We Wasted a Record 500bn on Interest Last Year

[jonny5]

And so far 93bn in the first two months of FY23, just interest paid on the national debt, which is now over 30 trillion. Thats more than we spend on these agencies COMBINED

Department of Homeland Security
Other Defense--Civil Programs
Department of Justice
Department of State
Department of Housing and Urban Development
Department of Energy
National Aeronautics and Space Administration
International Assistance Programs
Other Independent Agencies (On-Budget)
Department of the Interior
Department of Commerce
Judicial Branch
Environmental Protection Agency
Corps of Engineers--Civil Works
National Science Foundation
Legislative Branch
Executive Office of the President

Thats more than the income taxes paid by the top 300,000 tax payers, or the entire bottom 70% of tax payers. Just going to interest on the debt. Thats 25% of every dollar collected in individual income tax, going to just pay interest. We have to cut the debt.

Monthly Budget Review: November 2022 | Congressional Budget Office

www.cbo.gov

 

[Davin]

And so far 93bn in the first two months of FY23, just interest paid on the national debt, which is now over 30 trillion. Thats more than we spend on these agencies COMBINED

Department of Homeland Security
Other Defense--Civil Programs
Department of Justice
Department of State
Department of Housing and Urban Development
Department of Energy
National Aeronautics and Space Administration
International Assistance Programs
Other Independent Agencies (On-Budget)
Department of the Interior
Department of Commerce
Judicial Branch
Environmental Protection Agency
Corps of Engineers--Civil Works
National Science Foundation
Legislative Branch
Executive Office of the President

Thats more than the income taxes paid by the top 300,000 tax payers, or the entire bottom 70% of tax payers. Just going to interest on the debt. Thats 25% of every dollar collected in individual income tax, going to just pay interest. We have to cut the debt.

Monthly Budget Review: November 2022 | Congressional Budget Office

www.cbo.gov

Well then, instead of excuses I would expect you to hold the REPUBLICAN HOUSE coming up accountable then right? Or will you devolve like most right-wing folks do and make excuses like "Well a Dem president signed the bill"?

 

[gdgyva]

According to way too many on this site....it doesnt matter

We can just keep adding to the debt forever and forever

Like you....i disagree

I believe we are fast arriving at a tipping point

The world had the same issue....maybe even worse

And maybe it all implodes at the same time

Tightening our belt....and spending only what comes in shouldnt be that hard

But no one wants to be the one that does it....it may cost them a vote or two

 

[gdgyva]

Well then, instead of excuses I would expect you to hold the REPUBLICAN HOUSE coming up accountable then right? Or will you devolve like most right-wing folks do and make excuses like "Well a Dem president signed the bill"?

The house is 1/3 of our legislative arrangement

Without the senate and the president the house cant do diddley squat and you know that

This has to be something everyone wants, or it will never get done

And the majority of congress dont believe we have an issue

 

[Davin]

According to way too many on this site....it doesnt matter

We can just keep adding to the debt forever and forever

Like you....i disagree

I believe we are fast arriving at a tipping point

The world had the same issue....maybe even worse

And maybe it all implodes at the same time

Tightening our belt....and spending only what comes in shouldnt be that hard

But no one wants to be the one that does it....it may cost them a vote or two

So are you going to hold the REPUBLICAN HOUSE for their continued increased spending (because they will keep increasing spending just on different things) or will you do like other right-wingers and blame the Dem president because he signs it?

 

[Davin]

The house is 1/3 of our legislative arrangement

Without the senate and the president the house cant do diddley squat and you know that

This has to be something everyone wants, or it will never get done

And the majority of congress dont believe we have an issue

Right on cue with excuses.

 

[gdgyva]

So are you going to hold the REPUBLICAN HOUSE for their continued increased spending (because they will keep increasing spending just on different things) or will you do like other right-wingers and blame the Dem president because he signs it?

I am working with my senators and congressmen

I am telling them that my grandkids are being saddled with a burden that will break this country

And warning them that more of the same will mean my support and my money will go elsewhere

What are you doing?

I can look at my face in the mirror every morning and know at least i am trying

Can you say the same?

 

[Davin]

I am working with my senators and congressmen

I am telling them that my grandkids are being saddled with a burden that will break this country

And warning them that more of the same will mean my support and my money will go elsewhere

What are you doing?

I can look at my face in the mirror every morning and know at least i am trying

Can you say the same?

So who did you vote for in 2020 and 2022? I bet they were the same people that have increased spending.

 

[JMB802]

And so far 93bn in the first two months of FY23, just interest paid on the national debt, which is now over 30 trillion. Thats more than we spend on these agencies COMBINED

Department of Homeland Security
Other Defense--Civil Programs
Department of Justice
Department of State
Department of Housing and Urban Development
Department of Energy
National Aeronautics and Space Administration
International Assistance Programs
Other Independent Agencies (On-Budget)
Department of the Interior
Department of Commerce
Judicial Branch
Environmental Protection Agency
Corps of Engineers--Civil Works
National Science Foundation
Legislative Branch
Executive Office of the President

Thats more than the income taxes paid by the top 300,000 tax payers, or the entire bottom 70% of tax payers. Just going to interest on the debt. Thats 25% of every dollar collected in individual income tax, going to just pay interest. We have to cut the debt.

Monthly Budget Review: November 2022 | Congressional Budget Office

www.cbo.gov

I don't think the investors who are buying the Treasury bonds think the interest is a waste. Capitalism!

 

[Geoist]

I'm sure another tax cut for the wealthy will solve this problem.

