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re: Elon: DOGE probably won’t find $2 trillion in federal budget cuts
Posted on 1/9/25 at 9:24 am to Taxing Authority
Posted on 1/9/25 at 9:24 am to Taxing Authority
Why is SS first on the docket for cuts when according to the 2023 budget revenue and outlays is fully sustainable by $300 billion?
2
Posted on 1/9/25 at 9:25 am to SlowFlowPro
Yes, you and CNBC are mischaracterizing what he said and are having a different discussion than Elon.
He didn’t say he wouldn’t find it, he said
So, he is discussing the result, not the maximum amount. He is accounting for negotiation. It isn’t a matter of finding it, it’s a matter of actual cuts.
He didn’t say he wouldn’t find it, he said
quote:
“I think we’ll try for $2 trillion. I think that’s the best-case outcome,” Musk said. “But I do think that you kind of have to have some overage. I think if we try for $2 trillion, we’ve got a good shot at getting 1,” he said, meaning $1 trillion in spending cuts.
So, he is discussing the result, not the maximum amount. He is accounting for negotiation. It isn’t a matter of finding it, it’s a matter of actual cuts.
Posted on 1/9/25 at 9:25 am to SlowFlowPro
you got him now?
congrats?
congrats?
Posted on 1/9/25 at 9:29 am to GumboPot
quote:
Why is SS first on the docket for cuts when according to the 2023 budget revenue and outlays is fully sustainable by $300 billion?
"Because that's where the money is"
Posted on 1/9/25 at 9:31 am to OceanMan
quote:
He didn’t say he wouldn’t find it
quote:
DOGE probably won’t find
quote:
So, he is discussing the result, not the maximum amount
The maximum amount is below 2 trillion also (see the thread linked in OP for more detailed discussion)
quote:
It isn’t a matter of finding it, it’s a matter of actual cuts.
quote:
probably
Posted on 1/9/25 at 9:33 am to SlowFlowPro
Washington does not have the stomach to make the cuts we need to get back on track.
Citizens don't as well.
One day cuts will be forced and it won't be pretty.
Citizens don't as well.
One day cuts will be forced and it won't be pretty.
Posted on 1/9/25 at 9:33 am to SlowFlowPro
quote:
"Because that's where the money is"
Is there no money in defense spending, specifically Ukraine, Israel and Egypt?
This post was edited on 1/9/25 at 9:34 am
Posted on 1/9/25 at 9:33 am to SlowFlowPro
Mandatory: Cut out fraud and bureaucracy from mandatory spending, target 10%. $380B.
Discretionary: Cut by half. Get out of world police. No more foreign aid. 50%. $700B.
Net Interest: Trim by 10% YoY. Compounding benefit. $65B.
Savings Total: $1.145T.
Total spend down to just under $5T.
Revenue still only $4.4T.
Ok... Time for round 2. And now, I'm looking at you Mandatory.
Another Trillion out of that, which would give us an annual surplus without adjustments to Revenue.
Overall... Mandatory has to come down by 38%. Discretionary has to come down by 50%+. And debt is paid down by surplus over 10-15 years.
Discretionary: Cut by half. Get out of world police. No more foreign aid. 50%. $700B.
Net Interest: Trim by 10% YoY. Compounding benefit. $65B.
Savings Total: $1.145T.
Total spend down to just under $5T.
Revenue still only $4.4T.
Ok... Time for round 2. And now, I'm looking at you Mandatory.
Another Trillion out of that, which would give us an annual surplus without adjustments to Revenue.
Overall... Mandatory has to come down by 38%. Discretionary has to come down by 50%+. And debt is paid down by surplus over 10-15 years.
Posted on 1/9/25 at 9:35 am to Taxing Authority
quote:Yes, to the extent of disability fraud and wasteful Medicare spending.
You including SS and medicare?
Posted on 1/9/25 at 9:38 am to deathvalleytiger10
quote:
Citizens don't as well.
That's largely the point, especially with populism being celebrated.
Posted on 1/9/25 at 9:40 am to GumboPot
quote:
Is there no money in defense spending
I posted the 2023 numbers.
Defense is like $0.9T
If you cut defense and discretionary spending both to $0, you'd cut $1.7T
As I said earlier, this would get you about even (and with interest on the debt, would still create debt expansion).
Posted on 1/9/25 at 9:41 am to Jcorye1
quote:
Anyone with a brain knew this, unfortunately elections require people to talk in hyperbole. That being said, not a fan of the amount of backtracking happening before the inauguration begins.
I don’t think it was intended as hyperbole.
Anyone who follows Elon Musk’s career knows that his management philosophy is to set unrealistic goals and then begin adapting to the realities as they get revealed. But just because it seems unrealistic doesn’t mean it’s not worth pursuing.
Posted on 1/9/25 at 9:41 am to Mahootney
quote:
And debt is paid down by surplus over 10-15 years.
Correct me if wrong. We will always have “debt”.
Debt is the amount of money printed and we will always need more money as the economy grows. We can never pay the debt to zero.
What we need is a balanced budget, a positive trade deficit, and find enough surplus to bring the amount of issued dollars down to a reasonable ratio vs. GDP, thus less dollars printed = higher value of the dollar.
Correct?
Posted on 1/9/25 at 9:42 am to SlowFlowPro
quote:
DOGE probably won’t find $2 trillion in federal budget cuts
Cut back Medicare by 33% and cut Medicaid by 90% and cut all over “mandatory” spending by 50% and excluding SS and it might end up being sustainable.
More old people will die faster and reduce the load on SS naturally.
It’s “heartless”, but having the taxpayers foot the $1 million bill for 90-year old grandma to stay alive is unsustainable.
ETA: and we have to do Tort reform and reform insurance as it will bring down medical costs by 50%++.
This post was edited on 1/9/25 at 9:44 am
Posted on 1/9/25 at 9:44 am to SlowFlowPro
quote:
Then stop derailing the thread.
Posted on 1/9/25 at 9:45 am to Gifman
LOL If your posts is not about SFP, gtfo and stop "derailing" it.
Posted on 1/9/25 at 9:47 am to Vacherie Saint
You just tried to derail the thread with the last 2 posts while we're having a nice discussion. This thread isn't about me or RDS, so stop trying to make it happen.
People who can actually discuss topics are posting. Go derail another thread with the SFP/RDS boogeymen.
People who can actually discuss topics are posting. Go derail another thread with the SFP/RDS boogeymen.
Posted on 1/9/25 at 9:48 am to SlowFlowPro
quote:
and with interest on the debt, would still create debt expansion
There is a way to avoid this, but for some reason people don't understand it.
You can't manage fiscal policy if you do not understand monetary policy. They are inextricable.
Posted on 1/9/25 at 9:50 am to SlowFlowPro
no. frick off.
Posted on 1/9/25 at 9:52 am to keks tadpole
quote:
Not find, do. Cut the pork. Prorate the balance of the cut to $2T across the board. Make the departments figure it out.
Man you're really not getting it. This is simple math. If you cut the entire discretionary budget that includes all defense spending you'd still be short of the 2T figure by 300 billion. The other spending is mandated by law.
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