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re: At this point is it even possible for the USA to get it's financial house in order?
Posted on 1/17/26 at 1:11 pm to beaverfever
Posted on 1/17/26 at 1:11 pm to beaverfever
quote:
and the US has an outsized position of that monetary system
Which we currently do. I was startled when I saw how large the US federal holdings were.
0
Posted on 1/17/26 at 1:13 pm to SlidellCajun
quote:
Keep taxes as they are. No tinkering
Unfortunately, votes cost more every cycle and the politicians control the purse strings
Posted on 1/17/26 at 1:56 pm to Rankest
quote:
Or is the entire system fricked and on borrowed time?
We could really use the 100 billion the criminal democrat party let third world criminals steal
Posted on 1/17/26 at 4:24 pm to Rankest
1) We’d have to elect a lot of one issue politicians in Congress whose only goal is to fix the deficit/budget.
2) Constitutional amendment that calls for a balanced budget unless there is a declaration of war or 4/5ths of the Congress votes for the budget bill. Current debt is consolidated and amortized to be paid off within 150 years. Any surplus goes to paying off the debt.
2) Constitutional amendment that calls for a balanced budget unless there is a declaration of war or 4/5ths of the Congress votes for the budget bill. Current debt is consolidated and amortized to be paid off within 150 years. Any surplus goes to paying off the debt.
Posted on 1/17/26 at 7:47 pm to Rankest
It is 100% possible, but not probable.
The crooks in charge don’t care about the long term future. Only their own short term personal gains. This is on both sides. And even MAGA. Though MAGA is at least focused on our own citizens and not bribing/importing new voters.
The crooks in charge don’t care about the long term future. Only their own short term personal gains. This is on both sides. And even MAGA. Though MAGA is at least focused on our own citizens and not bribing/importing new voters.
Posted on 1/17/26 at 9:27 pm to TigerDeBaiter
What’s this 10% tariff looking like it’s gonna do to the markets on tuesday
Posted on 1/17/26 at 10:50 pm to Suntiger
quote:
2) Constitutional amendment that calls for a balanced budget unless there is a declaration of war or 4/5ths of the Congress votes for the budget bill. Current debt is consolidated and amortized to be paid off within 150 years. Any surplus goes to paying off the debt
Convention of States could do this and rather than 4/5ths of congress to override spending caps, make it 2/3rds of state legislatures. A reminder - the CARES Act passed with near unanimous/bipartisan support. I don't know if there would have been 17 states that stood up and shot that boondoggle down, but a) it wouldn't have been as easy and b) perhaps that step would have compelled congress to not load it up with the hundreds of billions of nonsense - like funding blue city pensions and paying Dems to frick with the 2000 election.
Posted on 1/18/26 at 11:12 am to Joshjrn
quote:
Functionally, yes. Politically, almost certainly not.
This.
That said, in typical DC fashion, when things get to the point that we’ve got our collective pinky finger holding us up above the bottomless abyss of economic collapse, they’ll take some action.
And no, it’s not all spending. Taxes need to increase, as well. Which is a double whammy which makes economic growth very difficult. But hey, this is what happens when we pass ENORMOUS spending bills (tax cuts included) during times of relative prosperity and a solid economic environment. I know it’s going out on a limb, but perhaps Keynes was onto something and we shouldn’t have strayed?
Posted on 1/18/26 at 10:08 pm to mmmmmbeeer
quote:
Taxes need to increase
What do you think rates need to be raised to?
Posted on 1/19/26 at 5:16 am to mmmmmbeeer
quote:
Taxes need to increase
We don’t have a revenue problem we have a spending problem.
Posted on 1/19/26 at 9:35 am to ronricks
It's not like we're the only country with significant debt. China's total debt is probably 2x-3x ours as a % of GDP.
Posted on 1/19/26 at 11:32 am to Rankest
Unfortunately I think people will vote in progressives and they’ll double down on spending. Over the next 10 years I’m focusing on converting as much of my Traditional IRAs to Roths to get ahead of future tax increases.
Posted on 1/19/26 at 11:48 am to Free888
quote:
Unfortunately I think people will vote in progressives and they’ll double down on spending
Lol you think this is a partisan issue... Current admin is accelerating spending. Already talking about 1.5 Trillion for defense next year up from 700ish Billion when Biden was in office
This post was edited on 1/19/26 at 11:49 am
Posted on 1/19/26 at 11:57 am to UltimaParadox
quote:
Lol you think this is a partisan issue... Current admin is accelerating spending. Already talking about 1.5 Trillion for defense next year up from 700ish Billion when Biden was in office
No, but at least Trump etc are trying to look into the fraud. Progressives are ignoring it and asking for more. In addition, the current administration is pushing a pro growth strategy trying to increase GDP. Progressive strategy will put an immediate halt to that.
Posted on 1/19/26 at 2:46 pm to SlidellCajun
quote:
In a period of 10 years- Keep taxes as they are. No tinkering Government spending has to remain flat. Shift amounts within the framework but no overall increase in spending. Our economy would expand and we’d grow our way to fiscal sanity.
This guarantees an additional 18 Trillion debt in 2036
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