Elon Musk says there's substantial ignorance about America's national debt

[Moonglow]

In 2016 I posted on here that I thought that the U.S national debt was your greatest National Security threat. Even higher than China at the time. There is no doubt that there is ignorance, the same ignorance we have in Canada in regards to debt or covert police apparatuses.

It is far worse now. Americas enemies want America to go bankrupt and they have been largely successful promoting climate change b.s and other initiatives to hurt Americas economy.

Elon Musk says there's substantial ignorance about America's national debt

Elon Musk, who has been sounding the alarm about America's national debt, claims many people do not even know about the U.S. debt problem.

www.foxnews.com

Business magnate Elon Musk, who has been sounding the alarm about America's gargantuan, ever-expanding national debt, claimed that many people are unaware of the problem.

"A significant % of people don’t even know that there is such a thing as a national debt!" Musk declared in a post on X.

"Those that do often don’t know how big it is or that our interest payments now exceed what we spend on our military. Only a small % understand that government overspending causes inflation," he added.

"A significant % of people don’t even know that there is such a thing as a national debt!" Musk declared in a post on X.

Musk is assuming an illogical conclusion since he did not have a poll asking the American population if they know there is a national debt.

 

[Bleipriester]

It's all "paid" with debt. How about we start paying for the things we want?

Make the Presidents you elect live up to their words, then. Don´t award them if they make U-turns after they take office.

 

[Moonglow]

The Billionaires aren't looping a 36 trillion dollar noose around the tax payers neck.

It must be since the wealthy pay for the majority of taxes.

 

[pknopp]

Make the Presidents you elect live up to their words, then.

Should I run by the White House and put him in a head lock perhaps?

Maybe not vote to re-elect them, which I have never done. You?

Don´t award them if they make U-turns after they take office.

My one vote doesn't seem to make much difference.

 

[kyzr]

I'm sorry but we are way past spending cuts fixing the problem. Our only hope at this point is historic economic growth. Generate trillions more each year then maybe.

HELL NO. That "growth" bullshit never works, all that happens is more borrowing.
Trump and Mnuchin tried that "growth scam" with tax cuts, and all that happened was $8T added to the DEBT.
What has to happen is spending cuts and new targeted taxes to get to a surplus.

1. If Elon can cut $2T from the $7T Budget, these new taxes will raise revenue to a surplus
2. Add a 0.2% financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.)
3. Add a Remittance Tax on all money sent out of the US (~$6b/yr, make Mexico pay for wall)
4. Remove/raise the cap on SS tax to fix SS
5. Remove Capital Gains tax break (39% to 20%) make gain ordinary income. ($100b/yr gained)
6. Send Welfare back to the states so they can put people to work
7. After that see if Medicaid can be sent back to the states

Op-Ed, Wall Street Journal: Welfare Is What’s Eating the Budget | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

Means-tested social-welfare spending totaled $1.6 trillion in 2023.

 

[kyzr]

Elon Musk doesn't know shit.

...says the low IQ poster.

 

[Moonglow]

Ask any politician windbag in Washington, we can borrow and spend money forever YEEHAHHHH

How much of the national debt did Trump add his last term after he promised as a candidate to eliminate the debt?

Trump: I will eliminate U.S. debt in 8 years​

The Hill
https://thehill.com › ballot-box › presidential-races › 27...




Apr 2, 2016 — Donald Trump insists he would be able to wipe out the United States's debt in eight years. {mosads}The Republican presidential front-runner ...

 

[Moonglow]

HELL NO. That "growth" bullshit never works, all that happens is more borrowing.
Trump and Mnuchin tried that "growth scam" with tax cuts, and all that happened was $8T added to the DEBT.
What has to happen is spending cuts and new targeted taxes to get to a surplus.

1. If Elon can cut $2T from the $7T Budget, these new taxes will raise revenue to a surplus
2. Add a 0.2% financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.)
3. Add a Remittance Tax on all money sent out of the US (~$6b/yr, make Mexico pay for wall)
4. Remove/raise the cap on SS tax to fix SS
5. Remove Capital Gains tax break (39% to 20%) make gain ordinary income. ($100b/yr gained)
6. Send Welfare back to the states so they can put people to work
7. After that see if Medicaid can be sent back to the states

When people send money out of a country, it increases the demand for the currency they are sending from, causing its value to rise, while simultaneously increasing the supply of the currency in the receiving country, which can lead to a decrease in its value; this dynamic is primarily driven by the principles of supply and demand in the foreign exchange market.

 

[Moonglow]

HELL NO. That "growth" bullshit never works, all that happens is more borrowing.
Trump and Mnuchin tried that "growth scam" with tax cuts, and all that happened was $8T added to the DEBT.
What has to happen is spending cuts and new targeted taxes to get to a surplus.

1. If Elon can cut $2T from the $7T Budget, these new taxes will raise revenue to a surplus
2. Add a 0.2% financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.)
3. Add a Remittance Tax on all money sent out of the US (~$6b/yr, make Mexico pay for wall)
4. Remove/raise the cap on SS tax to fix SS
5. Remove Capital Gains tax break (39% to 20%) make gain ordinary income. ($100b/yr gained)
6. Send Welfare back to the states so they can put people to work
7. After that see if Medicaid can be sent back to the states

Op-Ed, Wall Street Journal: Welfare Is What’s Eating the Budget | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

Means-tested social-welfare spending totaled $1.6 trillion in 2023.

What will you do to stop the contraction of the economy when reducing spending by two trillion?

