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 
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 📈
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
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/
nytimes.com/2023/05/04/opi…
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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…
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pluralistic.net/2023/05/26/min…
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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/)
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/)
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/)
(3/)
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)
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)
➡️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 🧵⤵️
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.
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.
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.
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.
🚨 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:
➡️ 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."
Lawmakers should not only attend, but also prioritize this moment for future budget seasons."
🚨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….
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.
➡️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.
📈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.
🚨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:
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."
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
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
nature.com/articles/d4158…
#ClimateChange #UnitedNations #pledges #mitigation #consequences
Daily Bookmarks to GAVNet 02/15/2021 greeneracresvaluenetwork.wordpress.com/2021/02/15/dai…
An Unorthodox Education: Thou Shalt Not Learn
anunorthodoxeducation.com
#education #standards #ReligiousFreedom #orthodoxy #consequences
anunorthodoxeducation.com
#education #standards #ReligiousFreedom #orthodoxy #consequences
Convicted or not, Trump is history – it's Biden who's changing America
theguardian.com/commentisfree/…
#PartisanPolitics #SystemsChange #influence
theguardian.com/commentisfree/…
#PartisanPolitics #SystemsChange #influence
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…
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
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 $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
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
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:
"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...
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”
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…
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…
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…
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
-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
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
Day 482 of NO EVIDENCE produced by Trump that his phones were tapped by Obama. #fakenews #TrumpLies
