3 ms·
To balance the budget we need to raise taxes (or stop lowering them), reduce the DOD budget (as it is hitting $1 trillion), and cut spending in Medicare, Medica
by Jtsummers 1y ago
To balance the budget we need to raise taxes (or stop lowering them), reduce the DOD budget (as it is hitting $1 trillion), and cut spending in Medicare, Medicaid, and Social Security (all three are political third rails).
The rest of the budget almost doesn't matter.
https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/ https://fiscaldata.treasury.gov/americas-finance-guide/feder...
As a hypothetical, if we'd cut everything that isn't in the Social Security, Medicare, Defense, Interest, and Health categories we'd still have $169 billion in deficits. Odds are VA benefits will not be cut any time soon, so if that's preserved we still have $429 billion in deficits.
And we'll never actually cut all of these spending categories. This leaves us having to touch the untouchable and/or raising taxes to balance the budget and get the debt under control.