Debt limit antics this go 'round: same posturing for the base? Or for realz calamity?

[Vol737]

SS runs dry in about 10 years, right around 2033. Hey, good for me because I’m retiring about then. People will still be paying into SS, but it will be vastly underfunded under the current formulas as the trust fund portion runs dry. Heard a comment from a congressional hearing w/ Janet Yellen wrt this and EVERY current recipient of SS benefits at that time will take an immediate 24% cut in benefits when the fund runs dry in ten years. Think of the chaos that’s going to cause. Most think once they’re “in”, they’re in under the current formulas as if there’s a “grandfather” clause. There’s not.

 

[McDad]

SS runs dry in about 10 years, right around 2033. Hey, good for me because I’m retiring about then. People will still be paying into SS, but it will be vastly underfunded under the current formulas as the trust fund portion runs dry. Heard a comment from a congressional hearing w/ Janet Yellen wrt this and EVERY current recipient of SS benefits at that time will take an immediate 24% cut in benefits when the fund runs dry in ten years. Think of the chaos that’s going to cause. Most think once they’re “in”, they’re in under the current formulas as if there’s a “grandfather” clause. There’s not.

SS will be converted to a straight welfare plan. Politicians don't have the stones to fix it. They will also want the votes gained by keeping the payouts but changing the structure.

 

[hog88]

SS runs dry in about 10 years, right around 2033. Hey, good for me because I’m retiring about then. People will still be paying into SS, but it will be vastly underfunded under the current formulas as the trust fund portion runs dry. Heard a comment from a congressional hearing w/ Janet Yellen wrt this and EVERY current recipient of SS benefits at that time will take an immediate 24% cut in benefits when the fund runs dry in ten years. Think of the chaos that’s going to cause. Most think once they’re “in”, they’re in under the current formulas as if there’s a “grandfather” clause. There’s not.

I thought the "trust fund" was imaginary and the payments have been coming from the general fund for decades?

 

[Vol737]

Interesting. In other words a word of warning to our enemies, "Your debt is safe as long as you don't kill the good ole USA." Of course there is that other thing about gaining even more debt than revenue with each passing generation. Economists have a very strange view of finances and events.

Yeah, I’ve read this line of reasoning before. While it’s true we don’t have to pay off the debt, what Krugman, et al are forgetting is that we continually erode the dollar as debt mounts. So, those holding US debt expecting to be paid back X amount in the future will actually be getting paid back pennies on the dollar relative to the value of the bond they purchased 10, 15, 30 years ago because we’ve destroyed the value of our currency since those purchases were made. Soon, people are going to look at this and figure it out and stop buying our debt as it is a losing proposition if we’re doing nothing to uphold the value of our currency. Matters not, though, as I believe this is intentional to push us into the Great Reset, wiping out our currency and establishing digital currencies. It’s all Wizard of Oz type s***.

 

[Vol737]

I thought the "trust fund" was imaginary and the payments have been coming from the general fund for decades?

This is one of the articles I read. There anre dozens out there. Outflows (benefits) started exceeding inflows from SS tax revenues a few years ago, so payments out of the trust fund began.

 

[Franklin Pierce]

‘That’s Not What The Poll Says’: Poppy Harlow Pushes Back Against Jayapal Over Debt Ceiling

CNN’s Poppy Harlow pushed back against Democratic Washington Rep. Pramila Jayapal on Thursday after she mischaracterized the findings of a CNN poll on the debt ceiling.

Harlow highlighted a recent CNN poll that shows 60 percent of Americans think Congress should only raise the debt ceiling if spending cuts are part of the negotiation. (RELATED: Raskin Says Biden Can Circumvent Congress To Raise Debt Ceiling, Compares Him To Lincoln)

“That includes 58 percent of independents. Is your position out of step now, Congresswoman, with the majority of the American people?” Harlow asked.

