Which party will actually pay for the new Debt, or will Social Security & Medicare go Bankrupt?

[Toddsterpatriot]

We needed a tax hike 30 years ago. Both parties are out to lunch fiscally

We needed a tax hike 30 years ago.

The Greenspan Commission resulted in payroll take hikes in 1983.

 

[Indeependent]

Just looked at the above poll results:
1. Totally agree Republicans won't raise taxes, its in their DNA, which is why democrats win about half the time.
2. Totally agree the democrats will raise taxes if they can, but the problem is that they always raise spending more, which is why Republicans win about half the time.
3. SUPRISE?! Half the poll voters think that the pols will let SS & Medicare go bankrupt. WOW, that won't happen.

Here's my 2 cents on Rs...
They are as corrupt as Ds.
They haven't spend a dollar in the last 40 years fixing roads.
The Town Of Hempstead had a D as Supervisor for 1 term and the roads are finally being replaced.

Who cares what your 2 cents on Republicans is?

I pay taxes to make up for D & R fuck ups.
The Rs hire family members at exorbitant salaries and benefits and there's nothing left for the infrastructure.

 

[bripat9643]

Just looked at the above poll results:
1. Totally agree Republicans won't raise taxes, its in their DNA, which is why democrats win about half the time.
2. Totally agree the democrats will raise taxes if they can, but the problem is that they always raise spending more, which is why Republicans win about half the time.
3. SUPRISE?! Half the poll voters think that the pols will let SS & Medicare go bankrupt. WOW, that won't happen.

Here's my 2 cents on Rs...
They are as corrupt as Ds.
They haven't spend a dollar in the last 40 years fixing roads.
The Town Of Hempstead had a D as Supervisor for 1 term and the roads are finally being replaced.

Who cares what your 2 cents on Republicans is?

I pay taxes to make up for D & R fuck ups.
The Rs hire family members at exorbitant salaries and benefits and there's nothing left for the infrastructure.

So you believe Dims don't do that?

You're such a gullible moron.

 

[Indeependent]

Just looked at the above poll results:
1. Totally agree Republicans won't raise taxes, its in their DNA, which is why democrats win about half the time.
2. Totally agree the democrats will raise taxes if they can, but the problem is that they always raise spending more, which is why Republicans win about half the time.
3. SUPRISE?! Half the poll voters think that the pols will let SS & Medicare go bankrupt. WOW, that won't happen.

Here's my 2 cents on Rs...
They are as corrupt as Ds.
They haven't spend a dollar in the last 40 years fixing roads.
The Town Of Hempstead had a D as Supervisor for 1 term and the roads are finally being replaced.

Who cares what your 2 cents on Republicans is?

I pay taxes to make up for D & R fuck ups.
The Rs hire family members at exorbitant salaries and benefits and there's nothing left for the infrastructure.

So you believe Dims don't do that?

You're such a gullible moron.

Did I say that?
I said the roads were never repaired until a D won the Supervisor position.
The Rs in The Town Of Hempstead are like Boss Hogg.
Do you really find that so untenable?
Do you really think all Rs are honest to the bone?

 

[Slyhunter]

Co-Virus part 2 will kill all the old people so we won't have to pay them social security.

 

[Dragonlady]

Our grandchildren and great-grandchildren will pay for it, but don’t worry we cant hear their complaints from the grave.

Nope. Medicare will be bankrupt in 2026, so IMHO Medicare is toast.
SS will be able to pay 70% of the promised amounts after 2030, which is an entitlement cut that both parties can dodge responsibility for.

It won’t really go bankrupt. Our political elites will find a way to kick the can down the road.

The Trustees are saying Medicare will go bankrupt in 2026 at the latest. So will the 2020 race or the 2024 race address it?
The democrats need to push the issue and see how Trump plans to save Medicare.

Step one of course is to increase employee payroll contribution. While medical costs kept increasing and increasing, Medicare deductions have stayed the same. If the bill on your credit card is 100 bucks a month, and you pay 100 bucks a month, that's fine. When your bill starts to increase to 125, 150 175, and you're still paying 100 bucks a month, of course it's not going to wash. Eventually you're going to end up in real trouble.

