Predicting interest rates is something I long ago largely gave up due to continually being wrong. There are just too many "unknown unknowns." Most significant one in my life was China although there are many other examples. Was sure Japan was on the path to significant inflation and they've managed to avoid it so far.
Always thought a VAT was inevitable too and that still has not happened. No one even talks about it these days.
I'd say our only hope is an AI miracle but don't ask me to explain how that would work.
“Tax expenditures” is a misleading term that implies that the government has a right to private citizens’ money. While I would surely support the tax systems you prefer (disagreeing only on small margins), the phrase “tax expenditures” is a leftist frame that is FALSE in the idea that not taking in still more tax revenue is in fact SPENDING.
My second quibble is that you left out Medicaid as an almost as big driver of federal spending as Medicare. And sure to become an even bigger part of the problem the next time leftists have control over the federal government.
I found as I read that your ignoring the absolutely huge amount of spending that is occurring now through Trump and his executive order do what he wants book that have increased our debt in ways not seen-yet ONLY blame two support programs, made me feel you have a philosophical outlook over just economic ones. Made me not believe you. Those two are not enough to sink a 'healthy' economy. There are so many things that have created our situation. AND the fact that other countries that have the same sort of programs are not in financial trouble just means we are mismanaging a lot of things.
Cat, Trump is a terribly big spender. There is no doubt about that. But the drivers of our future debt are Social Security and Medicare. They are facing an unfunded liability of $70 trillion over 30 years. With interests that $115 trillion. It dwarfs every other spending anyone implements.
so what would be your answer? how is that that so many other countries can do it. and what would you put in its place? if with the costs of living so high many cannot put away to support themselves in late life or in the event of serious illness lose everything-do we let them live on the streets or die?
The UK is also facing a public pension crisis. Actually, most countries aren't doing well on that front. However, the US has a particularly generous pension system, and 23 percent of future benefits aren't funded. You could check this out: https://www.theunseenandtheunsaid.com/p/the-real-social-security-debate-who
Predicting interest rates is something I long ago largely gave up due to continually being wrong. There are just too many "unknown unknowns." Most significant one in my life was China although there are many other examples. Was sure Japan was on the path to significant inflation and they've managed to avoid it so far.
Always thought a VAT was inevitable too and that still has not happened. No one even talks about it these days.
I'd say our only hope is an AI miracle but don't ask me to explain how that would work.
Only two quibbles with this excellent piece.
“Tax expenditures” is a misleading term that implies that the government has a right to private citizens’ money. While I would surely support the tax systems you prefer (disagreeing only on small margins), the phrase “tax expenditures” is a leftist frame that is FALSE in the idea that not taking in still more tax revenue is in fact SPENDING.
My second quibble is that you left out Medicaid as an almost as big driver of federal spending as Medicare. And sure to become an even bigger part of the problem the next time leftists have control over the federal government.
I found as I read that your ignoring the absolutely huge amount of spending that is occurring now through Trump and his executive order do what he wants book that have increased our debt in ways not seen-yet ONLY blame two support programs, made me feel you have a philosophical outlook over just economic ones. Made me not believe you. Those two are not enough to sink a 'healthy' economy. There are so many things that have created our situation. AND the fact that other countries that have the same sort of programs are not in financial trouble just means we are mismanaging a lot of things.
Cat, Trump is a terribly big spender. There is no doubt about that. But the drivers of our future debt are Social Security and Medicare. They are facing an unfunded liability of $70 trillion over 30 years. With interests that $115 trillion. It dwarfs every other spending anyone implements.
Well, every other save Medicaid.
While bigger than Medicaid, SS and Medicare surely do *not* dwarf it.
so what would be your answer? how is that that so many other countries can do it. and what would you put in its place? if with the costs of living so high many cannot put away to support themselves in late life or in the event of serious illness lose everything-do we let them live on the streets or die?
The UK is also facing a public pension crisis. Actually, most countries aren't doing well on that front. However, the US has a particularly generous pension system, and 23 percent of future benefits aren't funded. You could check this out: https://www.theunseenandtheunsaid.com/p/the-real-social-security-debate-who