‘Insatiable appetite for reckless spending’: President Biden’s $7.3 trillion budget blueprint would

You're referring to MAGA Republicans? Let's not forget what the defeated former president said only last year.
Trump plays down consequences of us debt default, it could be maybe nothing
Keep in mind that this was the guy who as a private businessman managed at least six organizations into bankruptcy and referred to himself as the king of debt.
https://www.politico.com/story/2016/06/trump-king-of-debt-224642
https://www.cnn.com/2020/10/28/politics/donald-trump-loans-debt-new-york-times/index.html

 

Don't post your fantasies here... weirdo.

 

I’m not sure what to make of channingckrowderhungry’s *optimistic* rating of the above post.

 

The funniest two ratings when used properly are "optimistic" and "informative."

 

Regan reduced the highest capital gains tax from 28 to 20% in 1981. And then back up to 28 in 86. 40% for long term is looney.

Thankfully, it won't pass. Even congress has more sense than to pass this.

 

Well... so here we have a bunch of retired folk that earn no where near the levels that will be affected crying like babies. Here is the deal. The bottoms spends money to live and the tops saves it. Cutting taxes on the bottom and raising on the top is good economic sense and improves the lives of vastly more people. Quibble about the rates if you will but the direction is what our economy needs. Even all the growth that has happened under Biden, which has been plenty, disproportionately goes to the top. The lowest paid service workers made some strides due to labor shortages but that's about it. Middle class is treading water.

https://www.reuters.com/world/us/bidens-2024-us-government-budget-is-also-campaign-pitch-2024-03-11/

Biden's budget for the 2025 fiscal year, which starts this October, includes raising the corporate income tax rate to 28% from 21%, forcing those with wealth of $100 million to pay at least 25% of their income in taxes, and letting the government negotiate to bring more drug costs down.

Meanwhile, the government would bring back a child tax credit for low- and middle-income earners, fund childcare programs, funnel $258 billion to building homes, provide 12 weeks of paid family leave for workers, and spend billions on law enforcement.

 

While I do not agree with your all or nothing wealthy/poor comparison, I will grant your point about longer lives of the more affluent. But surely you must concede that “the wealthiest” as you it contribute significantly more into the fund than do “the poorest” and have much better options for privately funding their own retirement and disability insurance. Please don’t forget that “the wealthiest” as well as most higher income earners would absolutely opt out of SS if the could. The fact that they cannot opt out does not give you and the Democrats the right to screw them.

 

Of all the people you can spend your twilight years advocating for, you are choosing to advocate for wealthy not "getting screwed" over something that is vastly more equitable which impacts more people more beneficially? Why exactly?

 

I am glad four people dislike this. You must agree with me that subsidizing shit hole maga states not a good thing.

 

The numbers might surprise you.

https://sgp.fas.org/crs/misc/R44846.pdf



The top income quintiles at 50 years old (which probably include you and me) live 12 years longer than the bottom. So that means they will get paid out by SS about twice as long. So yes the payout ratio is lower for higher incomes vs what you pay in, but you will be paid much longer. Life spans between income quartiles have expanded a lot.

Also, go to immediateannuities.com and price out an SPIA with a 3% escalator. The value of an spia for me and my wife, each, equivalent to social security is probably around $750k, each. Maybe more. Likely similar for you. SS is not directly comparable to what you personally save, and it isn’t supposed to be.

1. When I say wealthiest in terms of SS. I am talking about you and me.

2. Perhaps I would opt out, if starting from scratch, but again i think you are undervaluing the value of SS

3. The fact that almost all participate keeps everybody vested in the system. If you allowed people to opt out it would decrease the solvency of the system, and it would also give the people who have the most power in society less of a reason to support SS

My thinking on SS has evolved a lot of the years. My main concern is keeping the system solvent. I support measures to those ends that most democrats don’t.

 

Sometimes the truth hurts.

 

I agree with your last paragraph completely. I just don’t think that you should screw the top to save the bottom. Raise the % contribution on everyone. One point % increase to which most won’t even notice would generate almost 20% more revenue. Increase the contribution caps by 10%. Again, another $800 or so won’t be painful to people making more than $160K/yr. Raise the decrement for retirement below 67. There is already disability in the system for early medical retirement. Additionally, mandate SS trust fund $ get special Treasury rates of 100 basis points above auction. This will further shore up the reserves as well as make the government feel some of the remedy as well

These would keep the system solvent for years and wouldn’t touch the benefits.

 

LOL, raise everyone to 75%, the idiots in DC will just spend it all then some.

 

I’d support any of those measures.

 

Note to politicians and #citygator; iboy and I disagree on 90+% of the issues, yet we list solved the SS solvency problem in a few short minutes. Amazing what you can do when you work to solve a problem rather than just campaign on and cheerlead an issue.

 

I missed this nonsense or would have replied earlier. SS is like a defined benefit retirement plan with a disability rider attached. It is not a tax to be toyed with by idiot politicians. We all have to pay in and we know the formula for what we will get back. No changing the formula mid-stream. SS already suffers eroding support from younger adults. Pulling prior promised benefits from the people that those young adults aspire to be won’t go over well.

And by the way, I plan to spend my twilight years enjoying myself. Ive never said this before about anything but I have earned it.

If anything, I would advocate for eliminating federal tax withholding. Taxes are due April 15h. Elections run from April 16th - 20th. We might actually get some decent people elected and some accountability if people started having to write a check for what they owe.

I might also advocate for true economic literacy courses at the high school and college level.

 

Only 4 making over $1M posting here on THFSG? No wonder our NIL Collective is getting punked by other SEC schools.

 

You might already be passed your twilight years if that was supposed to be a cognitive response. Biden's proposal (which is unworkable because you cant get enough people to raise taxes on anyone except the poor) shifts more burden to corporations and the wealthy. Why that grinds the sand in your shorts I have no idea. Probably because you detest anyone not named aginggator getting a break on anything.

 

On social security I’d agree to just about any reasonable measure - on taxes or spending
- raise retirement age
- modify cpi formula
- increase earnings cap
- additional tax on higher earnings
- make all of social security fully taxable
- eliminate earnings cap (not a big fan of this)
- raise payroll taxes (not a big fan of this)