Deleted
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Post by Deleted on Apr 11, 2020 10:36:55 GMT -5
Not quoting anything or citing any articles, but now with Covid-19 and a bailout measured in Trillions, who will pay for it?
Can we finally cut military spending? Will the tax cuts be reversed? Will people be asked to sacrifice?
Or the more likely let’s just keep borrowing and the system collapses as it always does throughout history on a fiat currency.
I’m not saying there shouldn’t be a bailout for Covid-19, but rather due to horrendous war spending and policy decisions before the virus we are in disastrous fiscal shape to fund it.
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scottcool
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Post by scottcool on Apr 11, 2020 10:44:34 GMT -5
Can we finally cut military spending? Won't happen. Will the tax cuts be reversed? Probably Will people be asked to sacrifice? Will the gov ask us to? of course!
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busymom
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Post by busymom on Apr 11, 2020 11:21:37 GMT -5
It was just announced on the local news that the state surplus here is officially gone. The state isn't getting the revenue with so many out of work, and less shopping going on.
I am concerned how this may affect all of us long-term, but I still support NOT allowing people to congregate in large groups.
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buystoys
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Post by buystoys on Apr 11, 2020 11:25:06 GMT -5
I suspect taxes will be increased beginning in 2021.
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weltschmerz
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Post by weltschmerz on Apr 11, 2020 12:56:02 GMT -5
"Not quoting anything or citing any articles, but now with Covid-19 and a bailout measured in Trillions, who will pay for it?"
Why, Mexico, of course!
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giramomma
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Post by giramomma on Apr 11, 2020 13:49:20 GMT -5
It was just announced on the local news that the state surplus here is officially gone. The state isn't getting the revenue with so many out of work, and less shopping going on. I am concerned how this may affect all of us long-term, but I still support NOT allowing people to congregate in large groups. I'm a state worker in higher ed. My raise for this next fiscal year is gone. I think the last time I had two years in a row with a raise...actually was so long ago, I can barely remember. It's been over a decade now...somewhere between 12-14 years. It's estimated my university is losing 100 million. That will never be recovered. The state lawmakers are not higher-ed friendly. That also translates into a 300 million lose for our state economy, alone. My state runs a fairly tight ship as it is, and we're very low on the list of number...(evidence: here www.usatoday.com/story/money/2019/05/13/states-where-the-most-people-work-for-the-government/39461227/) One whole segment...the department of natural resources, already has 25% of their workers being contract workers. I suspect that that k-12 schools will take the biggest hit, particularly all of the regular ed classes. That's going to piss people off in either end of the bell curve...Meaning, cuts to Milwaukee public schools and very rural schools won't be great. So, I think the urban vs, rural divide will get worse. The income divide will likely also get worse. Where I live, I expect that we'll take some licks, but we'll adjust in a few years and life will go on. We've done this song and dance enough already that I think we're fairly used to it. At the national level, I think there will be no choice but to start making cuts to SS. With Trump wanting to open everything up as early as possible, it seems as if he's not particularly interested in making sure older folks are taken care of.
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busymom
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Post by busymom on Apr 11, 2020 14:08:04 GMT -5
It was just announced on the local news that the state surplus here is officially gone. The state isn't getting the revenue with so many out of work, and less shopping going on. I am concerned how this may affect all of us long-term, but I still support NOT allowing people to congregate in large groups. I'm a state worker in higher ed. My raise for this next fiscal year is gone. I think the last time I had two years in a row with a raise...actually was so long ago, I can barely remember. It's been over a decade now...somewhere between 12-14 years. It's estimated my university is losing 100 million. That will never be recovered. The state lawmakers are not higher-ed friendly. That also translates into a 300 million lose for our state economy, alone. My state runs a fairly tight ship as it is, and we're very low on the list of number...(evidence: here www.usatoday.com/story/money/2019/05/13/states-where-the-most-people-work-for-the-government/39461227/) One whole segment...the department of natural resources, already has 25% of their workers being contract workers. I suspect that that k-12 schools will take the biggest hit, particularly all of the regular ed classes. That's going to piss people off in either end of the bell curve...Meaning, cuts to Milwaukee public schools and very rural schools won't be great. So, I think the urban vs, rural divide will get worse. The income divide will likely also get worse. Where I live, I expect that we'll take some licks, but we'll adjust in a few years and life will go on. We've done this song and dance enough already that I think we're fairly used to it. At the national level, I think there will be no choice but to start making cuts to SS. With Trump wanting to open everything up as early as possible, it seems as if he's not particularly interested in making sure older folks are taken care of. There are going to be enough "poor" people, without picking on retirees who rely on Social Security. The corporations got some huge tax breaks, so the first logical step is to increase the corporate tax rate, and get that money back. People can't buy products from any company, or pay rent, without some money to do it with.
