KenH
Well-Known Member
"Something someday will awaken the country to the dangers of the unsustainable national debt. Obviously, passing $33 trillion was not it.
...
Another way to put it in perspective is this: $33 trillion equals more than $98,000 for every American man, woman and child.
If these huge numbers won’t call attention to the debt, perhaps a deadline might. The federal government faces three of them.
The Highway Trust Fund, funded by the gasoline tax, will be insolvent by 2028. The Medicare Hospital Insurance Trust Fund goes broke by 2031. Social Security’s retirement fund will be empty by 2033.
When those trust funds are empty, the government under current law could only spend what it is collecting at the time.
That means popular programs would be cut, as explained in a webinar last month led by Marc Goldwein with the Committee for a Responsible Federal Budget. Highway spending could be cut in half. Medicare’s hospital spending could be cut by 11% to start. Social Security benefits would face cuts of 23% across the board, unless Congress finds a temporary solution that probably would involve adding more debt. If it didn’t, a typical middle-income, dual-income couple retiring in 10 years would see a $17,400 cut.
...
All of this is occurring as we enter a presidential election cycle. The CRFB says candidates should be honest about the nation’s challenges and prioritize getting the deficit under control. If they propose spending increases or tax cuts, they should say what taxes they will raise or what other programs they will cut to pay for them.
What can average citizens do? We can start by paying attention to the debt and make it one of the issues that determines our votes."
- rest at Speeding past a $33 trillion milestone | Opinion | magnoliareporter.com
...
Another way to put it in perspective is this: $33 trillion equals more than $98,000 for every American man, woman and child.
If these huge numbers won’t call attention to the debt, perhaps a deadline might. The federal government faces three of them.
The Highway Trust Fund, funded by the gasoline tax, will be insolvent by 2028. The Medicare Hospital Insurance Trust Fund goes broke by 2031. Social Security’s retirement fund will be empty by 2033.
When those trust funds are empty, the government under current law could only spend what it is collecting at the time.
That means popular programs would be cut, as explained in a webinar last month led by Marc Goldwein with the Committee for a Responsible Federal Budget. Highway spending could be cut in half. Medicare’s hospital spending could be cut by 11% to start. Social Security benefits would face cuts of 23% across the board, unless Congress finds a temporary solution that probably would involve adding more debt. If it didn’t, a typical middle-income, dual-income couple retiring in 10 years would see a $17,400 cut.
...
All of this is occurring as we enter a presidential election cycle. The CRFB says candidates should be honest about the nation’s challenges and prioritize getting the deficit under control. If they propose spending increases or tax cuts, they should say what taxes they will raise or what other programs they will cut to pay for them.
What can average citizens do? We can start by paying attention to the debt and make it one of the issues that determines our votes."
- rest at Speeding past a $33 trillion milestone | Opinion | magnoliareporter.com