After the economy gets roaring again, we need to calculate how much this virus cost us. That bill should be deducted from what we owe China.

LOL! On CNBC this morning a CEO (3M) was saying that China is NOT letting ANY US Dollars out of China.
That sword cuts both ways.

You mean the same CEO that is in battle with our President?

Yep, they were battling. but I think they struck a deal over masks.

Trump announces face mask manufacturing deal with 3M after contentious negotiations | CNN Politics

President Donald Trump announced the "saga" between his administration and 3M has ended with the finalization of a deal that will see the manufacturer supplying millions of masks for health care workers.

www.cnn.com

Sounds to me like 3M was forced into it via the DPA. It doesn't mean he likes the President. From your article:

The company's executives' attitude "changed completely" after Trump invoked the Defense Production Act, one official said.
"It's a new relationship," the official said. "They realized we weren't f---ing around."

The deal was struck long before Trump invoked the DPA. The whole matter was settled within days when Trump refused to allow 3M to ship masks to Canada. And Canada got their masks.

 

[Ray From Cleveland]

Our grandchildren and great-grandchildren will pay for it, but don’t worry we cant hear their complaints from the grave.

Nope. Medicare will be bankrupt in 2026, so IMHO Medicare is toast.
SS will be able to pay 70% of the promised amounts after 2030, which is an entitlement cut that both parties can dodge responsibility for.

It won’t really go bankrupt. Our political elites will find a way to kick the can down the road.

The Trustees are saying Medicare will go bankrupt in 2026 at the latest. So will the 2020 race or the 2024 race address it?
The democrats need to push the issue and see how Trump plans to save Medicare.

Step one of course is to increase employee payroll contribution. While medical costs kept increasing and increasing, Medicare deductions have stayed the same. If the bill on your credit card is 100 bucks a month, and you pay 100 bucks a month, that's fine. When your bill starts to increase to 125, 150 175, and you're still paying 100 bucks a month, of course it's not going to wash. Eventually you're going to end up in real trouble.

After the economy gets roaring again, we need to calculate how much this virus cost us. That bill should be deducted from what we owe China.

LOL! On CNBC this morning a CEO (3M) was saying that China is NOT letting ANY US Dollars out of China.
That sword cuts both ways.

You mean the same CEO that is in battle with our President?

Yep, they were battling. but I think they struck a deal over masks.

Trump announces face mask manufacturing deal with 3M after contentious negotiations | CNN Politics

President Donald Trump announced the "saga" between his administration and 3M has ended with the finalization of a deal that will see the manufacturer supplying millions of masks for health care workers.

www.cnn.com

Sounds to me like 3M was forced into it via the DPA. It doesn't mean he likes the President. From your article:

The company's executives' attitude "changed completely" after Trump invoked the Defense Production Act, one official said.
"It's a new relationship," the official said. "They realized we weren't f---ing around."

The deal was struck long before Trump invoked the DPA. The whole matter was settled within days when Trump refused to allow 3M to ship masks to Canada. And Canada got their masks.

Bullshit. Do you need the link showing that it was a problem until the DPA was issued?

 

[Andylusion]

Just looked at the above poll results:
1. Totally agree Republicans won't raise taxes, its in their DNA, which is why democrats win about half the time.
2. Totally agree the democrats will raise taxes if they can, but the problem is that they always raise spending more, which is why Republicans win about half the time.
3. SUPRISE?! Half the poll voters think that the pols will let SS & Medicare go bankrupt. WOW, that won't happen.

As if we can just "not let it happen". Math dude. The math shows it will happen. Again... Greece. You yourself pointed out Greece, but Greece is proof that you fail. They increased taxes, and increased taxes, and increased taxes.... and they went broke.

Let me tell you how this will play out, if people like you win the election. It will happen exactly as it did in Greece.

The left-winger will gain control, and promise to fund health care and pensions. They will raise taxes, which will result in economic decline, which will push more people on the pensions, while reducing revenue into the government to pay for pensions.