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dezii
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Post by dezii on Apr 11, 2020 15:17:27 GMT -5
It was just announced on the local news that the state surplus here is officially gone. The state isn't getting the revenue with so many out of work, and less shopping going on. I am concerned how this may affect all of us long-term, but I still support NOT allowing people to congregate in large groups. I'm a state worker in higher ed. My raise for this next fiscal year is gone. I think the last time I had two years in a row with a raise...actually was so long ago, I can barely remember. It's been over a decade now...somewhere between 12-14 years. It's estimated my university is losing 100 million. That will never be recovered. The state lawmakers are not higher-ed friendly. That also translates into a 300 million lose for our state economy, alone. My state runs a fairly tight ship as it is, and we're very low on the list of number...(evidence: here www.usatoday.com/story/money/2019/05/13/states-where-the-most-people-work-for-the-government/39461227/) One whole segment...the department of natural resources, already has 25% of their workers being contract workers. I suspect that that k-12 schools will take the biggest hit, particularly all of the regular ed classes. That's going to piss people off in either end of the bell curve...Meaning, cuts to Milwaukee public schools and very rural schools won't be great. So, I think the urban vs, rural divide will get worse. The income divide will likely also get worse. Where I live, I expect that we'll take some licks, but we'll adjust in a few years and life will go on. We've done this song and dance enough already that I think we're fairly used to it. At the national level, I think there will be no choice but to start making cuts to SS. With Trump wanting to open everything up as early as possible, it seems as if he's not particularly interested in making sure older folks are taken care of. My hope is the Donald is defeated in November...then we'll see what we can see...won't be pretty..but the cost of a special prosecutor to just concentrate on the Donald...fine by me
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tbop77
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Post by tbop77 on Apr 11, 2020 19:17:39 GMT -5
I'm not against helping unemployed people and small businesses during this time. I do feel big corporations that had the tax cuts should have saved. Some of it seems like a vote buying scheme. This is the ad I have to see several times a day: McConnell launches ad touting role in passing coronavirus relief the narrator says. “One leader brought our divided country together in a unanimous, bipartisan vote: Mitch McConnell.” thehill.com/homenews/campaign/490448-mcconnell-launches-ad-touting-role-in-passing-coronavirus-relief
This is the same Mitch McConnell and Republican party that voted unanimously against the bailout during the financial meltdown. What changed in their attitude? ELECTION YEAR!
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giramomma
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Post by giramomma on Apr 12, 2020 0:45:00 GMT -5
There are going to be enough "poor" people, without picking on retirees who rely on Social Security. The corporations got some huge tax breaks, so the first logical step is to increase the corporate tax rate, and get that money back. People can't buy products from any company, or pay rent, without some money to do it with. I think we're beyond logic as a society. I think you have to define "poor." Going by federal poverty limits? Or does how many kids you have determine how "poor" your are?...I continue to be amazed at how the federal gov't thinks we're poor because we have four kids, even though our gross HH income is 2.5x the federal poverty guidelines.
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countrygirl2
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Post by countrygirl2 on Apr 12, 2020 1:07:19 GMT -5
We have many poor here and the retirees on just SS are very poor. Especially the old women that have lost their husbands and live on only 1 check now. That's why so many old houses in these small towns are in disrepair and falling in.
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thyme4change
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Post by thyme4change on Apr 12, 2020 11:04:29 GMT -5
Whose paying?
My Grandchildren?
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Post by Deleted on Apr 12, 2020 11:11:50 GMT -5
Whose paying? My Grandchildren? I just wonder if the can is capable of being kicked that far, for my money, and it will be near worthless at the time the “Greater Depression” will occur by the end of this decade.
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bean29
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Post by bean29 on Apr 16, 2020 6:41:41 GMT -5
I can’t imagine how we are paying for this. Cares act is helping businesses that don’t need help, while businesses that desperately need help can’t even talk to a banker (They’re all busy processing loan applications for their larger customers that don’t need help)
Unemployment is now paying about $46,000 per year-many of those people never had it so good, and they are not going to want to return to work for 20,000/yr. I think those $900/wk unemployment checks are going to mess with qualifying for ACA health insurance though.
