re: Jamie Dimon believes U.S. debt is the ‘most predictable crisis’ in history

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My head is on a swivel bc I’m worried they see the writing on the wall with the election and are just going to finally let the economy crash when Trump gets into office.

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They said this last time about Trump.

I know Biden is rigging numbers which will eventually harm us, but the govt isn’t going to stop.

Debt is relative, will never go down and will continue to increase. Even if you paid it down, like most want on here, it would just go up. Paying off the debt or cutting back isn’t going to be beneficial anyways imo.

What’s amazing is how much waste we could eliminate and it wouldn’t affect Americans one iota.

Budget Deficit was 1.7T last year

Defense was 780 billion. Defense is important, but the next country that spends anywhere near us is China with a defense budget of 290bn. I’d say we could cut ours to 500bn and still be plenty effective

We have sent 75Bn to Ukraine. Not necessary, not our problem.

We spend around 70bn a year in foreign aid. Also not necessary

Estimated around 240bn a year in inproper payments made by govt. This seems easy to clean up if we tried.

So now we have the deficit to around 1T without harming any citizens. Now you look at benefits/entitlements. These account for near 60% of our expenses and will account for most of the expense growth over the next decade as boomers retire.

Let’s look at simple solutions first:

1. Eliminate all benefits and aid to illegal immigrants. They’re illegal, they shouldn’t get handouts. Not a huge number but an easy cut imo.

2. Raise the Social Security age. This should help a good bit and has been needed for some time.

3. Reform welfare to where it provides a safety net but encourages people to get work. Combined benefits should add up to less than a 10 dollar an hour full time job.

Total entitlement spending is near 4 trillion. Just a 25% cut balances the budget.

Or you could cut entitlements 15% and possibly reform the tax code to cover the rest. While higher taxes aren’t popular I’d wager most would accept it as long as all of the above happened too in order to balance the budget.

It’s all out of control and everyone needs to accept a little cut or pain now to prevent a whole lot of pain/economic crash later. Because it cannot be avoided, we will pay for it one way or another eventually. It’s better to manage the pain now than let it take control on its own and destroy us

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Defense was 780 billion. Defense is important, but the next country that spends anywhere near us is China with a defense budget of 290bn. I’d say we could cut ours to 500bn and still be plenty effective

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Yeah I dont thin our current budget is defensible. its so out or proportion.

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The GOPe openly abandoned fiscal conservatism in 1980 and hasn’t looked back.

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FIFY

I get that Ronnie went deep into debt to buy his way out of the 70's oil shocks but no (D) or (R) POTUS has not gone deeper since.

Shame on all of them.