cross-posted from: https://lemmy.ml/post/31984374
Head of U.S. rates strategy at TD Securities, Gennadiy Goldberg, said that the crux of the $37 trillion problem is that no one knows at what level the debt becomes unsustainable. Treasury Secretary Scott Bessent acknowledged that the U.S. government has a spending problem, not a revenue problem.
Goldberg agrees with Bessent’s argument but states that the U.S. also does not tax much compared to both the size of the country’s GDP and government outlays. He believes that either taxes have to go up, spending has to come down, or some combination of the two, but warned that it’s very complicated to figure out.
The White House said on June 7 that the GOP tax bill significantly improves the country’s fiscal trajectory by including $1.7 trillion in mandatory savings, while Trump’s tax cuts will spur economic growth. Democrats have pointed to analyses showing the bill’s tax cuts will benefit wealthier Americans far more than low- and middle-income workers while also adding to the national debt.
our fucking taxes are to damn low in the sense of being capped way to low. the low end could use reduction.
Damn, so DOGE didn’t do anything positive except fire a thousand people, confuse a lot more, and now we still don’t have enough air traffic controllers.
Fucking tax the billionaires already!!!
And churches
Meanwhile the top wealthiest 1% are the wealthiest they’ve ever been.
I bet a military parade didn’t help.
The parade would be like spending $0.12 when you’re $100,000 in debt. The difference between a million and a trillion is mind boggling huge.
Probably cost as much as all the “savings” musk and his hatchet boys found
So again, still didn’t help, every penny counts.
HOW do we fix This? MAYBE we tax the Top 1% who have a combined wealth of ALMOST $37TRILLION dollars? No that’s STUPID! If we TAX the people NOT paying Taxes they MIGHT leave! What if we RAISE the Minimum Wage so TAXPAYERS Stop paying for Walmart’s employees? No that’s STUPID! If we make WALMART pay their employees INSTEAD of Taxpayers they MIGHT Raise their Prices (which HAVENT been Raised since they opened their FIRST store!)! What if we STOPPED paying $100000 for Military chairs and Lecterns? No that’s STUPID! We NEED those Overpriced goods in case FRANCE invades us!
I GOT it! We’ll INCREASE taxes on People MAXING out credit cards just to make ends meet! And ALSO Lower taxes on the Wealthy, LOWER taxes on Corporations and INCREASE our Military spending! PERFECT!
-Literally EVERY SINGLE REPUBLICAN!
When is it time to drag our failed leadership into the streets and replace them ?
We are living in interesting times.
