quote:

ORIGINAL: Musicmystery

quote:

I say cuts in benefits to the big three are not possible.

OK. So where does the $1.27 trillion shortfall come from?

Or do we keep adding it to the $14 trillion debt each year?

quote:

ORIGINAL: zephyroftheNorth

Hey lockedaway please trim your quotes, your last post is really hard to read.

Zeph

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ORIGINAL: FirmhandKY

MM,

I'm convinced that any funds made available to the federal government due to tax increases will go towards increased spending, not paying down the debt...
Firm

edited for spelling and clarity

quote:

ORIGINAL: popeye1250



Nail, head.

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ORIGINAL: defiantbadgirl

I agree that Social Security doesn't contribute to the deficit. I'm curious about MM's ideas on what specific areas should be cut.

quote:

ORIGINAL: Musicmystery

quote:

ORIGINAL: defiantbadgirl

I agree that Social Security doesn't contribute to the deficit. I'm curious about MM's ideas on what specific areas should be cut.

I'm just pointing out that people who say we can do one or the other (taxes or spending) aren't being realistic.

For example, if you want to keep everything and raise taxes, you'd have to more than double the current income tax to cover the deficit alone, still not touching the debt.

quote:

ORIGINAL: Musicmystery

quote:

Cut everything by a bit more than 1/3 (as we can't cut our debt service), and there's no need to raise taxes.

You're missing the distinction between discretionary and mandatory spending. All we can cut immediately is all discretionary spending, including defense.

quote:

ORIGINAL: domiguy

What a dumb comment. Then there really is no reason to cut expenditures because any money saved will be inevitably spent by your account.

Are you really this stupid? Really? wtf? Then there is no hope and there is no reason to do anything at all.

quote:

There's a whole lot of Chinese goods which could be tariffed correctly and bring in a whole lot of revenue.

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ORIGINAL: Musicmystery

quote:

There's a whole lot of Chinese goods which could be tariffed correctly and bring in a whole lot of revenue.

Total Chinese imports are just under $33 billion.

You're gonna need a lot more than that to get to $1.27 trillion.

quote:

ORIGINAL: Musicmystery

quote:

ORIGINAL: defiantbadgirl

I agree that Social Security doesn't contribute to the deficit. I'm curious about MM's ideas on what specific areas should be cut.

I'm just pointing out that people who say we can do one or the other (taxes or spending) aren't being realistic.

For example, if you want to keep everything and raise taxes, you'd have to more than double the current income tax to cover the deficit alone, still not touching the debt.

My own personal take? Cut defense. Raise SS ages to 64/67/70. Medicaid is not so simple--but needs overhaul/reform (raising retirement age will help some automatically, as some people will still be insured at work). Eliminate the SS tax break and add an extra half a percent. Eliminate all Bush tax cuts, all levels. Institute a national VAT.

And understand this is definitely NOT going to help the economy in the short run!

quote:

ORIGINAL: Musicmystery

quote:

How much would we save if we completely pulled out of Iraq, Afghanistan, Libya, Yemen and NATO completely?

About $600 billion.

Less than half the deficit (but about half).



OK. So where does the $1.27 trillion shortfall come from?

Or do we keep adding it to the $14 trillion debt each year?

quote:

ORIGINAL: Musicmystery

quote:

ORIGINAL: defiantbadgirl

I agree that Social Security doesn't contribute to the deficit. I'm curious about MM's ideas on what specific areas should be cut.

I'm just pointing out that people who say we can do one or the other (taxes or spending) aren't being realistic.

For example, if you want to keep everything and raise taxes, you'd have to more than double the current income tax to cover the deficit alone, still not touching the debt.

My own personal take? Cut defense. Raise SS ages to 64/67/70. Medicaid is not so simple--but needs overhaul/reform (raising retirement age will help some automatically, as some people will still be insured at work). Eliminate the SS tax break and add an extra half a percent. Eliminate all Bush tax cuts, all levels. Institute a national VAT.

And understand this is definitely NOT going to help the economy in the short run!

quote:

ORIGINAL: defiantbadgirl

1. Social Security benefits shouldn't be cut. They don't contribute to the debt because they're obtained through payroll taxes.

3. Don't cut benefits to Medicare and Medicaid. Replace both programs with single-payer health care.

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ORIGINAL: TreasureKY

quote:

ORIGINAL: Musicmystery

quote:

Cut everything by a bit more than 1/3 (as we can't cut our debt service), and there's no need to raise taxes.

You're missing the distinction between discretionary and mandatory spending. All we can cut immediately is all discretionary spending, including defense.

Maybe it is time to reconsider the idea of discretionary and mandatory spending. 

Along with a lot of other things in our government that obviously aren't working out too well.

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ORIGINAL: mnottertail

quote:

ORIGINAL: defiantbadgirl

1. Social Security benefits shouldn't be cut. They don't contribute to the debt because they're obtained through payroll taxes.

3. Don't cut benefits to Medicare and Medicaid. Replace both programs with single-payer health care.

1.  But we have borrowed from the surplus, the one that should be carrying us thru right now, and the outlay is greater than the income.

That is a tough one.

3.  And allow government to bid the prices on pharma, insurance, et al...  

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ORIGINAL: tj444

quote:

ORIGINAL: mnottertail

quote:

ORIGINAL: defiantbadgirl

1. Social Security benefits shouldn't be cut. They don't contribute to the debt because they're obtained through payroll taxes.

3. Don't cut benefits to Medicare and Medicaid. Replace both programs with single-payer health care.

1.  But we have borrowed from the surplus, the one that should be carrying us thru right now, and the outlay is greater than the income.

That is a tough one.

3.  And allow government to bid the prices on pharma, insurance, et al...  

In Canada, drug cos are restricted in what they can charge for meds, thats why many (or most? all?) drugs costs less there. Of course, the population is 1/10th of the US so the drug cos dont see it as a huge market compared to the US. If the govt tried to do that here, I expect it would have a huge fight on its hands and the drug cos would be buying... ummm... I mean lobbying hard. [8|]

Also the govt in Canada/provinces decides what they will reasonably pay for medical care and that is why an operation there can cost about half or even a third of what the same operation costs in the US, at least from the pricing i have been able to look at.