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Old 07-26-2019, 05:33 AM   #1
reynolds
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Default "$6 Trillion Pension Bailout Is Coming, Fiscal Responsibility Dead & We Are Out Of Time"

The $6 Trillion Pension Bailout Is Coming

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Fiscal responsibility is dead.

This past week, Trump announced he had reached an agreement with Congress to pass a continuing resolution which will suspend the debt ceiling until July 2021. The good news is that it will ONLY increase spending by just $320 billion. What a bargain, right? It’s a lie. However, the $320 billion is also deceiving because that is on top of the spending we have already committed.
“In 2018, the Federal Government spent $4.48 Trillion, which was equivalent to 22% of the nation’s entire nominal GDP. Of that total spending, ONLY $3.5 Trillion was financed by Federal revenues, and $986 billion was financed through debt.
The U.S. spent $986 billion more than it received in revenue in 2018, which is the overall “deficit.” If you just add the $320 billion to that number you are now running a $1.3 Trillion deficit.
“Of course, the real question is how are you going to ‘pay for it?’ On the ‘fiscal’ side of the tax reform bill, without achieving accelerated rates of economic growth – ‘the debt will balloon.’
The reality, of course, is that is what will happen because there is absolutely NO historical evidence that cutting taxes, without offsetting cuts to spending, leads to stronger economic growth.”

We Are Out Of Time

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“The real crisis comes when there is a ‘run on pensions.’ Read more ...
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