 

[Moonglow]

HELL NO. That "growth" bullshit never works, all that happens is more borrowing.
Trump and Mnuchin tried that "growth scam" with tax cuts, and all that happened was $8T added to the DEBT.
What has to happen is spending cuts and new targeted taxes to get to a surplus.

1. If Elon can cut $2T from the $7T Budget, these new taxes will raise revenue to a surplus
2. Add a 0.2% financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.)
3. Add a Remittance Tax on all money sent out of the US (~$6b/yr, make Mexico pay for wall)
4. Remove/raise the cap on SS tax to fix SS
5. Remove Capital Gains tax break (39% to 20%) make gain ordinary income. ($100b/yr gained)
6. Send Welfare back to the states so they can put people to work
7. After that see if Medicaid can be sent back to the states

Op-Ed, Wall Street Journal: Welfare Is What’s Eating the Budget | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

Means-tested social-welfare spending totaled $1.6 trillion in 2023.

get rid of 98 billion in tax deductions for businesses and individuals.

 

[Bleipriester]

Should I run by the White House and put him in a head lock perhaps?

Maybe not vote to re-elect them, which I have never done. You?

Go honk there. Don´t follow their U-turns. As long as libs and cons are 100 % unable to criticize their own side, they don´t feel prompted to change anything. I am German, by the way, but I f was American I probably won´t vote. Falconists, maybe. Or Rick Sanchez.

My one vote doesn't seem to make much difference.

I meant it in general.

 

[kyzr]

How much of the national debt did Trump add his last term after he promised as a candidate to eliminate the debt?

Trump: I will eliminate U.S. debt in 8 years​

View attachment 1047577
The Hill
https://thehill.com › ballot-box › presidential-races › 27...

Apr 2, 2016 — Donald Trump insists he would be able to wipe out the United States's debt in eight years. The Republican presidential front-runner ...

Agreed that Trump's tax cuts that were supposed to boost the GDP from 2% to 5% did NOT work, growth stayed 2% and the Debt grew.
Trump's Budget was $4T and Biden's Budget (post-Covid) stayed $7T, why? Biden added almost as much as Trump w/o a shutdown.

Biden’s 2025 Budget is $7.30T with a $1.8T deficit______TOTAL BIDEN $6.9T
Biden’s 2024 Budget was $7.30T with a $2.0T deficit
Biden's 2023 Budget was $6.13T with a $1.7T deficit
Biden's 2022 Budget was $6.27T with a $1.4T deficit
Trump's 2021 Budget was $6.82T with a $2.8T deficit___ TOTAL TRUMP $7.6T
Trump's 2020 Budget was $6.55T with a $3.1T deficit
Trump's 2019 Budget was $4.40T with a $0.9T deficit
Trump's 2018 Budget was $4.10T with a $0.8T deficit

 

[kyzr]

When people send money out of a country, it increases the demand for the currency they are sending from, causing its value to rise, while simultaneously increasing the supply of the currency in the receiving country, which can lead to a decrease in its value; this dynamic is primarily driven by the principles of supply and demand in the foreign exchange market.

OK, we still want Mexico to pay for the wall. Currency is what it is.

 

[Moonglow]

Agreed that Trump's tax cuts that were supposed to boost the GDP from 2% to 5% did NOT work, growth stayed 2% and the Debt grew.
Trump's Budget was $4T and Biden's Budget (post-Covid) stayed $7T, why? Biden added almost as much as Trump w/o a shutdown.

Biden’s 2025 Budget is $7.30T with a $1.8T deficit______TOTAL BIDEN $6.9T
Biden’s 2024 Budget was $7.30T with a $2.0T deficit
Biden's 2023 Budget was $6.13T with a $1.7T deficit
Biden's 2022 Budget was $6.27T with a $1.4T deficit
Trump's 2021 Budget was $6.82T with a $2.8T deficit___ TOTAL TRUMP $7.6T
Trump's 2020 Budget was $6.55T with a $3.1T deficit
Trump's 2019 Budget was $4.40T with a $0.9T deficit
Trump's 2018 Budget was $4.10T with a $0.8T deficit

Spending was increased due to after effects of the pandemic and revenue rose during Biden while it crashed under Trump..

 

[Moonglow]

OK, we still want Mexico to pay for the wall. Currency is what it is.

Mexico is never going to pay for Trump's lies, you will...

 

[kyzr]

What will you do to stop the contraction of the economy when reducing spending by two trillion?

The economy was just fine with Trump's $4T Budget.
Getting rid of "waste fraud, and abuse" won't hurt, it will help the economy.

 

[Moonglow]

The economy was just fine with Trump's $4T Budget.
Getting rid of "waste fraud, and abuse" won't hurt, it will help the economy.

Trump has not submitted a budget and will not until late 2025.

 

[kyzr]

Spending was increased due to after effects of the pandemic and revenue rose during Biden while it crashed under Trump..

Covid shut the US economy down during Trump.

 

[Moonglow]

Covid shut the US economy down during Trump.

Trump shut down the US economy when he proclaimed a National Health Emergency.

 

[kyzr]

Mexico is never going to pay for Trump's lies, you will...

If congress passes a new Remittance Tax on money sent out of the US, Mexico will have paid for the wall.
Its up to congress.

What Is The Foreign Remittance Tax & How To Reduce It?

Have you ever wondered about that extra chunk of money disappearing when you send cash across borders? It's called the Foreign Remittance Tax, and it's worth

thebusinessrule.com