Knowing that further tax increases will damage the economy, and knowing they promised to fund pensions.....

They simply lie. They'll fudge the numbers, and tell people what they want to hear.

This will continue until there is a crisis.

Then someone on the right-wing will get elected, look at the numbers, and find out absolutely everything is a lie. They will start reforms that could put the country back on track, but the people will hate those reforms, because it means cutting the handouts.

They'll elect another left-wing government, destroy the entire country, and cry on the sidewalk, because their pensions no longer exist.

That is exactly what happened, and exactly what your ideology will lead to.

 

[kyzr]

Nope. Medicare will be bankrupt in 2026, so IMHO Medicare is toast.

totally silly!! Medicare is a federal program and the Federal govt can print money. Did you know that??

Is there a limit to how much they can print, yes or no? Are we there yet.....?

 

[Mac1958]

Which party will raise taxes to save SS & Medicare for future generations?

Most likely the Democrats. The Republicans would rather borrow.

Of course, the people who will ACTUALLY pay will be our kids, and their kids, and so on.

We'll also see a decline in standard of living, as service on the debt as a percentage of GDP gets higher and higher along with our taxes.

We keep doing this. We keep enabling DC to do this. This is our fault. Very few people are holding their own party accountable, and this is what we get.

 

[Andylusion]

Just looked at the above poll results:
1. Totally agree Republicans won't raise taxes, its in their DNA, which is why democrats win about half the time.
2. Totally agree the democrats will raise taxes if they can, but the problem is that they always raise spending more, which is why Republicans win about half the time.
3. SUPRISE?! Half the poll voters think that the pols will let SS & Medicare go bankrupt. WOW, that won't happen.

One way or another they will keep the programs going. The problem is what damage they do to get that accomplished.

Tend to agree, what dark bargains will be hatched to save them?

The same one that has been done for the past 70+ years to keep it going. They will increase taxes to damage the future, and cut benefits. That's the only way to keep any ponzi scheme going.

Cut payouts, increase pay-ins. But eventually you'll have a Greece style crash if you keep doing that. That's exactly what Greece did. They kept increase taxes, and increasing taxes, until the entire system imploded.

 

[Lesh]

Folks..this is gonna hurt. That's a given and because we are a nation we will have to share the pain.

We can't ADD to it by sacrificing the safety net and retirement for the elderly

 

[kyzr]

Just looked at the above poll results:
1. Totally agree Republicans won't raise taxes, its in their DNA, which is why democrats win about half the time.
2. Totally agree the democrats will raise taxes if they can, but the problem is that they always raise spending more, which is why Republicans win about half the time.
3. SUPRISE?! Half the poll voters think that the pols will let SS & Medicare go bankrupt. WOW, that won't happen.

As if we can just "not let it happen". Math dude. The math shows it will happen. Again... Greece. You yourself pointed out Greece, but Greece is proof that you fail. They increased taxes, and increased taxes, and increased taxes.... and they went broke.

Let me tell you how this will play out, if people like you win the election. It will happen exactly as it did in Greece.

The left-winger will gain control, and promise to fund health care and pensions. They will raise taxes, which will result in economic decline, which will push more people on the pensions, while reducing revenue into the government to pay for pensions.

Knowing that further tax increases will damage the economy, and knowing they promised to fund pensions.....

They simply lie. They'll fudge the numbers, and tell people what they want to hear.

This will continue until there is a crisis.

Then someone on the right-wing will get elected, look at the numbers, and find out absolutely everything is a lie. They will start reforms that could put the country back on track, but the people will hate those reforms, because it means cutting the handouts.

They'll elect another left-wing government, destroy the entire country, and cry on the sidewalk, because their pensions no longer exist.

That is exactly what happened, and exactly what your ideology will lead to.