Gov’t is paying for Covid-19 testing. They don’t know how, but they are doing it.
Tax Day is moved. Interest is suspended. Interest on late property taxes is waived.
They talked about a payroll tax holiday? SS was already in trouble.
Student loan interest is waived. Colleges closed down, sent students home and issued refunds for housing and meal plans-but they still have to carry the infrastructure.
Schools closed down and went virtual-is it costing more or less. What will it take to make up for learning losses for kids that fall through the gaps?
Malls are closed down-they have loans go pay-if they default-who is stuck holding the bag?
Tax Incremental financing for sports facilities generating no revenue/jobs? It goes on and on.
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deminmaine
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Post by deminmaine on Apr 16, 2020 7:00:50 GMT -5
My hairbrained idea was not so far off. They should have just shut it ALL down. EVERYTHING other than essential production. Loans, markets, payments, due dates on bills, rent, etc., ALL shut down and delayed (paused) for X weeks. Food, supplies, etc., for chits. Pause the economy so it could resume again. No harm no foul. No restaurants out of business because they were broke by week 3. No renters thrown on the street. Less government debt and mayhem. Who knows, we may have found we liked it?
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pulmonarymd
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Post by pulmonarymd on Apr 16, 2020 8:19:37 GMT -5
Taxes will have to go up to a level we haven’t seen in a while. Going to be impossible to cut our way out of this, unless you cut SS/Medicare, which I do not believe will be popular
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Bob Ross
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Post by Bob Ross on Apr 16, 2020 10:54:31 GMT -5
My hairbrained idea was not so far off. They should have just shut it ALL down. EVERYTHING other than essential production. Loans, markets, payments, due dates on bills, rent, etc., ALL shut down and delayed (paused) for X weeks. Food, supplies, etc., for chits. Pause the economy so it could resume again. No harm no foul. No restaurants out of business because they were broke by week 3. No renters thrown on the street. Less government debt and mayhem. Who knows, we may have found we liked it? SOCIALIST!!
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Artemis Windsong
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Post by Artemis Windsong on Apr 16, 2020 12:45:41 GMT -5
This is tragic for a lot of people and another big headache.
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busymom
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Post by busymom on Apr 16, 2020 13:41:26 GMT -5
I hear the stimulus checks are being sent to dead people, too. Nice.
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dondub
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Post by dondub on Apr 16, 2020 13:50:19 GMT -5
I hear the stimulus checks are being sent to dead people, too. Nice. They vote, so why not!😎
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souldoubt
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Post by souldoubt on Apr 16, 2020 14:08:02 GMT -5
The short answer is taxpayers notably those that haven't been born yet. I have zero faith that elected officials from either side are going to make the cuts that should be made to address the annual deficits let alone the ballooning national debt. They'll continue to kick the can down the road until we're at a point where that won't work and whoever is alive and in charge at that time will be left holding the bag and have to deal with it.
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pulmonarymd
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Post by pulmonarymd on Apr 16, 2020 14:10:26 GMT -5
The short answer is taxpayers notably those that haven't been born yet. I have zero faith that elected officials from either side are going to make the cuts that should be made to address the annual deficits let alone the ballooning national debt. They'll continue to kick the can down the road until we're at a point where that won't work and whoever is alive and in charge at that time will be left holding the bag and have to deal with it. There is not enough in the budget to close the deficit. Entitlements need to be cut if you want to even try. And that means SS/Medicare. Think anyone will accept that. Reversing the stupid trump tax cut would be a good start
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Artemis Windsong
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Post by Artemis Windsong on Apr 16, 2020 14:10:41 GMT -5
I hear the stimulus checks are being sent to dead people, too. Nice. The records being updated takes a lot of time. A lot of the recently deceased checking accounts are active so the money could go into them with direct Soc. Sec. or SSI or Veteran benefits. Then what?
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Artemis Windsong
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Post by Artemis Windsong on Apr 16, 2020 14:12:21 GMT -5
The short answer is taxpayers notably those that haven't been born yet. I have zero faith that elected officials from either side are going to make the cuts that should be made to address the annual deficits let alone the ballooning national debt. They'll continue to kick the can down the road until we're at a point where that won't work and whoever is alive and in charge at that time will be left holding the bag and have to deal with it. There is not enough in the budget to close the deficit. Entitlements need to be cut if you want to even try. And that means SS/Medicare. Think anyone will accept that. Reversing the stupid trump tax cut would be a good start Social Security and Medicare are NOT government entitlements. All recipients and working tax payers pay into the fund continually.
