Major Social Security trust funds could be tapped out by 2033: CBO

Discussion in 'Current Events' started by Joe knows, Jan 22, 2023.

  1. Bluesguy

    Bluesguy Well-Known Member Donor

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    Actually it was broad based but so what from which it came? And it was Clinton and his DOJ that tried to breakup the tech sector starting with Microsoft. The Bush tax rate cuts produced a RECORD 15% increase in tax revenue and that was AFTER the dot.com bust he inherited.

    I meant exactly was I asked.

    GWB how do you account for the deficit after hitting $400B in the recovery falling to a paltry $161B heading back to surplus?

    How do you account for it soaring to $1,400B in just two years with a Democrat Congress that bragged about cutting him out of the process? Why do you attribute those deficits and debt to him?
     
  2. Trixare4kids

    Trixare4kids Well-Known Member

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    As far as the CBO's predictions go, this is what happens when one trusts the government to manage their money.
     
  3. fullmetaljack

    fullmetaljack Well-Known Member

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    The Bush tax cuts absolutely did not produce a 15% increase in tax revenue. Prove that it did as in cause and effect with linkage.
    This is more Republican bs about supply side economics and the Laughter Curve.

    What recovery ?

    Your question is incomplete and lacks , for one thing, a time frame.
     
  4. Alwayssa

    Alwayssa Well-Known Member

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    That may be what the goal of the mutual fund or the index fund is based on the retirement year, but what people decide if they are seeing large losses in the Stock Market over a period of time, people panic, disinvest in these fuinds and reinvest into something they feel is safer. Some may go into gold or other precious metals, but it is up to them.

    So, if you try to tie the SS funds to the Stock Market, the professionals will do the same, maybe not as quickly as some or most individuals who are not market professionals.
     
  5. Alwayssa

    Alwayssa Well-Known Member

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    If you look at the deficits. the first two years dealing with a severe recession. What the government did was more in line of Keynesian Economics to soften the blow of the recession. The ARRA included some $270 billions of tax cuts and credits to help individuals, businesses, and farms with one favorable tax deduction expanding the NOL loss from 2 years to five years as a carryback, among other tax credits that they provided. They even incentives spending, which is how we got out of the recession. So, ARRA impacted significantly the federal deficit from 2008, when it was first passed, the second phase in 2009, and eventually to 2012. We also had some major military actions in Iraq at that time that also contributed to the deficit. From 2013 to 2015, the deficits dwindled and then went up in 2016, all the while both houses of Congress were controlled by the GOP from 2011 onward. Even the ACA that was passed in 2010 did not really impact the deficit that much.

    https://www.presidency.ucsb.edu/statistics/data/federal-budget-receipts-and-outlays
     
  6. Alwayssa

    Alwayssa Well-Known Member

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    The only ones "managing the money" is Congress, not the executive branch. You may want to think about that for a moment there Trixie.
     
  7. Trixare4kids

    Trixare4kids Well-Known Member

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    Who said anything about the "executive branch", but you?
    You may want to think about that for a moment there, Alwayssa.
     
  8. Bluesguy

    Bluesguy Well-Known Member Donor

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    And it didn't soften it. Unemployment was supposed to peak at 8% yet it soared to 10% and stayed over 8% for the next three years the WORST modern day recovery BECAUSE of those Keynesian economics rather than the supply side as Bush43 and the Reps used in the 2001 dot.com bust/recession/911 attack. Those policies helped to mitigate the length and depth of that recession and get us into a full recovery. They made two mistakes, the Keynesian $600 advance on the tax savings for the next year and they had the tax rate cuts phasing in through 2006. The cash did nothing and by 2003 with the tax cuts barely in effect they voted to full implement them and the economy took off and tax revenues began to soar and they brought the deficit down to that measly $161B

    It was a total flop by their own measures. The deficits were cut because of the Republican sequester and austerity cuts.
     
  9. Bluesguy

    Bluesguy Well-Known Member Donor

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    Commodity trading will be allowed, speculative investing not allowed. And perhaps with more people invested on the markets they will elect more responsible pro-grow members top Congress and the WH.
     

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