Discover and read the best of Twitter Threads about #NationalDebt

Most recents (15)

1/5 Supply-side economics💰claims that tax cuts for rich people and businesses spur growth. But is it that simple? Let’s delve into it. #EconomicPolicy #SupplySideEconomics Image
2/5 First up, tax cuts can boost income inequality. The rich get richer, while funding for public services, often benefiting the less affluent, takes a hit due to less government revenue 💸. #IncomeInequality 📈 Image
3/5 Second, supply-side theory assumes companies will reinvest their extra cash to grow and create jobs 👷‍♀️🧑‍✈️. But what if they use the funds for stock buybacks or increased executive pay instead? 🤔💰 #CorporateBehavior Image
Read 6 tweets
Is it legal for Congress to #default on the US #NationalDebt? It depends on who you ask. There are a ton of good legal arguments for and against, so perhaps it comes down to what the (degraded, corrupt, illegitimate, partisan) #SupremeCourt says?

nytimes.com/2023/05/04/opi…

1/ A kitchen sink. The Supreme...
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2023/05/26/min…

2/
In those terms, it seems like the game is over. #Biden should just surrender, hand the most extreme wing of the (degraded, corrupt, illegitimate, authoritarian) #GOP everything, even if doing so will push Biden's approval rating lower, dangerously close to the next election.

3/
Read 33 tweets
Just watched the #CNNTownhall with 2024 Presidential candidate and former President @realDonaldTrump , as well as the post-townhall panel discussion.

One thing is clear: #America is a broken country. It's split right down the middle.

(1/)
Racial divisions and #massshootings are peaking, the economy is cratering, #poverty and #homelessness are rising.

And meanwhile, the US government is involved in, or threatening to get involved in, wars from #Ukraine to #Taiwan to #Syria to #Iran to #NorthKorea.

(2/)
When they should be working on healing the divisions in their own nation. White vs non-White, Rural vs Urban, Rich vs Poor, drug addiction, broken homes - all these are tearing America apart.

(3/)
Read 18 tweets
In five years, #JoeBiden will likely get the #NobelPeacePrize. But not because he did anything proactively for peace.

It is because a #Multipolar World will be more peaceful than a unipolar one, and Biden has done more than anyone else (albeit unwittingly) to further that. (1/n)
The US-led #sanctions against #Russia in response to the #UkraineRussiaWar have forced countries around the world to abandon the US dollar as a medium of trade. This is forcing the rest of the world (non-West) together. Banning Russia from #swift was most important in this. (2/n)
#India and #China desperately need oil. Because of sanctions, Russia is providing oil at cheap rates to both. Russia has now become India's largest source of oil, displacing Saudi Arabia and Iraq. Chinese imports of Russian oil have also zoomed upwards. (3/n)
Read 18 tweets
➡️Our team is working through the President's FY 2024 budget released a short while ago, and we will publish our full analysis of the spending and revenue plan later today.

In the meantime, we've published a top-line overview of the key findings.

Learn more 🧵⤵️
1️⃣First, #nationaldebt.

Under the President's budget, debt would rise at a slower rate than currently projected but still reach a new record share of the economy by 2027.

Debt will ⬆️ from 98% of GDP to a record 110% at the end of 20333 – compared to 117% under OMB's baseline. Image
2️⃣Meanwhile, deficits will remain below their historic COVID-highs, but grow in the short- and long-terms.

Deficits will rise from $1.6 trillion in 2023 to $1.8 trillion in 2024, hitting a low of $1.5 trillion in 2027, and rise again to $2.0 trillion by 2033.
Read 7 tweets
🚨 Later today, @USCBO Director Phillip Swagel will brief members of the House of Representatives on the Budget and Economic Outlook released last month – an encouraging step shining light on our fiscal challenges.

➡️ The following is a statement from @MayaMacGuineas:
"Today’s budget briefing for Members of Congress is an encouraging step toward educating lawmakers with a shared set of facts on our fiscal outlook." crfb.org/press-releases…
"This comes at a critical time, and we have supported similar opportunities to increase transparency of our nation’s fiscal health in the past.

Lawmakers should not only attend, but also prioritize this moment for future budget seasons."
Read 6 tweets
🚨NEW: @POTUS today announced student loan changes – including cancellation of up to $20k for some borrowers – that will cost $440–$600 billion over the next ten years.

That brings the total cost of pandemic-era student loan actions to ~$800 billion.

➡️crfb.org/blogs/new-stud….
Today’s announcement consisted of:
➡️Broad student debt cancellation (cost: ~$𝟯𝟲𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻); ➡️Changes to income-driven repayment plans (cost: ~$𝟭𝟮𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻);
➡️Final student loan repayments extension (cost: ~$𝟮𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻)
Read more on each in our blog.
💰We estimate that cancellation will eliminate $550 billion of federal student loan debt.

