I believe that the chances of a ‘balanced budget’ in 2033 are, and should be, zero. The proper concern should be how we can have a fairer tax system to provide for the appropriate physical and social infrastructure of the United States. The Republicans are again in their ‘dance of stupid storks’ (only performed in Democratic administrati…
I believe that the chances of a ‘balanced budget’ in 2033 are, and should be, zero. The proper concern should be how we can have a fairer tax system to provide for the appropriate physical and social infrastructure of the United States.
The Republicans are again in their ‘dance of stupid storks’ (only performed in Democratic administrations).They oppose any new taxes on the wealthy and are awaiting another Republican administration to again reduce such taxes consonant with their fraudulent ‘trickle down’ pee pee policy.
In their false budgetary bloviating, they focus on the imperativeness of slashing ‘social expenditures’ to prevent budgetary suicide.
Meanwhile, President Biden is proposing a robust 2023 budget with a panoply of recommended new taxes and much needed social expenditures.
It seems likely that few, if any, of these new taxes will be enacted. Indeed, with the Kevin Crazies in the Animal House, it is uncertain whether a stalemate on the budget might lead to a failure to raise the national debt limit. A debt default could make the current Silicon Valley Bank fiscal dust up seem like a gentle walk in the park.
What is lacking is a serious discussion of national debt. The only time that America had no national debt was in the mid-1830s. The last time the budget was balanced was in President Clinton’s final year in office.
We are going to continue to have an annual budget deficit indefinitely. The appropriate issue is how much. Typically America’s national debt is calculated as a proportion of our Gross Domestic Product. During WW II this became humongous. High taxes were enacted and maintained for years and the debt/GDP ratio dropped substantially.
Assuming that our total economy will increase annually by 2-4% over the coming decade, then we have considerable wiggle room for increasing our total national debt.
Meanwhile the ‘debate’ over the budget deficit and the national debt is sprinkled with Republican foo foo dust.
When I was a kid, a ‘millionaire’ was a person who had over $1,000,000 in assets. Currently there are over 300,000 individuals who have annual incomes over $1,000,000.
Also, there are over 700 American billionaires—$1,000,000,000+.
When I was 16 I felt fortunate because I received 80 cents/hour—5 cents over the minimum wage—working in the summer in an industrial cafeteria of a Westinghouse plant in West Philadelphia.
I believe that the chances of a ‘balanced budget’ in 2033 are, and should be, zero. The proper concern should be how we can have a fairer tax system to provide for the appropriate physical and social infrastructure of the United States.
The Republicans are again in their ‘dance of stupid storks’ (only performed in Democratic administrations).They oppose any new taxes on the wealthy and are awaiting another Republican administration to again reduce such taxes consonant with their fraudulent ‘trickle down’ pee pee policy.
In their false budgetary bloviating, they focus on the imperativeness of slashing ‘social expenditures’ to prevent budgetary suicide.
Meanwhile, President Biden is proposing a robust 2023 budget with a panoply of recommended new taxes and much needed social expenditures.
It seems likely that few, if any, of these new taxes will be enacted. Indeed, with the Kevin Crazies in the Animal House, it is uncertain whether a stalemate on the budget might lead to a failure to raise the national debt limit. A debt default could make the current Silicon Valley Bank fiscal dust up seem like a gentle walk in the park.
What is lacking is a serious discussion of national debt. The only time that America had no national debt was in the mid-1830s. The last time the budget was balanced was in President Clinton’s final year in office.
We are going to continue to have an annual budget deficit indefinitely. The appropriate issue is how much. Typically America’s national debt is calculated as a proportion of our Gross Domestic Product. During WW II this became humongous. High taxes were enacted and maintained for years and the debt/GDP ratio dropped substantially.
Assuming that our total economy will increase annually by 2-4% over the coming decade, then we have considerable wiggle room for increasing our total national debt.
Meanwhile the ‘debate’ over the budget deficit and the national debt is sprinkled with Republican foo foo dust.
When I was a kid, a ‘millionaire’ was a person who had over $1,000,000 in assets. Currently there are over 300,000 individuals who have annual incomes over $1,000,000.
Also, there are over 700 American billionaires—$1,000,000,000+.
When I was 16 I felt fortunate because I received 80 cents/hour—5 cents over the minimum wage—working in the summer in an industrial cafeteria of a Westinghouse plant in West Philadelphia.