I already showed you that the US is nothing like Greece. Greece has the economy of a small US city. A GDP of only $293m a year. The US has a massive economy, and a tax rate that is well below EU countries, the US can stand a tax increase without anyone noticing, without all the "weeping and gnashing of teeth" that you describe. Its just an adjustment to get past the "baby boomers", no big deal. SS is about 100-years old and should be good for another hundred with a few "fixes", as long as the democrats don't get in and start their massive spending plans like:
Open borders, tear down the southern border fence/wall
Free college
"Medicare for all", aka rationed healthcare, "Lois Lerner" in charge of your access to healthcare
Promote Globalism, whatever Wall Street wants Wall Street gets, see K-Street Cash
Paris Climate Change Treaty where the US pays $trillions to poor countries
Raise taxes to 70% on the wealthy, especially on corporations so they relocate overseas
Medicare for all means rural hospitals will close
Give $Trillions to Mexico and Central America for a Marshal Plan, but not help US citizens living in tent cities
"Green New Deal" Impose a "carbon tax" to punish anyone who works, heats their home, flies, or has a car
Anti-business democrat socialists caused Amazon to flee NYC taking 25,000 good paying jobs to VA
REPARATIONS to blacks to pay for slavery, $trillions owed by US voters
Full welfare and free healthcare for illegal immigrants
Nationalize all of the electric utilities making them green by 2030
Pass "The New Way Forward Act", bringing back 480,000 deported illegals, giving them free everything

I totally agree with your doomsday "Greece" scenario if the democrats implement their 70% "wealth tax" with all of the $trillions of new "printed" spending outlined above.

 

[kyzr]

Folks..this is gonna hurt. That's a given and because we are a nation we will have to share the pain.

We can't ADD to it by sacrificing the safety net and retirement for the elderly

OMG, we agree on something!!
Riddle me this, if the DC coxuckers do not "fix" social security by 2037 and it only pays out 70% of promised benefits, are you okay with that? IMHO Medicare cannot go bankrupt, medicaid & welfare would be defunded first, that is charity, Medicare was paid for by the elderly and is owed.

How will this play out? Medicare is bankrupt in 2026, that is the first trip wire. What happens?

 

[Andylusion]

Nope. Medicare will be bankrupt in 2026, so IMHO Medicare is toast.

totally silly!! Medicare is a federal program and the Federal govt can print money. Did you know that??

Is there a limit to how much they can print, yes or no? Are we there yet.....?

No, there isn't a limit.

However, the problem with that solution, is that printing money, causes inflation. Social Security is indexed to inflation.

What that means is, as they print more money, inflation will cause Social Security payouts to increase.

So you end up needing to print even more money, the more money you print. This leads to hyper inflation.

This is exactly what happened Zimbabwe, only with the military being the catalyst. The government didn't have enough money to pay the military, and Mugabe knew that without the military, he would be overthrown.

So he printed money. But as he printed money, the value of the money fell (inflation), and the military demanded more money. So he printed more, which cause more inflation, which caused more demand.

This is very real possible outcome. We could end up paying $50 Million for a chicken.

 

[kyzr]

Which party will raise taxes to save SS & Medicare for future generations?

Most likely the Democrats. The Republicans would rather borrow.

Of course, the people who will ACTUALLY pay will be our kids, and their kids, and so on.

We'll also see a decline in standard of living, as service on the debt as a percentage of GDP gets higher and higher along with our taxes.

We keep doing this. We keep enabling DC to do this. This is our fault. Very few people are holding their own party accountable, and this is what we get.

In an absolute world run by MBAs you are right. But in this one the US economy and more importantly the "US dollar" seem to be saving our asses from the fiscal irresponsibility. Until another major country, and I'm not seeing any candidates on the horizon, replace the US dollar as the world currency, we should be okay, at least relative to other countries, until the "interest on the Debt" hits the point where something needs to happen.

 

[kyzr]

Nope. Medicare will be bankrupt in 2026, so IMHO Medicare is toast.

totally silly!! Medicare is a federal program and the Federal govt can print money. Did you know that??

Is there a limit to how much they can print, yes or no? Are we there yet.....?

No, there isn't a limit.

However, the problem with that solution, is that printing money, causes inflation. Social Security is indexed to inflation.

What that means is, as they print more money, inflation will cause Social Security payouts to increase.

So you end up needing to print even more money, the more money you print. This leads to hyper inflation.

