NO PROBLEM - US US can print new bank notes for circulation to cushion the debt rising USD35 TRILLION . US is diggi g its own GRAVE when BRICS + meet in KAZAN, RUSSIA on 22- 24 Oct 2024 . When DE- DOLLARIZATION sets in by Oct when BRICS + meet - its digging its own GRAVE .
CONGRESSIONAL BUDGET PROJECTIONS FOR 2024: Congress expects to spend $6.8 trillion dollars Congress expects tax revenue of $4.9 trillion dollars Congress borrows $1.9 trillion dollars and adds it to the National Debt. Congress will not fund any reduction to the National Debt. Now Congress can meet its obligations. These are real life events. ----------------------------------------------------------------------------------------------------------------- However, let's do a “what if” scenario. Let’s say that it is 1 January 2024 and Congress had a renewed commitment to reduce the National Debt by $1 trillion dollars this year. I know this is unrealistic, but follow the line of reasoning to show the scope of difficulty in putting a dent in the National Debt with current spending and taxes. To reduce the debt, the government must spend less than it receives in revenues. The money not spent goes to reduce the National Debt. The maximum Congress can spend in 2024 would be $4.9 trillion dollars - money received in taxes that year. HERE ARE THE CALCULATIONS TO PAY FOR Federal Programs and To Attempt To Pay Down The National Debt. $4.9 trillion available from taxes: Pay $1 trillion for the ANNUAL INTEREST PAYMENT, for the National Debt of $35 trillion. Non-negotiable. Now $3.9 trillion available: Pay $1 trillion to reduce the National Debt. Non-negotiable. Now $2.9 trillion available: Pay $1.3 trillion for Social Security. Now $1.6 trillion available: Pay $858 billion for Defense. Now $742 billion available: Pay $835 billion for Medicare. Whoops! Broke the budget. Congress, time to go home. No more money. No more spending for the following programs. The Federal Government, including White House, Congress and Judiciary system, Education, Transportation, Housing and Urban Development, Agriculture, Veteran Affairs, Environmental Protection, Health and Human Services ( excluding Medicare), Medicaid, Science and Research, Law Enforcement and Public Safety, Foreign Aid and International Programs. These programs add up to $1.8 trillion dollars. To add insult to injury, Congress would not have been able to borrow the $1.9 trillion dollars, which did occur. Add that to the above $1.8 trillion dollars of programs above - and Congress would have spent $3.7 trillion LESS dollars in 2024 than it actually spent. Would that type of sacrifice have been acceptable? Would the economy be so affected, that a recession or depression would ensue? To add more insult to injury, starting in 2034, the Social Security Trust Funds will no longer have reserves to cover the gap between Social Security’s income (mainly from payroll taxes) and the benefits it is obligated to pay out. Starting in 2035, income will cover about 77% of scheduled benefits. This means that unless Congress takes action to address the funding shortfall-either by increasing social security taxes, decreasing benefits, or a combination of both-beneficiaries could see a reduction in their benefits starting around that year. To add more insult to injury, Medicare Part A, (hospital expenses), is projected to run out of funds to fully pay benefits by 2031. Medicare Part A, will only be able to cover about 89% of scheduled benefits from incoming payroll taxes and other revenues. This shortfall would require either an increase in funding, a reduction in expenditures, or some combination of both to ensure that Medicare Part A can continue to pay full benefits. To add more insult to injury, the total trade deficit with other nations over the past decade amounted to approximately $6.5 trillion dollars. This also must be turned around. So maybe Congress cannot spend $1 trillion dollars a year to reduce the deficit. How about $500 billion a year. That would take 50 to 75 years to put a dent in the National Debt. Do you think American citizens could handle that? What programs would YOU eliminate or reduce? Do you think that a majority of the House and Senate would agree? Would the President agree? Hard to win re-election when you start cutting programs or raising taxes. Does not look very promising. Maybe the San Andreas fault is going to rupture after all.
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1 Trillion now every 4 months, and the rate is expected to increase.
