Friday, October 6, 2023

YEAH BUT..................................................... WHAT IS THE ANSWER??

 Not an enjoyable read. Long too. For the enquiring mind:

Large and sustained federal budget deficits are harmful to the fiscal health of the United States, yet policymakers struggle with reining in the red ink. Even during the years of economic growth immediately predating the COVID-19 pandemic, the federal government ran large and growing budget deficits, near $1 trillion per year. As policymakers enacted emergency measures to combat the COVID-19 crisis, federal budget deficits ballooned to levels not seen since World War II. Although the deficit has reverted to pre-pandemic levels as the United States winds down pandemic spending, deficits are projected to grow significantly over the coming decades—an ominous trend that will put increased strain on the federal budget. BPC’s economic policy team analyzes the government’s running budget deficit and updates the Deficit Tracker monthly.

For the rest of the details:

https://bipartisanpolicy.org/report/deficit-tracker/


Damn, that IS nasty. But what to do about it? What are the solutions? What is the answer?

I seldom read anything about making those spending cuts to the military. Or reversing tax cuts to the rich. I do hear a LOT about Medicare and Medicaid, school lunch programs and such.

How about money for research and development?

How about money for infrastructure programs?

How about money for the disabled, and disabled veterans?

How about cutting back on food inspections or safe drinking monitoring?

I mean, we NEED to cut somewhere, right? 

What would YOUR priorities be? Your solutions?

Reverse tax cuts to the rich? Deep cuts to the military? Cut entitlement programs? Cuts to research and development? Cuts to foreign aid - including Ukraine? Close the border so we aren't spending so much on supporting immigrants?

EVERYONE knocks the other side for THEIR suggestions. But there has to be some way to cut the deficit spending. 

Fitch Ratings downgraded U.S. debt from AAA to AA+ on August 1, citing rising deficits, a broken budgeting process, and political brinksmanship—echoing Standard & Poor’s downgrade after the 2011 debt limit episode.






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