I'll retract the word "wild." Although, to listen to the Freedom Caucus, any spending, given the debt, is pretty much that.
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It's higher than it should be, even with revenues increasing.
I would be nervous about Trump and the deficit, but I could also argue that the PPP and other INITIAL Covid spending in 2020 were needed. Subsequent spending by Trump and almost all spending by Biden (including all of the extra regulation) were not needed and fed inflation.
Dont just listen to the campaign rhetoric, look at the math. Could some taxes be raised? Sure, but 80-90% of the problem would need to be solved by spending cuts, admittedly some painful ones. Bill Ackman, who is as shrewd as they come, is shorting the 30 year T, that should tell you something.
Zero reason why '21 forward shouldnt be at least back to 2019 levels
mr.h
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Simply put…both are needed. And if you don’t feel so, look at the disparity of income between the haves and have nots and the CEO’s and the worker bees.
BTW Trumps tax cuts end in 2025 and later, but the corporate tax cuts are Permanent.
Cutting the debt should be painful for everyone across the board.
There are many parts to this:
Raising taxes - sure it helps revenue (tax everyone at much higher rates including Cap Gains). The issue with cap gains, people will wait it out especially with Real Estate and other less liquid asset classes.
Cutting spending - this likely helps a bunch more BUT people will suffer. Less SS, less Medicare, less Medicaid, maybe we cut Amtrak, maybe we cut tax credits, maybe we cut defense spending (what happens in Asia/Europe and does it really matter)
Increasing GDP - likely helps more than raising taxes and cutting spending but much harder to do. Best way- inflation with decreased spending thus GDP goes up and revenues YET overall government spending goes down.
Decreasing tax write-offs for companies and individuals. Talk about major shake-ups and tons of legal waste BUT it is likely needed on many fronts.
Raising taxes - sure it helps revenue (tax everyone at much higher rates including Cap Gains). The issue with cap gains, people will wait it out especially with Real Estate and other less liquid asset classes.
Cutting spending - this likely helps a bunch more BUT people will suffer. Less SS, less Medicare, less Medicaid, maybe we cut Amtrak, maybe we cut tax credits, maybe we cut defense spending (what happens in Asia/Europe and does it really matter)
Increasing GDP - likely helps more than raising taxes and cutting spending but much harder to do. Best way- inflation with decreased spending thus GDP goes up and revenues YET overall government spending goes down.
Decreasing tax write-offs for companies and individuals. Talk about major shake-ups and tons of legal waste BUT it is likely needed on many fronts.
mr.h
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TheEye
Recruiting is about get even better.
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What would Trump cut? Has he promised any cuts?
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The FBI, AG, and any department that went after him?
Sorry thats socialist dogma bull****. If we live in a meritocracy, then there are always going to be disparities in pay. I am perfectly happy paying Jamie Dimon and Tim Cook whatever they want to run their companies, and too bad they arent the country. I suspect you dont care that Tim Cook makes a lot of money.
Want the worker bees to make money? Forget getting all of the bull**** degrees and get a STEM degree.
We ultimately have to cut entitlements and defense, but we could start with going after fraudsters, cutting pork and eliminating a number of worthless government agencies, like Energy.
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Start here.
2023 Annual Report: Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Billions of Dollars in Financial Benefits
Each year, GAO reports on federal programs with fragmented, overlapping, or duplicative goals or actions, and we have suggested hundreds of ways to...
Preach on, brother!
mr.h
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Jamie Dimon’s excessive pay and stock ownership caused JPM to make risky bets and lose billions when the market tanked…
We bailed him out and he took a bonus and raised fees.The disparities in pay are getting wider. He thanks you for your support..His income is offensive and I’m not a socialist.
Meritocracy doesn’t work for women and minorities.
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Seems like I've been hearing about Republicans eliminating two or three current Cabinet-level Departments for decades. Maybe it'll finally happen under Trump?? Dept of Education was one.
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Hasn't Trump gone on record as saying Soc Security and Medicare are "safe" under him? Or, did I mishear?
He has said it, everyone has said it, so thats why thats likely to be the last budget items excised. Its why I wrote lets start with cutting out fraud, eliminating worthless departments, etc etc.
Here are the departments, at least 1/3 and maybe half should go bye bye or be consolidated. Labor, HUD, Energy and Education are no brainers.
- Justice (1789)
- State (1789)
- Treasury (1789)
- Interior (1849)
- Agriculture (1889)
- Commerce (1903; originally included Labor)
- Labor (1913)
- Defense (1947)
- Health and Human Services (1953)
- Housing and Urban Development (1965)
- Transportation (1967)
- Energy (1977)
- Education (1979)
- Homeland Security (2003)
Moody's downgrades US banks, warns of possible cuts to others
Report comes against backdrop of tightening monetary conditions.