📈However, we project that the overall amount of outstanding federal student loan debt will return to $1.6 trillion (its current level) within 𝗳𝗶𝘃𝗲 𝘆𝗲𝗮𝗿𝘀.
Read 6 tweets
🚨The #SocialSecurity and #Medicare Trustees released their annual reports on the state of the trust funds today, finding that #Medicare HI will be insolvent by 2028 and theoretically combined #SocialSecurity by 2035.

The following is a statement from @MayaMacGuineas:
"#SocialSecurity is only 13 years from insolvency and #Medicare is only 6 years. Policymakers need to get their heads out of the sand and stop pretending these vital programs’ funding issues will fix themselves." crfb.org/press-releases….
"Today’s youngest retirees will be 68 years old when #Medicare runs out of reserves and 75 years old when #SocialSecurity becomes insolvent. Workers under the age of 55 will retire into an insolvent system."
Read 10 tweets
Daily Bookmarks to GAVNet 10/23/2021 greeneracresvaluenetwork.wordpress.com/2021/10/23/dai…
COVID vaccine makers brace for a variant worse than Delta

nature.com/articles/d4158…

#COVID19 #EscapeVariants #VaccineUpdates #timeliness
The broken $100-billion promise of climate finance — and how to fix it

nature.com/articles/d4158…

#ClimateChange #UnitedNations #pledges #mitigation #consequences
Read 8 tweets
Daily Bookmarks to GAVNet 02/15/2021 greeneracresvaluenetwork.wordpress.com/2021/02/15/dai…
Convicted or not, Trump is history – it's Biden who's changing America

theguardian.com/commentisfree/…

#PartisanPolitics #SystemsChange #influence
Read 10 tweets
Patience and Diligence - Gold Technical Analysis: "Make the market prove to you it wants to do something, don’t try and prove to the market it should do something." - by @TraderStef for #CrushTheStreet #TechnicalAnalysis #Gold crushthestreet.com/articles/preci…
Read 14 tweets
Now that the US owes 23 trillion in debt, let’s take a look at how we got here and who got us here.

Here’s a list of the number of days it took to get to the next trillion dollar mark in debt and who was President during that time frame:
#SaturdayThoughts
#NationalDebt
#NationalDebt
From $5 trillion to $6 trillion
2,195 days, Clinton and Bush, 2/26/02

From $6 trillion to $7 trillion
688 days, Bush, 1/15/04

From $7 trillion to $8 trillion
644 days, Bush, 10/18/2005

From $8 trillion to $9 trillion
682 days, Bush, 8/31/07
From $9 trillion to $10 trillion
396 days, Bush, 9/30/08

From $10 trillion to $11 trillion
167 days, Bush and Obama, 3/16/09

From $11 trillion to $12 trillion
245 days, Obama, 11/16/09

From $12 trillion to $13 trillion
197 days, Obama, 6/1/10
Read 12 tweets
Most of my posts are focused on local and State of Colorado issues, since I am running for State Senate. However, I just came across this information from an article off Bloomberg.com @business
The highlights of the article about Trump's corporate tax cuts?
"The federal government will have to borrow an added $1 trillion through 2027 to pay for the corporate tax breaks."

because the breaks are not creating more revenue and economic expansion as explained here:
"real test of their effectiveness is whether lower rates encourage companies to invest more in things like factories, equipment and innovation. Such investment would both boost growth immediately and increase the economy’s productive capacity in the longer term...
Read 8 tweets
Wow

Where to even start

First, you’re not speaker any more

And your party’s “ideas” were so soundly rejected during the midterm elections that you lost an historic 40 seats

But let’s go a little deeper. Let’s look at Trump’s “accomplishments” and see if we are “better off”
With Trump and the GOP gutting the ACA and fighting Medicaid expansion, people who pay for healthcare are certainly #NotBetterOff

But healthcare and drug companies, and people that own them, sure are. Just ask your friend Chris Collins.

healthaffairs.org/do/10.1377/hbl…
The millions adversely affected by the #GOPTaxScam are #NotBetterOff

On the other hand, all the companies and wealthy CEOs who used the tax cut to buy back stocks and become richer were probably thrilled

npr.org/2019/02/14/693…
Read 11 tweets
Trump: Day 525
-119th Day at a Trump Golf Club
-162nd Day at a Trump Property
-May Use SCOTUS Pick 2 Defy Probe
-Recvd $1B Loans From Kennedy Son
-Seeks 2 Pull Troops From Germany
-Conned by Prank Calling Comedian
-11,869 Minors Now In HHS Custody
Add...
Day 630 since Donald Trump admitted to sexual assault — yet he’s still in the Oval Office
Add...
Day 482 of NO EVIDENCE produced by Trump that his phones were tapped by Obama. #fakenews #TrumpLies
Read 59 tweets

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