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Topic: Federal Debt and Deficit

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OrangeAfroMan

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Re: Federal Debt and Deficit
« Reply #308 on: June 26, 2025, 10:55:11 PM »
...19 more advanced 
                - President Stable Genius
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FearlessF

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Re: Federal Debt and Deficit
« Reply #309 on: June 26, 2025, 11:26:39 PM »
Quote from: utee94 on June 26, 2025, 06:46:51 PM
Well, actually, you can't cut debt service of course.  And you should probably build in some funds to pay against the debt principal. 

why not?
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Cincydawg

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Re: Federal Debt and Deficit
« Reply #310 on: June 27, 2025, 06:42:00 AM »
If you cut debt service, you basically have defaulted, and those loaning you money won't any more except at very high interest rates, which means ... higher debt service.

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FearlessF

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Re: Federal Debt and Deficit
« Reply #311 on: June 27, 2025, 07:07:59 AM »
I'm sure there could be a negotiation - 
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Cincydawg

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Re: Federal Debt and Deficit
« Reply #312 on: June 27, 2025, 07:15:58 AM »
So, two things seem true:

1.  We can't materially raise more revenue with higher taxes, and 
2.  We can't really cut spending in any practicable sense.

There is some hope GDP could grow faster than debt, at best, but even that gets tougher and tougher the longer we overspend at this level.  One could hope somehow government gets more efficient, but I view that also as impracticable.  I was in a large organization not nearly the size of government and the waste was really bad there as well, it's inherent.

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Cincydawg

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Re: Federal Debt and Deficit
« Reply #313 on: June 27, 2025, 11:52:53 AM »
If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs? : Planet Money : NPR

In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland. According to reports by the OECD and others, there were some clear themes with the policy: it was expensive to administer, it was hard on people with lots of assets but little cash, it distorted saving and investment decisions, it pushed the rich and their money out of the taxing countries—and, perhaps worst of all, it didn't raise much revenue.
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