‘That’s Not What The Poll Says’: Poppy Harlow Pushes Back Against Jayapal Over Debt Ceiling

 

[BreatheUT]

If things hold America will win with spending cuts, and the Biden Administration is about to take that "L". I think it's starting to sink in that the postering and big bad wolf talk didn't work.

 

[Orangeburst]

‘That’s Not What The Poll Says’: Poppy Harlow Pushes Back Against Jayapal Over Debt Ceiling

CNN’s Poppy Harlow pushed back against Democratic Washington Rep. Pramila Jayapal on Thursday after she mischaracterized the findings of a CNN poll on the debt ceiling.

Harlow highlighted a recent CNN poll that shows 60 percent of Americans think Congress should only raise the debt ceiling if spending cuts are part of the negotiation. (RELATED: Raskin Says Biden Can Circumvent Congress To Raise Debt Ceiling, Compares Him To Lincoln)

“That includes 58 percent of independents. Is your position out of step now, Congresswoman, with the majority of the American people?” Harlow asked.

‘That’s Not What The Poll Says’: Poppy Harlow Pushes Back Against Jayapal Over Debt Ceiling

More lies by the Dems. Not even good at spinning..just a constant barrage of lies.

 

[AM64]

SS runs dry in about 10 years, right around 2033. Hey, good for me because I’m retiring about then. People will still be paying into SS, but it will be vastly underfunded under the current formulas as the trust fund portion runs dry. Heard a comment from a congressional hearing w/ Janet Yellen wrt this and EVERY current recipient of SS benefits at that time will take an immediate 24% cut in benefits when the fund runs dry in ten years. Think of the chaos that’s going to cause. Most think once they’re “in”, they’re in under the current formulas as if there’s a “grandfather” clause. There’s not.

Don't sweat the small stuff; it looks like the Russians or Chinese will start the nuclear holocaust before then.

BTW, and way off topic ... did I understand you to say a few days ago that you went the non military route to become a pilot?

 

[AM64]

SS will be converted to a straight welfare plan. Politicians don't have the stones to fix it. They will also want the votes gained by keeping the payouts but changing the structure.

They've really headed it that way. SS has been morphed way beyond the initial purpose by the inclusion of many welfare like programs. Not all are completely bad. My years long cardiologist before he retired told me he put himself through college largely on a SS survivor program and an athletic scholarship. Not sure how he handled medical school. I'd consider that particular SS investment sound (apparently it's been axed), and most other addons unsound and ill advised. I see a lot of pros and cons about Medicare, but Medicaid not really positively. We keep taking away incentives to keep Americans working, and some of that is hidden away in the SS umbrella.

 

[Vol423]

More lies by the Dems. Not even good at spinning..just a constant barrage of lies.

From the attached article:


It's comes as no shock at all to conservatives that flaming liberal Congressmen don't understand the difference between revenues and expenditures. However, this goes back to the fundamental issue with these socialists. They work under the theory that everyones' earnings belong to the federal government. Therefore, if they choose not to take that money from you via taxes, then they consider that federal spending (they're spending federal dollars by giving your earnings back to you).

 

[LouderVol]

From the attached article:

View attachment 553076
It's comes as no shock at all to conservatives that flaming liberal Congressmen don't understand the difference between revenues and expenditures. However, this goes back to the fundamental issue with these socialists. They work under the theory that everyones' earnings belong to the federal government. Therefore, if they choose not to take that money from you via taxes, then they consider that federal spending (they're spending federal dollars by giving your earnings back to you).

its like the age old question you can ask anonymous people and figure out if they are a man or a woman:

You want to buy some (insert object here). It normally costs $100.
Its on sale for $75, you buy one.
How much money did you save?

Trump added 2 trillion by SPENDING more. He still collected more revenue each year than the previous, even with the tax cuts. except for the Covid 2020 year.

U.S. Federal Government Tax Revenue

 

[AM64]

I thought the "trust fund" was imaginary and the payments have been coming from the general fund for decades?

