Expect higher taxes in the coming years

[Peter1469]

Expect higher taxes in the coming years

Both at the federal, state and local levels. We have too many government handout programs and many politicians want to create more massively expensive handout programs. But when they do raise taxes, the economy will contract, so it is very possible federal revenues will drop rather than rise.

As I have always said, it is the spending, stupid.

KEY POINTS

• Dalio says that the national debt, pension liabilities and health-care liabilities will ultimately have to result in higher taxes.
• The debt and social program “will either be paid by higher taxes or they’ll be not paid and defaulted on,” he said. “I don’t think they will be defaulted on.”
• The warnings about potential debt hazards come as the total fe

Read the article at the link.

[Crepitus]

Expect higher taxes in the coming years

Both at the federal, state and local levels. We have too many government handout programs and many politicians want to create more massively expensive handout programs. But when they do raise taxes, the economy will contract, so it is very possible federal revenues will drop rather than rise.

As I have always said, it is the spending, stupid.



Read the article at the link.

No mention of Cheeto Jesus spending us into near record deficits? While the economy is supposedly good? You know, the time when traditionally we pay those down a bit?

[Peter1469]

No mention of Cheeto Jesus spending us into near record deficits? While the economy is supposedly good?

I have discussed the failure of the GOP and Trump with regards to deficit spending elsewhere. This article is about future tax increases to cover the reckless social welfare program creation and spending. Not ever thread and post needs to tangent into Orange Man bad.

You know, the time when traditionally we pay those down a bit?

You do not "pay down" a deficit. You budget to spend equal to or lower than federal revenue.

If you were referring to the debt rather than the deficit, you can not pay it down while you are using deficit spending year after year.

[carolina73]

No mention of Cheeto Jesus spending us into near record deficits? While the economy is supposedly good? You know, the time when traditionally we pay those down a bit?

Record? LOL. He is well below the Obama AVERAGE deficit by actual numbers and by % of GDP. Obama averaged about 1.1 trillion per year if you look at the raw data which means the change in the Federal debt since published numbers always try to hold back interest and extraordinary expenses. Do not be confused and try to use budget numbers because they are only plans not the actual numbers.
The deficit as a % of GDP is one third lower than Obama's 3rd year which was also = to his average.

This sounds like the "Great Recession" scam that was over in Obama's 5th month and paled in comparison to Carter's recession. Add double digit interest rates and double digit inflation to the "Great Recession" and you have the Carter Recession.

Knowing all that does not make me happy about the deficits. We need to dramatically cut government and social spending.

[Just AnotherPerson]

Much worse that social welfare is the spending on war.

[Peter1469]

Much worse that social welfare is the spending on war.

Not in $$. What we have spent on the military and wars is a drop in the bucket compared to social welfare and entitlement spending.

[Lummy]

Not in $$. What we have spent on the military and wars is a drop in the bucket compared to social welfare and entitlement spending.

The largest part of discretionary spending, however, is for the military, at 54%. This is where contention arises.





I interpret "discretionary" as meaning easiest to slash, and you have to wonder how much is just industrial and corporate welfare under false cover of the flag.

IMHO, extreme high tech weapons -- naval laser weapons and so forth -- need to be critically evaluated in this context with a view toward eliminating them.

[Peter1469]

The largest part of discretionary spending, however, is for the military, at 54%. This is where contention arises.





I interpret "discretionary" as meaning easiest to slash, and you have to wonder how much is just industrial and corporate welfare under false cover of the flag.

IMHO, extreme high tech weapons -- naval laser weapons and so forth -- need to be critically evaluated in this context with a view toward eliminating them.

And social entitlements including those outside of the discretionary budget dwarf military spending.

[Lummy]

Not in $$. What we have spent on the military and wars is a drop in the bucket compared to social welfare and entitlement spending.

The largest part of discretionary spending, however, is for the military, at 54%. This is where contention arises.





I interpret "discretionary" as meaning easiest to slash, and you have to wonder how much is just industrial and corporate welfare.

IMHO, extreme high tech weapons -- naval and space laser weapons and so forth -- need to be critically evaluated in this context with a view toward eliminating them.

[Peter1469]

The largest part of discretionary spending, however, is for the military, at 54%. This is where contention arises.





I interpret "discretionary" as meaning easiest to slash, and you have to wonder how much is just industrial and corporate welfare.

IMHO, extreme high tech weapons -- naval and space laser weapons and so forth -- need to be critically evaluated in this context with a view toward eliminating them.

The discretionary budget is the part you see in the news being argued over in Congress. Entitlement spending goes on regardless of that budget battle.

Disagree on the high tech weapons. We need them if we are to survive in the future.