutional.

What does 'solving' it look like? As long as the country exists, things can happen, like wars, pandemics, economic crashes which reduce tax revenues, changes in policy, etc. We've had a budget surplus in my life time, all that did was justify some later tax decreases which ended up creating another deficit.

 

Both are a problem. The giveaways during Covid sure as hell didn't help and the rampant fraud with some of the payments is sickening. Couple that with the decision to forgive all these loan payments makes the hole even deeper.

 

Yes I'm aware of the debt ceiling and also aware that we abandoned the gold standard in 1971 not that it matters now at any rate. The debt ceiling does nothing more than serve as a benchmark for government to take seriously the debt we incur as a nation. It serves little purpose when it is all but ignored to say the very least. Not once has congress decided to spend within our means as the deficits continue and national debt rises. There are those that argue it doesn't matter. That may well be true that is until the bill becomes due.

 

How can it be 'serious' when you do the spending before you consider borrowing paying for it? Voting no on the debt ceiling doesnt force cuts or mean the spending is canceled either. Its just another made-up procedural element among many designed to obstruct or create choke points in government. Mostly this has served as an opportunity to grandstand before a routine vote, not an up or down to formally default on US debt.

 

More info on this phenomenon showing lack of children isn't due to lack of desire but financial and societal issues - https://scitechdaily.com/myth-busted-falling-birth-rate-not-due-to-less-desire-to-have-children/

It's a self fulfilling prophecy and immigration won't be a long term fix. The fix is to actually fix the problems.

 

Finally! While I'm not yet well versed in the details of Rick Scott's proposal, I strongly believed the failure to exclude SS and Medicare from the sunsetting provisions was a significant error on his part. Hopefully, this exclusion is clear, total, and ..... as permanent as permanent can be in DC ..... so that it will no longer be a political flash/talking point.

I do wonder what "other essential services" includes and expect this to be another mess to be negotiated and politicized by all sides.

>>Sen. Rick Scott (R-Fla.) has amended his 12-point Rescue America plan to say that his proposal to sunset all federal legislation in five years does not apply to Social Security, Medicare or the U.S. Navy.

After taking relentless fire from President Joe Biden, Democrats and even fellow Republicans, Scott has amended Point Six of his plan, which includes the sunset proposal, to make "specific exceptions of Social Security, Medicare, national security, veterans benefits, and other essential services." <<

Under fire, Rick Scott changes plan to exempt Social Security, Medicare from sunsetting (msn.com)