I thought there was supposed to be a SS Trust fund that congress kept raiding and never repaid, too. We'll probably never find out what was fiction and what was real about SS. I've always thought that how accountants do double entry stuff and define "assets" and "liabilities" unlike the way math is handled in scientific fields as a very "creative" field of math. Ranks right up there with economists who believe that money need not be tied to any standard.

One thing for sure is that if there is money in any kind of fund, congress will rob it. I have no clue why they even bother to separate SS and Medicare payments on forms like W-2s ... unless it's a way of pretending that the tax rate is lower than it is.

The other fun thing is that you like a lot of us who have retired will almost certainly have the privilege of paying income tax on your SS income.

 

[LouderVol]

I thought there was supposed to be a SS Trust fund that congress kept raiding and never repaid, too. We'll probably never find out what was fiction and what was real about SS. I've always thought that how accountants do double entry stuff and define "assets" and "liabilities" unlike the way math is handled in scientific fields as a very "creative" field of math. Ranks right up there with economists who believe that money need not be tied to any standard.

One thing for sure is that if there is money in any kind of fund, congress will rob it. I have no clue why they even bother to separate SS and Medicare payments on forms like W-2s ... unless it's a way of pretending that the tax rate is lower than it is.

The other fun thing is that you like a lot of us who have retired will almost certainly have the privilege of paying income tax on your SS income.

I think you are taxed for SS at your full income amount. and then Medicare is taxed on your full income amount minus what they take for SS. so you are paying that Medicare rate on a slightly smaller amount.

not sure if it saves you much.

I think those incomes (Pre SS, Post SS, Post Med, etc) also apply to other taxes as well. so some additional taxes are Pre SS, some are Post SS, and other Post Med. so for most people it may not matter but if you have a real CPA working to save you every dollar they can it probably matters at some point.

 

[Vol737]

Don't sweat the small stuff; it looks like the Russians or Chinese will start the nuclear holocaust before then.

BTW, and way off topic ... did I understand you to say a few days ago that you went the non military route to become a pilot?

That is correct. The whole Bush “read my lips, no new taxes” and the subsequent budget deal with the Democrat congress resulted in defense cuts (post Desert Storm) that wiped out pilot slots for quite a while, right as I was graduating UT. I already had my pilots license in college, so I finished the rest of my ratings in the civilian world. My timing was just not very good.

 

[rjd970]

If things hold America will win with spending cuts, and the Biden Administration is about to take that "L". I think it's starting to sink in that the postering and big bad wolf talk didn't work.

I don't care about who takes a loss and who takes home the win. Doesn't matter, both sides of the same coin in my opinion. But the Repubs have this one right, the White House needs to do the right thing and cut the spending. It's the responsible thing to do.

 

[Orangeburst]

I don't care about who takes a loss and who takes home the win. Doesn't matter, both sides of the same coin in my opinion. But the Repubs have this one right, the White House needs to do the right thing and cut the spending. It's the responsible thing to do.

They have big plans and cutting spending is not compatible

 

[Orangeburst]

Wait till a recession hits. I bet we see $2T deficits.
I wonder what the limit is they are asking for? Havent even seen that mentioned

 

[rjd970]

Wait till a recession hits. I bet we see $2T deficits.
I wonder what the limit is they are asking for? Havent even seen that mentioned

It doesn’t really matter at this point, it needs to be brought under control. Any cuts are goodness.

 

[BreatheUT]

I don't care about who takes a loss and who takes home the win. Doesn't matter, both sides of the same coin in my opinion. But the Repubs have this one right, the White House needs to do the right thing and cut the spending. It's the responsible thing to do.

I agree. I'm saying the same thing but I decided to showboat in my post.

 

[AM64]

That is correct. The whole Bush “read my lips, no new taxes” and the subsequent budget deal with the Democrat congress resulted in defense cuts (post Desert Storm) that wiped out pilot slots for quite a while, right as I was graduating UT. I already had my pilots license in college, so I finished the rest of my ratings in the civilian world. My timing was just not very good.

