Originally posted by: Evan Lieb
Originally posted by: bamacre
Originally posted by: Evan Lieb
Originally posted by: bamacre
Originally posted by: Evan Lieb
Originally posted by: Jaskalas
Originally posted by: LegendKiller
Originally posted by: Dissipate
Does that 'backing' include the $52 trillion in unfunded federal liabilities over the next 20 years?
What will we ever do? Our GDP, assuming a conservative 1.5% growth, will *only* be 345Tr during that time. Shit, we're all screwed.
Indefinite growth is a stupid bet. This population growth required for that will never be sustained safely.
^ I think it's safe to assume based on 200+ years of history that the U.S. can continue to grow at great speed considering the laws, economics and most definitely the immense population growth the U.S. enjoys. In fact, there's basically no question the U.S. population will grow in perpetuity for many, many years when you consider the replacement rates of whites is 2.0, Hispanics 2.7, blacks 2.4, and all that in addition to the 2 million legal immigrants allowed in every year. Sustaining population growth is not the problem; just so long as the U.S. keeps creating 100,000 jobs every quarter, which is the pace that has to be kept to keep up with population growth. Really no reason to believe the economy will stop growing.
But does anyone actually think that growth alone will solve the problem of the $53 trillion in entitlements we'll be facing in the next 30 years?
I don't know if that's an accurate figure, but yes, it is nowhere near unrealistic for the U.S. to come up with trillions of dollar for Medicare/Medicaid/SS. They simply have to cut some gov't programs, cut other spending (Iraq), and raise taxes back up to pre-Bush levels.
http://www.youtube.com/watch?v=OS2fI2p9iVs
What government programs would you cut?
That's an excellent video clip, I agree with Walker 100%. In any case, I'd cut off:
1) The ability of SS money to be politically controlled, which itself would save billions in irresponsible siphoning of SS funds.
2) I'd cut out Department of Agriculture spending on farming subsidies, which always lead to horribly unbalanced social benefits, i.e. high pricing for millions of consumers domestically while benefiting only limited numbers of producers here.
3) I'd cut out redundant programs within the Dept of Education and local/state departments, which consistently contain similar mandates and, worst yet, uncorrodinated efforts and even contradictory efforts in achieving similar goals (such infrastructure expansion, funding for books and teachers, etc.).
4) Work aggressively with the WTO and other world leaders on unilateral reductions in import tariffs and export subsidies, both of which are horribly inefficient for consumers
and producers (though very small tariffs have shown to be efficient in some cases).