Should Congress ask the Fed or a new Commission to define the path forward to fiscal sanity? (Poll)

[kyzr]

Here is a copy/paste from another thread. Its a list of new taxes that gets us to a surplus to start paying down the Debt.
The interest rates can be adjusted as necessary.


1. Add a 4% Federal Sales Tax on all sales (gains ~400b/yr)

2. Add a 0.1%? financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.) (gains 777b/yr)

3. Add a Remittance Tax on all money sent out of the US (gains ~$150b/yr, see below)

4. Remove the cap on SS tax, and raise the ages from 62/67 to 63/68 (saves SS)

5. Raise the tax and co-pay for Medicare

6. Add a co-pay for Medicaid

7. If all of the above taxes were implemented, the $1T Budget Deficit would become a $350b surplus to start paying down the $32T Debt

Financial Transactions Tax: What You Need to Know - SmartAsset ​

smartasset.com

The United States Loses $150 Billion Annually in Remittances ​

Many Americans know very little, if anything, about “remittances,” (also known as “remittance payments”) and how they affect the U.S. economy. The term “remittance” refers to money earned in the United States that is transferred to relatives, friends or business associates who are still abroad...

 

[kyzr]

Get enough newbies in with some fire ya might be surprised. With all the oldsters the opportunity is there.Message not money

My hats off to the 5 GOP rebels who are saying "not kicking the can down the road".
Like that guy in Beijing who stood in front of the tank column.

 

[CrusaderFrank]

None of the above.

Pass a law that: Congress cannot trade stocks. Congress cannot run for reelection if we're in deficit

 

[BluesLegend]

Wrong. Trump cut taxes with the expectation of 5% GDP growth. It failed miserably.
What the tax cut did do was add $Trillions to the Debt.

Letting me keep MY money is never a bad idea. Trumps plan was working and would have worked but don't expect an overnight victory there's a giant mess to clean up and lots of corruption.

 

[kyzr]

Letting me keep MY money is never a bad idea. Trumps plan was working and would have worked but don't expect an overnight victory there's a giant mess to clean up and lots of corruption.

KISS. Keep it simple stupid.
We're spending more than we're bringing in.
The "giant mess" needs a lot more revenue to clean up.
So how do we get more revenue?

 

[bendog]

1. The US spends too much, and borrows too much to be sustainable. That is not my "opinion" that is a fact from the government experts. Even the Joint Chiefs called the National Debt the bigest threat to the US.

Examining the root causes of America’s unsustainable fiscal path | Brookings

On January 28, 2020, Henry J. Aaron, Senior Fellow in Economic Studies at Brookings, testified before the Senate Committee on Homeland Security and Governmental Affairs.

www.brookings.edu

The Federal Government Is on an Unsustainable Fiscal Path

Growing debt is not just a number—it represents a threat to our economy and our ability to meet national needs and priorities. The federal deficit (the amount of money spent vs. the amount collected) increased for the fourth consecutive year. This year—and for the foreseeable future—the annual...

www.gao.gov

Financial Report of the United States Government - Executive Summary - An Unsustainable Fiscal Path

fiscal.treasury.gov

2. So who got us in this fiscal mess? CONGRESS. Both parties.

3. Who can get us out of this fiscal mess? That question is the purpose of this thread. Lets take a poll and see who has solutions.

4. A partial list of solutions includes:
a) Default on the Debt. Screw all those who were dumb enough to buy US bonds. This may be unconstitutional per the 14th Amendment.
b) Raise taxes to start paying down the Debt
c) Keep kicking the can down the road, until the US goes bankrupt or the dollar is worthless.
d) Print all the money we need until it becomes worthless
e) Your option, have any?

We already tried the bipartisan commission when Obama was potus, and Biden VP, and the freedom caucus didn't like the results, so they fired two Speakers. To McConnnell's credit, he acknowledged that the only path to fiscal sanity is for both parties to do what their constituents do not want them to do.

Whether a D potus can get the party to reduce SS benefits after Trump .... I dunno. Maybe we should try it again, just to reset the goalposts to where they were, and hopefully reduce the level of rhetoric ... but I don't really see that happening so long as Trump is around. Cut entitlement growth and increase revenues.

 

[bendog]

Letting me keep MY money is never a bad idea. Trumps plan was working and would have worked but don't expect an overnight victory there's a giant mess to clean up and lots of corruption.

deficits increased every year Trump was potus. There's no magic available to us.

 

[kyzr]

deficits increased every year Trump was potus. There's no magic available to us.

Deficits increased every year Biden was president. There still is no magic cure.

Trump wanted to grow the economy to 5%. Good goal, but not realistic.

