4 ms·
The deficit jumped to almost 15% in 2020 with the pandemic. The deficit has returned to normal 5-6% of GDP. 5% is sustainable for forever as long as GDP keeps g
by ianburrell 3y ago
The deficit jumped to almost 15% in 2020 with the pandemic. The deficit has returned to normal 5-6% of GDP. 5% is sustainable for forever as long as GDP keeps growing faster. It has been in that range for fifty years except for recessions and Clinton surplus.
Also, the government is now paying for the retirement of the boomers. We could increase taxes to pay for the increase. Or we could borrow it, changing debt to Social Security fund to debt to everyone. Or we could slash spending for everything else.
- mindslight 3y agoAlternatively we could hire Trump to reprise his "president" character for a TV show, so he resumes encouraging the boomers to get Covid and now RSV.
- PopAlongKid 3y ago> the government is now paying for the retirement of the boomers. Are there any facts to back up this extraordinary claim? It might help if you explain your definition of "paying for retirement".
- ianburrell 3y agoWhat is extraordinary about the government paying Social Security and Medicare for the boomers, the second largest cohort in history, who are currently retiring? Up until 2021, Social Security income matched outlays, but the outlays have increased and will keep increasing. Social Security is now drawing from the trust fund; it is small now but will get worse. https://www.cbo.gov/publication/59340 https://www.cbo.gov/publication/59340
- PopAlongKid 3y ago>government paying Social Security and Medicare for the boomers, Is that your definition of paying for retirement? Also, as a side note, recipients of Medicare pay Medicare premiums.