Agree.
Debt Ceiling Fight 2023
- Thread starter UsualName
- Start date
lol no
Fine, then we need significantly more middle class taxes or we default. There's not enough billionaires to pay for it all. The math doesn't lie. People lived almost 20 years less and they were having a lot more babies when Social Security was first enacted. I don't think moving full retirement age to 75 is a bad idea.
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Obviously you don't read much. If you were to tax, tax the wealth, not the income.
https://www.federalreserve.gov/rele...ographic:networth;population:all;units:shares
Federal Reserve data indicates that as of Q4 2021, the top 1% of households in the United States held 32.3% of the country's wealth, while the bottom 50% held 2.6%.
$41T is the amount of wealth for the top 1%. If we take 100% of that (assuming there will be no other negative consequences which isn't true) that gives us about a third of what we need. The fact is that an economy is only as strong as the goods and services it produces. If you have a lot of people collecting payments and not enough people in the labor force you will run deficits.
If those three rating firms are not Americans, I’d downgrade the sh*t out of US govt bonds to junk.
Umm, the demographics are a bit more nuanced. The rich are living longer, but in the last decade or three the middle to lower classes are not.
Well, we could change things. Raise the age for social security. Make the healthcare system more efficient. We spend about as much on Medicare as Singapore spends on its entire healthcare system/capita. Singapore covers everybody. We don't. Singapore has better outcomes. Singapore has one of the more innovative healthcare systems in the world. We do a lot of shit inefficiently. Medicare is no exception.
The rich have always lived significantly longer. White people lived way longer than black people when Social Security was implemented.