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pulmonarymd
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Post by pulmonarymd on Apr 16, 2020 14:15:18 GMT -5
There is not enough in the budget to close the deficit. Entitlements need to be cut if you want to even try. And that means SS/Medicare. Think anyone will accept that. Reversing the stupid trump tax cut would be a good start Social Security and Medicare are NOT government entitlements. All recipients and working tax payers pay into the fund continually. Semantics, they are part of the budget, and if we have to have painful discussions regarding the deficit, cuts to them need to be on the table. As ednkris said, anyone getting them is a taker, and should not be allowed to vote
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souldoubt
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Post by souldoubt on Apr 16, 2020 14:18:34 GMT -5
In 2019 outlays totaled 4.4T of which 1.3T was considered discretionary - defense and other. Interest was another 375B which is a function of decades of deficit spending. It we actually held our elected officials accountable and demanded a balanced budget within 10 years they could get it done. The problem is cuts would have to be made across the board and at every turn people will complain when it impacts them. What people accept and what we will eventually be forced to do are two completely different things. I'm all for reversing the tax cuts, making sure everyone has some skin in the game or at least doesn't have a negative federal income tax rate and working towards a balanced budget. If I have to pay more in taxes that's fine but I'm not going to support paying more in taxes when spending and not revenue is the biggest issue.
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souldoubt
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Post by souldoubt on Apr 16, 2020 14:22:02 GMT -5
There is not enough in the budget to close the deficit. Entitlements need to be cut if you want to even try. And that means SS/Medicare. Think anyone will accept that. Reversing the stupid trump tax cut would be a good start Social Security and Medicare are NOT government entitlements. All recipients and working tax payers pay into the fund continually. They are but in 2019 the outlay for SS and medicare was 1.6T while revenues from PR taxes were 1.2T which is a 400B deficit. For SS each generation should be ready to make concessions while the youngest will have to make the most. We're going broke as a country supporting a lifestyle we can't afford which is ridiculous beyond ridiculous.
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pulmonarymd
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Post by pulmonarymd on Apr 16, 2020 14:29:29 GMT -5
Social Security and Medicare are NOT government entitlements. All recipients and working tax payers pay into the fund continually. They are but in 2019 the outlay for SS and medicare was 1.6T while revenues from PR taxes were 1.2T which is a 400B deficit. For SS each generation should be ready to make concessions while the youngest will have to make the most. We're going broke as a country supporting a lifestyle we can't afford which is ridiculous beyond ridiculous. So they are responsible for 400 billion of the deficit-30-40%, can't recall what it was. If the tax cuts were reversed, the deficit would be smaller. And as we are seeing now, we have underfunded our preparedness for a disaster of this type. Add in the need to upgrade our infrastructure and government computer systems, and we are going to have to do some more spending, even if we cut other spending. So, again taxes need to be raised. There is no other solution
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Cheesy FL-Vol
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Post by Cheesy FL-Vol on Apr 16, 2020 14:30:01 GMT -5
The short answer is taxpayers notably those that haven't been born yet. I have zero faith that elected officials from either side are going to make the cuts that should be made to address the annual deficits let alone the ballooning national debt. They'll continue to kick the can down the road until we're at a point where that won't work and whoever is alive and in charge at that time will be left holding the bag and have to deal with it. There is not enough in the budget to close the deficit. Entitlements need to be cut if you want to even try. And that means SS/Medicare. Think anyone will accept that. Reversing the stupid trump tax cut would be a good start Corporate and military entitlements first!
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Artemis Windsong
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Post by Artemis Windsong on Apr 16, 2020 14:30:02 GMT -5
Social Security and Medicare are NOT government entitlements. All recipients and working tax payers pay into the fund continually. Semantics, they are part of the budget, and if we have to have painful discussions regarding the deficit, cuts to them need to be on the table. As ednkris said, anyone getting them is a taker, and should not be allowed to vote We won't see eye to eye on this. The reason these are part of the budget is because the government oversees the funds. I paid into SS and pay for my medicare monthly. Yes, it is a reduced cost than on the open market. I also have to pay outright for drug insurance and additional medical coverage. I could not live on the remainder of the SS income that I have. This is where retirement planning comes in.
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