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Is it not mostly social security and military spending? I.e. not bureaucracy, but what is essentially a savings program and massive wealth transfer to the MIC,

Is it not mostly social security and military spending? I.e. not bureaucracy, but what is essentially a savings program and massive wealth transfer to the MIC, neither of which are being affected so far. All this, plus reckless tariffs starting trade wars with the US's closest allies do not inspire confidence that this will have good outcomes.

anovikov 2y ago
In 2024, federal budget spent: - 1350B on social security - 870B on Medicaid - 850B on Medicare - 830B on the military - 660B on interest payments Out of total of $6200B. Essentially 3/4 of all spending is in these 5 major categories. There is little left to save in other ones.
- cycomanic 2y ago
  Note that including social security in the budget spending is misleading. It's essentially a trust fund (albeit under funded) so you can't cut spending in it. You could cut contributions and payouts (essentially privatising retirement even more), but the effects would only be noticed in decades.
  - buddavis_ 2y ago
    I am 62 years old. What is the number 1 discussion topic with my retired colleagues? How to minimize taxes in retirement. (the RMD causes panic because if forces taxation). Many get a pension, social security, have a 401k, paid off house, and savings. Not everyone needs social security.
    - johnnyanmac 2y ago
      I suppose. Millenials were all raised to expect Social security to run out by the time they retire. But we're not quite there yes, and I imagine many gen X will need that social security.
      - mullingitover 2y ago
        As a gen X I'm just eating a teaspoon of cat food each day to prepare my body for the future when I have to live on it.
- buddavis_ 2y ago
  The interest payments are yesterdays sins. Increase social security taxes (example: no longer stop taxing wages over $150k for a start) Decrease social security benefits. Means testing. If you have over $200K of income, then no check (or $300k, pick a number. Just not $50k) Cancel 1 leg of the nuclear Triad. Cost / Benefit military procurement vs. keeping Lockheed healthy. A functioning congress could fix this problem. If they functioned.

anovikov 2y ago

In 2024, federal budget spent: - 1350B on social security - 870B on Medicaid - 850B on Medicare - 830B on the military - 660B on interest payments Out of total of $6200B. Essentially 3/4 of all spending is in these 5 major categories. There is little left to save in other ones.

cycomanic 2y ago
Note that including social security in the budget spending is misleading. It's essentially a trust fund (albeit under funded) so you can't cut spending in it. You could cut contributions and payouts (essentially privatising retirement even more), but the effects would only be noticed in decades.
- buddavis_ 2y ago
  I am 62 years old. What is the number 1 discussion topic with my retired colleagues? How to minimize taxes in retirement. (the RMD causes panic because if forces taxation). Many get a pension, social security, have a 401k, paid off house, and savings. Not everyone needs social security.
  - johnnyanmac 2y ago
    I suppose. Millenials were all raised to expect Social security to run out by the time they retire. But we're not quite there yes, and I imagine many gen X will need that social security.
    - mullingitover 2y ago
      As a gen X I'm just eating a teaspoon of cat food each day to prepare my body for the future when I have to live on it.
buddavis_ 2y ago
The interest payments are yesterdays sins. Increase social security taxes (example: no longer stop taxing wages over $150k for a start) Decrease social security benefits. Means testing. If you have over $200K of income, then no check (or $300k, pick a number. Just not $50k) Cancel 1 leg of the nuclear Triad. Cost / Benefit military procurement vs. keeping Lockheed healthy. A functioning congress could fix this problem. If they functioned.