This is exactly what happened Zimbabwe, only with the military being the catalyst. The government didn't have enough money to pay the military, and Mugabe knew that without the military, he would be overthrown.

So he printed money. But as he printed money, the value of the money fell (inflation), and the military demanded more money. So he printed more, which cause more inflation, which caused more demand.

This is very real possible outcome. We could end up paying $50 Million for a chicken.

Meh. The US is no where near Greece, Zimbabwe, or Venezuela....yet.
The US dollar is the worlds currency. If/when the dollar gets replaced, then we are in deep shit.
Does the Fed know what its doing?
Will it ever run off its new Balance Sheet? (it was doing $50b a month before COVID)

The Fed has two directives, full employment, and control inflation to a target of 2%. The Fed will do its job.

 

[Mac1958]

Which party will raise taxes to save SS & Medicare for future generations?

Most likely the Democrats. The Republicans would rather borrow.

Of course, the people who will ACTUALLY pay will be our kids, and their kids, and so on.

We'll also see a decline in standard of living, as service on the debt as a percentage of GDP gets higher and higher along with our taxes.

We keep doing this. We keep enabling DC to do this. This is our fault. Very few people are holding their own party accountable, and this is what we get.

In an absolute world run by MBAs you are right. But in this one the US economy and more importantly the "US dollar" seem to be saving our asses from the fiscal irresponsibility. Until another major country, and I'm not seeing any candidates on the horizon, replace the US dollar as the world currency, we should be okay, at least relative to other countries, until the "interest on the Debt" hits the point where something needs to happen.

Yeah, I think that's a part of it. China wanted to steal that title from us, but I don't see that happening.

But until we start seeing some fiscal & economic sanity from our "leaders", this won't improve much. It's up to us to hold them accountable.

 

[kyzr]

Which party will raise taxes to save SS & Medicare for future generations?

Most likely the Democrats. The Republicans would rather borrow.

Of course, the people who will ACTUALLY pay will be our kids, and their kids, and so on.

We'll also see a decline in standard of living, as service on the debt as a percentage of GDP gets higher and higher along with our taxes.

We keep doing this. We keep enabling DC to do this. This is our fault. Very few people are holding their own party accountable, and this is what we get.

In an absolute world run by MBAs you are right. But in this one the US economy and more importantly the "US dollar" seem to be saving our asses from the fiscal irresponsibility. Until another major country, and I'm not seeing any candidates on the horizon, replace the US dollar as the world currency, we should be okay, at least relative to other countries, until the "interest on the Debt" hits the point where something needs to happen.

Yeah, I think that's a part of it. China wanted to steal that title from us, but I don't see that happening.

But until we start seeing some fiscal & economic sanity from our "leaders", this won't improve much. It's up to us to hold them accountable.

Agreed, but how do we hold them accountable when the MSM is in their pocket?

 

[Mac1958]

Which party will raise taxes to save SS & Medicare for future generations?

Most likely the Democrats. The Republicans would rather borrow.

Of course, the people who will ACTUALLY pay will be our kids, and their kids, and so on.

We'll also see a decline in standard of living, as service on the debt as a percentage of GDP gets higher and higher along with our taxes.

We keep doing this. We keep enabling DC to do this. This is our fault. Very few people are holding their own party accountable, and this is what we get.

In an absolute world run by MBAs you are right. But in this one the US economy and more importantly the "US dollar" seem to be saving our asses from the fiscal irresponsibility. Until another major country, and I'm not seeing any candidates on the horizon, replace the US dollar as the world currency, we should be okay, at least relative to other countries, until the "interest on the Debt" hits the point where something needs to happen.

Yeah, I think that's a part of it. China wanted to steal that title from us, but I don't see that happening.

But until we start seeing some fiscal & economic sanity from our "leaders", this won't improve much. It's up to us to hold them accountable.

Agreed, but how do we hold them accountable when the MSM is in their pocket?

Media on both ends is distorting pretty much everything. We not only have to do a better job of holding our "leaders" accountable, we have to do the same with your bifurcated media.

We're not even close to doing that, and nothing improves until we stop dividing reality by what we like from a partisan political perspective.