Green tech, fracking, & nuclear are already helping us fight climate change. Our border problem is at a stalemate, but it's not getting drastically worse. The economy's good, probably with too many asset bubbles, but nothing catastrophic. But no one will touch the debt crisis.
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The first year a Social Security check was issued, more than 150 workers "funded" each retiree. In 2009, just 3 workers funded each beneficiary. In 12 years, every recipient will rely on 2 workers. 2 years after that, SS becomes insolvent.https://www.washingtonexaminer.com/opinion/trumps-apathy-doesnt-make-our-debt-crisis-any-less-terrifying …
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Medicare is expected to go bankrupt by 2026, even though payroll taxes to fund Social Security & Medicare will have nearly doubled from 2000 to the point of insolvency. Our annual deficit will reach $1T by 2020, w/ entitlements comprising 13% of our GDP. By 2048, it'll 17%.
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We know this is the single greatest threat to the nation because both political parties refuse to address it. In fact, they exacerbate it. Democrats want a 2% across-the-board expansion of Social Security, & Republicans want to add parental leave to SS. https://www.usdebtclock.org/
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Here's 1,000 words on why cutting entitlement spending is the *only* way to save us from our impending national debt crisis.https://www.washingtonexaminer.com/opinion/only-cutting-entitlements-can-halt-our-impending-debt-crisis …
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From 2018 to 2048, Social Security and Medicare are responsible for $40.6 trillion in interest costs. By contrast, the rest of our budget will run a $16 trillion surplus. https://www.washingtonexaminer.com/opinion/only-cutting-entitlements-can-halt-our-impending-debt-crisis …pic.twitter.com/GiaG1lL8yy
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The Chapo Trap House logic ignores the reality of taxable income elasticity, or the point at which tax rates deter the wealthy from taking additional risks or expending additional effort, thus minimizing the nation's tax base. cc
@willmenakerpic.twitter.com/tBV78hhK57
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lol no it's not
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Agreed, but part of the problem is many millennials and members of Gen Z have been convinced that saving the planet from fossil fuel emissions is the greatest crisis. IMO, runaway national debt is too boring to seem like a crisis for many young people.
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I think you significantly underestimate the ability of central banks to print more money
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Venezuela says hi
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