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this post was submitted on 17 Dec 2024
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United States | News & Politics
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Because everyone would still be screwed if we don't pay off some debt very soon. What good is a massive social program if it has to be cut the next election cycle anyway?
I don't agree with this at all, not anymore. Some debt and deficit is fine, but the US is at the point of unsustainability. Things are on fire. It is too late.
I'm not arguing against you at all. I'm trying to understand your logic because it seems important to understand. Can you provide numbers and sources that show we are at the point of unsustainability? Is government interest about to match revenue so that we are near being unable to pay it? Or is there another reason we're at the point?
Because interest payments are already a big fraction of the budget! I only became aware of this reading this, which pegs it at 8-10%: https://www.axios.com/2024/11/16/elon-musk-trump-department-government-efficiency
Other sources have it at 13%! https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/
Which equates to about $1 trillion a year, and rapidly rising: https://www.pgpf.org/article/what-is-the-national-debt-costing-us/
This is apocalyptic to me for two reasons:
Not only is our interest exceeding what we pay for Medicaid… it’s exceeding the 1T deficit itself. Think about that… we’re paying more in interest than we’re borrowing every year, and we’re borrowing to pay on that interest.
And that is going to compound. The chart above is a pre-Covid estimate, interest of that magnitude is going to rapidly dominate the budget.
Again the social projects has a positive return on investment. Literally they would help get things back on track faster and with the ultra rich being taxed properly, as in your suggestion, the money wouldn’t be able to be horded in the wrong place. It’s like, every dollar put into the IRS gives back more than it took but are you saying that we shouldn’t fund them? This doesn’t make any sense unless-
Ok, so the U.S. isn’t 20min from utter economic collapse. The plans that the new government is looking to implement are definitely going to speed up the decline but if everything shaped up in the next few months and stayed that way social aid would be a no-brainer good idea. I get that you’re afraid but if a what you outlined happened then there would absolutely be room to lift up the poor and in need. If you simply don’t value social programs then just say it because agree or not the facts don’t support what you’re asking for.