My younger brother went to MTSU and had his pilots license and can't remember for sure but I think two of instructor, instrument, and multiengine certificates before graduation. He went into the AF, and, of course, they taught him to fly all over again the AF way. MTSU still has quite a flight program - pretty common anytime of day to see planes with an MTU prefix all over middle TN on flight radar. Not uncommon to see them in E TN or even the Carolinas. He flew into McGhee-Tyson one Friday to pick me up for the weekend - only fair because the shirt he was wearing when he soloed was one of my best, and he still has what's left framed with the date etc written on the shirt.

My dad and brother both retired from the AF, both flew fighters, and both faced the dreaded mandatory separation a couple of times. It's incredible that the military can't manage to handle the pilot thing correctly; one day they are shoving people out the door and the next they have critical shortages. My brother flew for Delta until forced to retire. Don't know if it was a timing thing like airlines not hiring, but my dad didn't fly again after he retired at something like 39.

 

[rekinhavoc]

Top Rating Agencies Threaten U.S. With Credit Downgrade Over Debt Limit Chaos, Even If A Deal Is Made | The Daily Wire

"Fitch Ratings, considered one of the three most influential credit rating agencies in the nation, said in an outlook on Wednesday that the AAA rating currently held by the U.S. could be reconsidered because of “increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit.” The firm, which nevertheless anticipates that the debt ceiling will be amended before the estimated deadline, added that persistent failures to “meaningfully tackle medium-term fiscal challenges that will lead to rising budget deficits and a growing debt burden” also have negative implications for creditworthiness.

“The absence of a medium-term fiscal framework and a complex budgeting process has contributed to the failure to reverse successive debt increases caused by economic shocks and other fiscal accommodations,” the firm added. “Political partisanship has brought about repeated debt-limit brinkmanship and led to near-default episodes that could erode confidence in the government’s repayment capacity.”

Fitch also noted that unconventional mechanisms cited by Democrats to address the fiscal instability, such as minting a trillion-dollar platinum coin or invoking the Fourteenth Amendment to declare the debt limit unconstitutional, are “unlikely to be consistent” with a AAA rating. The company had issued a negative outlook two years ago over the rising national debt. ."

Fiscal responsibility ...Needed.
Gimmicks ....No.

 

[rekinhavoc]

Debt ceiling standoff could delay Social Security payments



Time to scare old people .

Dem playbook chapter 8.

 

[rekinhavoc]

Top McCarthy debt limit negotiator says GOP won't cave on work requirements: 'Hell no'

"Hell no. Hell no. Not a chance. It's not happening," Rep. Garret Graves, R-La., said outside the U.S. Capitol when asked about possibly removing the demand.

"Let me give you a statistic right now. Right now, you have 20 counties across the United States — think about this for just a minute — 20 counties across the United States that actually meet the requirements to not have to comply with work requirements, meaning your unemployment is that high, or you don't have enough jobs. Only 20," Graves said.

He was referring to rules that allow counties to waive work requirements for federal benefits like Medicaid and food assistance.

"You know how many counties have a full waiver? Take a guess, what number you think is reasonable. You have 80 — 80 counties that are getting a full waiver right now. This is an abused process," Graves said."

 

[lawgator1]

Top McCarthy debt limit negotiator says GOP won't cave on work requirements: 'Hell no'

"Hell no. Hell no. Not a chance. It's not happening," Rep. Garret Graves, R-La., said outside the U.S. Capitol when asked about possibly removing the demand.

"Let me give you a statistic right now. Right now, you have 20 counties across the United States — think about this for just a minute — 20 counties across the United States that actually meet the requirements to not have to comply with work requirements, meaning your unemployment is that high, or you don't have enough jobs. Only 20," Graves said.

He was referring to rules that allow counties to waive work requirements for federal benefits like Medicaid and food assistance.

"You know how many counties have a full waiver? Take a guess, what number you think is reasonable. You have 80 — 80 counties that are getting a full waiver right now. This is an abused process," Graves said."

The wisdom of it is not the issue.

But of course you and the GOP know that. Still, it keeps the outrage checks flowing in ...