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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
by 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 agoNote 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 agoI 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 agoI 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 agoAs 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 agoThe 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.