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Sanders Rips Lawmakers Saying 'We Don't Have the Money' While Backing $900 Billion for Military
(www.commondreams.org)
this post was submitted on 17 Dec 2024
582 points (98.2% liked)
United States | News & Politics
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It helps the economy, but I don't agree that it efficiently percolates back up into the federal budget.
Yes, we need a lot more, and we can afford some new programs, but we've waited too long for Bernie's sweeping vision to be implemented this second. If the US budget doesn't go net positive, like right now, interest hell is going to wipe out any gains and siphon money straight to who holds that debt: the mega rich.
Deficits aren’t inherently bad, governments are supposed to turn a profit the same way a corporation is. It’s counter-intuitive, yes, but investments will help build a strong foundation now so that the other changes will be able to get a secure footing. It’s also important to know that the money is not direct. You give someone free medication so they can keep their job and you save not having to deal with all the issues that come from their homelessness. Easing poverty is the best weapon against crime, too, which saves on police budgets(in a world where we’re into doing the right thing, of course).
In your plan you already say we should tax the rich, so if we’re going to dream why not dream all the way? Why expect taxing the rich to be so easy but creating social programs from those hundreds of billions of dollars to be so difficult it has to wait?
Because everyone would still be screwed if we don't pay off some debt very soon. What good is a massive social program if it has to be cut the next election cycle anyway?
I don't agree with this at all, not anymore. Some debt and deficit is fine, but the US is at the point of unsustainability. Things are on fire. It is too late.
I'm not arguing against you at all. I'm trying to understand your logic because it seems important to understand. Can you provide numbers and sources that show we are at the point of unsustainability? Is government interest about to match revenue so that we are near being unable to pay it? Or is there another reason we're at the point?
Because interest payments are already a big fraction of the budget! I only became aware of this reading this, which pegs it at 8-10%: https://www.axios.com/2024/11/16/elon-musk-trump-department-government-efficiency
Other sources have it at 13%! https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/
Which equates to about $1 trillion a year, and rapidly rising: https://www.pgpf.org/article/what-is-the-national-debt-costing-us/
This is apocalyptic to me for two reasons:
Not only is our interest exceeding what we pay for Medicaid… it’s exceeding the 1T deficit itself. Think about that… we’re paying more in interest than we’re borrowing every year, and we’re borrowing to pay on that interest.
And that is going to compound. The chart above is a pre-Covid estimate, interest of that magnitude is going to rapidly dominate the budget.