 

[kyzr]

We already tried the bipartisan commission when Obama was potus, and Biden VP, and the freedom caucus didn't like the results, so they fired two Speakers. To McConnnell's credit, he acknowledged that the only path to fiscal sanity is for both parties to do what their constituents do not want them to do.

Whether a D potus can get the party to reduce SS benefits after Trump .... I dunno. Maybe we should try it again, just to reset the goalposts to where they were, and hopefully reduce the level of rhetoric ... but I don't really see that happening so long as Trump is around. Cut entitlement growth and increase revenues.

1. What bi-partisan commission? The last one I remember was the Grace Commission.

2. What was McConnell's recommendation? Link Please.

3. Joe Manchin is the only pol with a solution to SS, he wants to remove the cap.

 

[BluesLegend]

The "giant mess" needs a lot more revenue to clean up.
So how do we get more revenue?

Not by increasing taxes.

 

[BluesLegend]

deficits increased every year Trump was potus. There's no magic available to us.

Blame Democrats who refuse to cut spending, secure our borders, stop funding other people's wars, etc. etc.

 

[bendog]

Deficits increased every year Biden was president. There still is no magic cure.

Trump wanted to grow the economy to 5%. Good goal, but not realistic.

but you might notice I was responding to a post that asserted Trump lowered them.

But imo it might be of some use to do another commission, but the one Obama did spent months and months getting to some plan, and then ... it fell to the tea party. I just think we are more polarized. Maybe after the election, assuming Trump loses

 

[kyzr]

Not by increasing taxes.

That is not a solution.
We are spending more than $5T and revenue is $4T. That leads to bankruptcy.
We can't cut spending, they spent the SS surplus. Now is the time to pay the piper.

 

[bendog]

I don't mean this in a partisan way, because both "sides' will scream bloody murder, but raising taxes AND at least lessening the inevitable increase in spending because of the Boomers (and spending the SS surplus) ... are both anti-inflationary.

But as the progressives found out in the House in 2021, it's economically not a good idea to raise taxes when gnp is falling.

 

[kyzr]

but you might notice I was responding to a post that asserted Trump lowered them.
But imo it might be of some use to do another commission, but the one Obama did spent months and months getting to some plan, and then ... it fell to the tea party. I just think we are more polarized. Maybe after the election, assuming Trump loses

TEA (taxed enough already)
So now is the time for solutions, not platitudes.

If taxes aren't raised SS goes insolvent, Medicare goes insolvent, the Debt becomes bigger, and the interest on the debt consumes the Budget. Its time for the adults to take over.

 

[BluesLegend]

That is not a solution.
We are spending more than $5T and revenue is $4T. That leads to bankruptcy.
We can't cut spending, they spent the SS surplus. Now is the time to pay the piper.

I already pay umpteen times my 'fair share' so I'm not paying another dime. These idiots in DC would just spend every damn cent of a tax increase on other shit, while continuing to borrow what they borrow today and more.

The choice is aggressive growth, or historic spending cuts. Tax increases will only speed the collapse.

 

[BluesLegend]

I'd bring up the debt ceiling but everyone would just break out in laughter.

 

[Billiejeens]

were 33 trillion in debt ... it may be to late ..

Correct -

There is no path out.

 

[kyzr]

I don't mean this in a partisan way, because both "sides' will scream bloody murder, but raising taxes AND at least lessening the inevitable increase in spending because of the Boomers (and spending the SS surplus) ... are both anti-inflationary.
But as the progressives found out in the House in 2021, it's economically not a good idea to raise taxes when gnp is falling.

Your post is why I think that the Fed and/or an expert commission needs to make recommendations how to get back to a balanced budget.
Let the MFs scream, they are the ones who got us into this fiscal mess.

 

[kyzr]

I already pay umpteen times my 'fair share' so I'm not paying another dime. These idiots in DC would just spend every damn cent of a tax increase on other shit, while continuing to borrow what they borrow today and more.
The choice is aggressive growth, or historic spending cuts. Tax increases will only speed the collapse.

1. Wrong. There are some spending cuts, but not enough to solve the fiscal mess.
2. My grandson jumps out of a jet with a machine gun, so don't whine about your fucking "fair share".
3. I agree that a cap needs to be put on DC spending. So if there is a tax increase, the future budgets MUST include a 1% spending cut for across the board for 10-years, and a 0.5% spending cut across the board for the following 10-years. This is so the DC coxuckers don't just spend the tax increase.
4. Also include in the tax increase is that no new borrowing is allowed, ever.

There is no "aggressive growth". That is called a "Bubble" and they ALWAYS bust.