 

[jonny5]

According to way too many on this site....it doesnt matter

We can just keep adding to the debt forever and forever

Like you....i disagree

I believe we are fast arriving at a tipping point

The world had the same issue....maybe even worse

And maybe it all implodes at the same time

Tightening our belt....and spending only what comes in shouldnt be that hard

But no one wants to be the one that does it....it may cost them a vote or two

And that still wouldnt resolve the debt problem, just stop making it worse for a little while till some new crisis has to be taken advantage of. We have to spend LESS than what comes in, or start making people pay their fair share of the welfare state. Which means the bottom 90%.

But the real problem is spending.

 

[ttwtt78640]

According to way too many on this site....it doesnt matter

We can just keep adding to the debt forever and forever

Like you....i disagree

I believe we are fast arriving at a tipping point

The world had the same issue....maybe even worse

And maybe it all implodes at the same time

Tightening our belt....and spending only what comes in shouldnt be that hard

But no one wants to be the one that does it....it may cost them a vote or two

That (bolded above) would require dealing with ‘mandatory’ spending. It appears that of the $1.7T of FY2023 ‘discretionary’ spending, $1.4T of it was borrowed (or printed).

The bottom line is that congress critters enjoy re-election rates of over 90% by taxing at a lower percentage of GDP than they elect to spend. The result of that fiscal insanity is having continuous annual federal “budget” deficits created by last minute ‘must pass’ spending bills.

 

[ttwtt78640]

And that still wouldnt resolve the debt problem, just stop making it worse for a little while till some new crisis has to be taken advantage of. We have to spend LESS than what comes in, or start making people pay their fair share of the welfare state. Which means the bottom 90%.

But the real problem is spending.

OK, but the political problem of deciding what (if any) spending to ‘cut’ (for congress critters) is avoided by simply spending more than they dare demand via taxation. The borrow (print?) and spend annual federal “budgeting” process results in a re-election rate of over 90%, which indicates approval by the electorate.

 

[rickc]

Simple fix
Raise taxes. We didn't have this kind of debt in the 70's before Reagan.

 

[jonny5]

OK, but the political problem of deciding what (if any) spending to ‘cut’ (for congress critters) is avoided by simply spending more than they dare demand via taxation. The borrow (print?) and spend annual federal “budgeting” process results in a re-election rate of over 90%, which indicates approval by the electorate.

Or ignorance, or lack of impact. What does most of the electorate care where tax dollars are going when they are paying little to nothing? How do we make them feel it?

 

[ttwtt78640]

Or ignorance, or lack of impact. What does most of the electorate care where tax dollars are going when they are paying little to nothing? How do we make them feel it?

Folks seem to care about the impact of inflation, but the media tries to assert that’s not a result of federal deficit spending.

 

[jonny5]

Folks seem to care about the impact of inflation, but the media tries to assert that’s not a result of federal deficit spending.

They do certainly seem to care about the price of eggs more than the 20k in taxes they are paying, that get redistributed. But again, the people paying most of the taxes are least impacted by the inflation caused by the out of control spending. And when the result of inflation is govt raises taxes on the rich and then hands out gas cards....

How do you combat free stuff?

 

[BlueTex]

I don't think the investors who are buying the Treasury bonds think the interest is a waste. Capitalism!

An excellent point missed by the OP... It's almost like they have no clue how any of this works...

 

[BlueTex]

They do certainly seem to care about the price of eggs more than the 20k in taxes they are paying, that get redistributed. But again, the people paying most of the taxes are least impacted by the inflation caused by the out of control spending. And when the result of inflation is govt raises taxes on the rich and then hands out gas cards....

How do you combat free stuff?

When was the last increase in taxes on the rich?

 

[ttwtt78640]

They do certainly seem to care about the price of eggs more than the 20k in taxes they are paying, that get redistributed. But again, the people paying most of the taxes are least impacted by the inflation caused by the out of control spending. And when the result of inflation is govt raises taxes on the rich and then hands out gas cards....

How do you combat free stuff?

By making those in the donor class pay more taxes. Since that’s politically painful (and not necessary to win re-election), it’s avoided. What seems to be overlooked, is that “free” stuff is simply stuff being funded by others.

What federal spending, specifically, would you propose be cut?

 

[Lord Tammerlain]

Didn't Tricky Dick Cheney say that Reagan proved deficit and debts dont matter. Heck so did Trump

Donald Trump Is Right: Deficits Don’t Matter

He stumbled into a left-wing debate and exposed an unsaid but prevalent conservative hypocrisy.

newrepublic.com

 

[Lord Tammerlain]

By making those in the donor class pay more taxes. Since that’s politically painful (and not necessary to win re-election), it’s avoided. What seems to be overlooked, is that “free” stuff is simply stuff being funded by others.

What federal spending, specifically, would you propose be cut?

The military

The US military could be cut in half and the US would be as safe if not safer than it is now. It's best defense is the large oceans keeping most potential enemies far away

 

[ttwtt78640]

The military

The US military could be cut in half and the US would be as safe if not safer than it is now. It's best defense is the large oceans keeping most potential enemies far away

Yep, let’s let Canada fund the war in Ukraine and prevent China from taking control of Taiwan by force.

 

[Lord Tammerlain]

Yep, let’s let Canada fund the war in Ukraine and prevent China from taking control of Taiwan by force.

Ukraine is not part of the US, neither is Taiwan.

Both have zero impact on the security of the US

 

[jonny5]

By making those in the donor class pay more taxes. Since that’s politically painful (and not necessary to win re-election), it’s avoided. What seems to be overlooked, is that “free” stuff is simply stuff being funded by others.

What federal spending, specifically, would you propose be cut?

All of it. Easiest solution is cut 10% of every agency. Could also could roll us back to 2018 level of normal spending , and we would have a balanced budget. What have we added since then that we cant do without? I dont see why taxing the donor class more would have any effect. They already pay most of the taxes. Taxes need to be linked to spending so that people FEEL the cost of sending a few billion to mars.