New Speaker, Old Debt Problems, Ukraine Over Medicare
Now that we have a new Speaker, Congress can finally get back to work for the Ukrainian Government.
$110,000,000,000 and counting.
It’s somewhat apples and oranges, but the difference in the numbers does stand out. Let's look at Medicare spending. The government is seeking to be reimbursed for overpayments to certain health care facilities to the tune of $2 billion. Additional cuts in last year’s budget account for a further reduction of $1.3 billion.
OK. We can debate and discuss costs, overpayments, etc. That’s something our representatives should be doing. But look at the care given to $3.3 billion compared to $110 billion borrowed against the future and for which nobody has done an audit of exactly where that money is going. And Ukraine is just one example of our grandchildren’s money being sent overseas. Again, we can debate the merits (if there are any), but nobody is asking where these billions go or to whom. And not just to Ukraine.
2020 and 2021 annual US deficits alone total over $6 trillion (with a T). The national debt is now over $31 trillion. 20% of our entire 245 year historical debt has been added in the last two years. Now, we have to adjust for inflation over the years, but it’s a staggering number nonetheless. We also have to note that the government has run surpluses certain years. Much of the 2020 was driven by a false CV narrative as selected businesses were shut down and checks flew from the treasury (on borrowed money).
And it’s not because we don’t tax ”the rich” or ”big corporations” enough. Corporations pass on costs to consumers (the new 2023 energy taxes have already affected gas price and keep an eye on your home energy bills). The rich refers to two basic classes: earners and old money.
The rich can also easily move money offshore to more fund-friendly places. Businesses can do the same. In 2014, Burger King acquired Tim Horton’s of Canada and moved its corporate HQ there. That year, they saved $275 million in taxes. (source: CNBC)
We also know that raising taxes doesn’t always equate to more revenue nor tax cuts to less revenue. Economic activity generates revenue. Tax policy affects such activity.
They get us to put Ukrainian flags on everything knowing nobody knows anything about the geopolitics of the region. Then they send $110 B and nobody asks any questions lest they call you a “Putin lover!” or similar.
Same with all the other names they use to cow people into obedience. Racist. Sexist. Homophobe. All done so nobody will ask any questions. No one will ask where all the B L M money went. No one will ask about George F’s coroner’s report. No one asks about the Colorado night club shooter, etc. They’ll just call you names as they virtue signal how wonderful they are. Meanwhile, US cities decay into crime and pollution centers.
California is now taking people illegally entering the country and providing free health care, etc. (Source: AP) Free to them. Legal Californians are footing the bill. Governor Newsom plans to run for president in 24 or 28. California can’t print money, but the federal government can. Look out.
$110,000,000,000 and counting.
It’s somewhat apples and oranges, but the difference in the numbers does stand out. Let's look at Medicare spending. The government is seeking to be reimbursed for overpayments to certain health care facilities to the tune of $2 billion. Additional cuts in last year’s budget account for a further reduction of $1.3 billion.
“the Biden administration implements a proposed — and permanent — 7.7% cut of $1.33 billion in Medicare reimbursements next year… And if the Centers for Medicare and Medicaid Services also tries next year to recover all of $2 billion in apparent overpayments made to home health agencies in 2020 and 2021, ‘it would nearly double the effect’ of the proposed cut to about 15%, said William Dombi, president of the National Assn. for Home Care and Hospice.”
-LA Times, 8/20/22
OK. We can debate and discuss costs, overpayments, etc. That’s something our representatives should be doing. But look at the care given to $3.3 billion compared to $110 billion borrowed against the future and for which nobody has done an audit of exactly where that money is going. And Ukraine is just one example of our grandchildren’s money being sent overseas. Again, we can debate the merits (if there are any), but nobody is asking where these billions go or to whom. And not just to Ukraine.
“The U.S. national debt is so high that it's greater than the annual economic output of the entire country, which is measured as the gross domestic product (GDP).”
-Bureau of Economic Analysis (US Dept of Commerce)
2020 and 2021 annual US deficits alone total over $6 trillion (with a T). The national debt is now over $31 trillion. 20% of our entire 245 year historical debt has been added in the last two years. Now, we have to adjust for inflation over the years, but it’s a staggering number nonetheless. We also have to note that the government has run surpluses certain years. Much of the 2020 was driven by a false CV narrative as selected businesses were shut down and checks flew from the treasury (on borrowed money).
$31,000,000,000,000
Count to one million by seconds. Make a mark on the whiteboard. Now count to a million 999,999 more times with one mark for each completed count. That’s one trillion. Now do that 31 times.
Count to one million by seconds. Make a mark on the whiteboard. Now count to a million 999,999 more times with one mark for each completed count. That’s one trillion. Now do that 31 times.
31,000,000,000,000 seconds = 982,330 years
And it’s not because we don’t tax ”the rich” or ”big corporations” enough. Corporations pass on costs to consumers (the new 2023 energy taxes have already affected gas price and keep an eye on your home energy bills). The rich refers to two basic classes: earners and old money.
Old money generates money differently than do earners. They hardly pay any taxes. Earners are the people expanding opportunity and wealth through employment, innovation, and investment. Tax them, often revenues decrease as taxes curtail spending and expansion. The massive tax cuts of 1981 led to an almost doubling of revenue of over the decade (Congressional Budget Office). Unfortunately, spending also increased.
US Federal tax revenue:
FY1980 - $517B
FY1981 - $599 B
FY1990 - $1.03 T
-Congressional Budget Office
The rich can also easily move money offshore to more fund-friendly places. Businesses can do the same. In 2014, Burger King acquired Tim Horton’s of Canada and moved its corporate HQ there. That year, they saved $275 million in taxes. (source: CNBC)
We also know that raising taxes doesn’t always equate to more revenue nor tax cuts to less revenue. Economic activity generates revenue. Tax policy affects such activity.
They get us to put Ukrainian flags on everything knowing nobody knows anything about the geopolitics of the region. Then they send $110 B and nobody asks any questions lest they call you a “Putin lover!” or similar.
Same with all the other names they use to cow people into obedience. Racist. Sexist. Homophobe. All done so nobody will ask any questions. No one will ask where all the B L M money went. No one will ask about George F’s coroner’s report. No one asks about the Colorado night club shooter, etc. They’ll just call you names as they virtue signal how wonderful they are. Meanwhile, US cities decay into crime and pollution centers.
California is now taking people illegally entering the country and providing free health care, etc. (Source: AP) Free to them. Legal Californians are footing the bill. Governor Newsom plans to run for president in 24 or 28. California can’t print money, but the federal government can. Look out.
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