Aspen Anti-Billionaire Society

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A community dedicated to spreading awareness of the negative impacts of the billionaire class, especially the 250 richest people on the planet

We believe that the existence of the 0.01% comes at a cost to the rest of us, even multi-millionaires, and hope to spread awareness of this problem among the 1% (who have the most resources to affect change)

All discussion and links related to wealth inequality and related activism are welcome. We hope that this community can serve as an easily accessible repository of information about wealth inequality

Please meet disagreement with civility so we can foster productive discourse

founded 10 months ago

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ToastedRavioli@midwest.social

U.S. national debt crosses $37 trillion for the first time in history amid rising fiscal pressures (www.cryptopolitan.com)

submitted 10 months ago by ToastedRavioli@midwest.social to c/aspen_anti_billionaire_society@midwest.social

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cross-posted from: https://lemmy.ml/post/31984374

Head of U.S. rates strategy at TD Securities, Gennadiy Goldberg, said that the crux of the $37 trillion problem is that no one knows at what level the debt becomes unsustainable. Treasury Secretary Scott Bessent acknowledged that the U.S. government has a spending problem, not a revenue problem.

Goldberg agrees with Bessent’s argument but states that the U.S. also does not tax much compared to both the size of the country’s GDP and government outlays. He believes that either taxes have to go up, spending has to come down, or some combination of the two, but warned that it’s very complicated to figure out.

The White House said on June 7 that the GOP tax bill significantly improves the country’s fiscal trajectory by including $1.7 trillion in mandatory savings, while Trump’s tax cuts will spur economic growth. Democrats have pointed to analyses showing the bill’s tax cuts will benefit wealthier Americans far more than low- and middle-income workers while also adding to the national debt.

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[–] VitoRobles@lemmy.today 35 points 10 months ago (1 children)

Damn, so DOGE didn't do anything positive except fire a thousand people, confuse a lot more, and now we still don't have enough air traffic controllers.

[–] ironhydroxide@sh.itjust.works 34 points 10 months ago (1 children)

Fucking tax the billionaires already!!!!

[–] nokturne213@sopuli.xyz 15 points 10 months ago (1 children)

And churches

[–] n3m37h@sh.itjust.works 1 points 4 months ago

The "Mormon Church" (The Church of Jesus Christ of Latter-day Saints) has a large investment fund, primarily managed by Ensign Peak Advisors, which is estimated to hold over $200 billion in investments, including stocks, bonds, and other assets. This fund, sometimes referred to as a "rainy day" or "endowment" fund, is a significant portion of the church's total estimated net worth, which is around $293 billion as of late 2024

[–] OhStopYellingAtMe@lemmy.world 26 points 10 months ago

Meanwhile the top wealthiest 1% are the wealthiest they’ve ever been.

[–] liverbe@lemmy.world 17 points 10 months ago (1 children)

I bet a military parade didn’t help.

[–] entwine413@lemm.ee 11 points 10 months ago (2 children)

The parade would be like spending $0.12 when you're $100,000 in debt. The difference between a million and a trillion is mind boggling huge.

[–] Goretantath@lemmy.world 6 points 10 months ago (1 children)

So again, still didn't help, every penny counts.

[–] entwine413@lemm.ee 1 points 9 months ago

But it's really not enough of an impact to shoehorn in on a conversation about the deficit.

[–] BigMacHole@sopuli.xyz 13 points 10 months ago

HOW do we fix This? MAYBE we tax the Top 1% who have a combined wealth of ALMOST $37TRILLION dollars? No that's STUPID! If we TAX the people NOT paying Taxes they MIGHT leave! What if we RAISE the Minimum Wage so TAXPAYERS Stop paying for Walmart's employees? No that's STUPID! If we make WALMART pay their employees INSTEAD of Taxpayers they MIGHT Raise their Prices (which HAVENT been Raised since they opened their FIRST store!)! What if we STOPPED paying $100000 for Military chairs and Lecterns? No that's STUPID! We NEED those Overpriced goods in case FRANCE invades us!

I GOT it! We'll INCREASE taxes on People MAXING out credit cards just to make ends meet! And ALSO Lower taxes on the Wealthy, LOWER taxes on Corporations and INCREASE our Military spending! PERFECT!

-Literally EVERY SINGLE REPUBLICAN!

[–] PunkRockSportsFan@fanaticus.social 6 points 10 months ago

When is it time to drag our failed leadership into the streets and replace them ?

We are living in interesting times.

[–] HubertManne@piefed.social 4 points 10 months ago

our fucking taxes are to damn low in the sense of being capped way to low. the low end could use reduction.