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The Day When the Debt Comes Due

7 points by acangiano 16y ago

acangiano 16y ago
The professor forgot to mention how health care is only a fraction of the US military spending, and how some of the richest, and some of the largest corporations pay little to no taxes. I'm all for capitalism but IMHO, America doesn't have its priorities straight.
- zzleeper 16y ago
  I agree with you about the corporations part. That said, check this: http://www.cbpp.org/cms/index.cfm?fa=view&id=1258 http://www.cbpp.org/cms/index.cfm?fa=view&id=1258 http://en.wikipedia.org/wiki/File:U.S._Federal_Spending_-_FY_2007.png http://en.wikipedia.org/wiki/File:U.S._Federal_Spending_-_FY... Medic* and SS amount for almost half of the US budget, while the (still overinflated) military amounts for "only" 20%. That said, 40% of govt income is from social security, so this whole exercise is quite moot =( A better analysis would move all the SS transactions to another entity at a fair price, so the true picture of govt income/expenses/debt would be clear.
trevelyan 16y ago
It is important to notice that when Greg Mankiw writes "if we had chosen to tax ourselves..." and "they saw sickness and created Medicare..." and "we borrowed increasing amounts..." he is talking about himself and his fellow budget arsonists. He is not talking about President Clinton, Clinton's appointees, and Clinton's supporters... Is it too much for me to expect, from him, an apology to America? A whispered: "I am sorry"? An admission that the unfunded 2001 tax cuts that he cheerled for were a mistake, and that we as a nation would have been better off had they not been passed? An admission that the unfunded 2003 tax cuts that he cheerled for were a mistake, and that we as a nation would have been better off had they not been passed? An admission that the unfunded 2003 Medicare Part D prescription drug benefit that he cheerled for was a mistake, and that we as a nation would have been better off had it not been passed? http://delong.typepad.com/sdj/2011/03/greg-mankiw-budget-arsonist-screaming-for-a-firehose.html http://delong.typepad.com/sdj/2011/03/greg-mankiw-budget-ars...

7 points by acangiano 16y ago

The professor forgot to mention how health care is only a fraction of the US military spending, and how some of the richest, and some of the largest corporations pay little to no taxes. I'm all for capitalism but IMHO, America doesn't have its priorities straight.

zzleeper 16y ago
I agree with you about the corporations part. That said, check this: http://www.cbpp.org/cms/index.cfm?fa=view&id=1258 http://www.cbpp.org/cms/index.cfm?fa=view&id=1258 http://en.wikipedia.org/wiki/File:U.S._Federal_Spending_-_FY_2007.png http://en.wikipedia.org/wiki/File:U.S._Federal_Spending_-_FY... Medic* and SS amount for almost half of the US budget, while the (still overinflated) military amounts for "only" 20%. That said, 40% of govt income is from social security, so this whole exercise is quite moot =( A better analysis would move all the SS transactions to another entity at a fair price, so the true picture of govt income/expenses/debt would be clear.

trevelyan 16y ago

It is important to notice that when Greg Mankiw writes "if we had chosen to tax ourselves..." and "they saw sickness and created Medicare..." and "we borrowed increasing amounts..." he is talking about himself and his fellow budget arsonists. He is not talking about President Clinton, Clinton's appointees, and Clinton's supporters... Is it too much for me to expect, from him, an apology to America? A whispered: "I am sorry"? An admission that the unfunded 2001 tax cuts that he cheerled for were a mistake, and that we as a nation would have been better off had they not been passed? An admission that the unfunded 2003 tax cuts that he cheerled for were a mistake, and that we as a nation would have been better off had they not been passed? An admission that the unfunded 2003 Medicare Part D prescription drug benefit that he cheerled for was a mistake, and that we as a nation would have been better off had it not been passed? http://delong.typepad.com/sdj/2011/03/greg-mankiw-budget-arsonist-screaming-for-a-firehose.html http://delong.typepad.com/sdj/2011/03/greg-mankiw-budget-ars...