U.S. Treasury is paying $3 billion a day in interest on national debt, says the Congressional Budget Office (CBO)
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If we say there are about 150M tax payers, that comes out to around $20 per day per taxpayer, or around $7000 per year per taxpayer. That's actually crazy. Obviously, it's not uniformly burdened on those 150M, but if it were, that would mean minimum wage workers would have to work about 4h every weekday just to pay for the interest of the federal…
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It left 25% behind... Not to mention that was more a function of post WW2 realities. Regardless, you cannot legislate a 1950s tax bracket without 1950s border constraints.. Capital is too liquid now, especially since corporate wealth is tied to highly mobile digital assets and IP. We'd need to change international tax laws as well.. which has…
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The sad thing is the slight majority of boomers are not even in the cohort that got to take advantage of all that cheap housing and great job growth. It's wealthy boomers and boomer politicians that truly fucked everyone over. That class of boomer should definitely be blamed for the state of affairs this country finds itself in. They fucked all of…
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I'm gonna ride your top comment to recommend every one read this book: The Deficit Myth by Stephane Kelton. The book explains Modern Monetary Theory. Ultimately, the US has the power to create as much money is needed bc we have our own fiat currency. The only problem is controlling inflation and unemployment, the deficit is not a problem and never…
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Increasing rates at the Federal Reserve won't affect supply side inflation a single iota. Inflation isn't happening right now because people have tons to spend and demand is up, it's happening because of supply.
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You all do realize that Trump isn’t solely responsible for the entire nation’s deficit for all time. We were making interest payments back with Biden and even before.
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Remember when Clinton balanced the budget while getting his cock sucked? Compare that to a fat grifter child molester running up almost half of all u.s. debt hahaha
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You can't keep cutting taxes, especially when the economy is running well. We did raise taxes in 2012 on the highest earners, before that was 1993.
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If you mean me....I'm a moderate to liberal democrat and work in a public library. I just dislike loans to the government.
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The beauty of Congress having an average age of 85 is that it’ll eventually be someone else’s problem