The old American generation has thrown the young generation down the drain.
NO PROBLEM - US
US can print new bank notes for circulation to cushion the debt rising USD35 TRILLION .
US is diggi g its own GRAVE when BRICS + meet in KAZAN, RUSSIA on 22- 24 Oct 2024 .
When DE- DOLLARIZATION sets in by Oct when BRICS + meet - its digging its own GRAVE .
CONGRESSIONAL BUDGET PROJECTIONS FOR 2024:
Congress expects to spend $6.8 trillion dollars
Congress expects tax revenue of $4.9 trillion dollars
Congress borrows $1.9 trillion dollars and adds it to the National Debt.
Congress will not fund any reduction to the National Debt.
Now Congress can meet its obligations. These are real life events.
-----------------------------------------------------------------------------------------------------------------
However, let's do a “what if” scenario. Let’s say that it is 1 January 2024 and Congress had a renewed commitment to reduce the National Debt by $1 trillion dollars this year. I know this is unrealistic, but follow the line of reasoning to show the scope of difficulty in putting a dent in the National Debt with current spending and taxes.
To reduce the debt, the government must spend less than it receives in revenues. The money not spent goes to reduce the National Debt. The maximum Congress can spend in 2024 would be $4.9 trillion dollars - money received in taxes that year.
HERE ARE THE CALCULATIONS TO PAY FOR Federal Programs and To Attempt To Pay Down The National Debt.
$4.9 trillion available from taxes: Pay $1 trillion for the ANNUAL INTEREST PAYMENT, for the National Debt of $35 trillion. Non-negotiable.
Now $3.9 trillion available: Pay $1 trillion to reduce the National Debt. Non-negotiable.
Now $2.9 trillion available: Pay $1.3 trillion for Social Security.
Now $1.6 trillion available: Pay $858 billion for Defense.
Now $742 billion available: Pay $835 billion for Medicare.
Whoops! Broke the budget. Congress, time to go home. No more money.
No more spending for the following programs. The Federal Government, including White House, Congress and Judiciary system, Education, Transportation, Housing and Urban Development, Agriculture, Veteran Affairs, Environmental Protection, Health and Human Services ( excluding Medicare), Medicaid, Science and Research, Law Enforcement and Public Safety, Foreign Aid and International Programs. These programs add up to $1.8 trillion dollars.
To add insult to injury, Congress would not have been able to borrow the $1.9 trillion dollars, which did occur. Add that to the above $1.8 trillion dollars of programs above - and Congress would have spent $3.7 trillion LESS dollars in 2024 than it actually spent. Would that type of sacrifice have been acceptable? Would the economy be so affected, that a recession or depression would ensue?
To add more insult to injury, starting in 2034, the Social Security Trust Funds will no longer have reserves to cover the gap between Social Security’s income (mainly from payroll taxes) and the benefits it is obligated to pay out.
Starting in 2035, income will cover about 77% of scheduled benefits. This means that unless Congress takes action to address the funding shortfall-either by increasing social security taxes, decreasing benefits, or a combination of both-beneficiaries could see a reduction in their benefits starting around that year.
To add more insult to injury, Medicare Part A, (hospital expenses), is projected to run out of funds to fully pay benefits by 2031. Medicare Part A, will only be able to cover about 89% of scheduled benefits from incoming payroll taxes and other revenues.
This shortfall would require either an increase in funding, a reduction in expenditures, or some combination of both to ensure that Medicare Part A can continue to pay full benefits.
To add more insult to injury, the total trade deficit with other nations over the past decade amounted to approximately $6.5 trillion dollars. This also must be turned around.
So maybe Congress cannot spend $1 trillion dollars a year to reduce the deficit. How about $500 billion a year. That would take 50 to 75 years to put a dent in the National Debt.
Do you think American citizens could handle that? What programs would YOU eliminate or reduce? Do you think that a majority of the House and Senate would agree? Would the President agree? Hard to win re-election when you start cutting programs or raising taxes.
Does not look very promising. Maybe the San Andreas fault is going to rupture after all.