House GOP just released a budget that would slash taxes for the rich, raise the Social Security retirement age, cut benefits across the board, and further Medicare privatization [as they've done periodically for 40 years, increasing extreme income inequality, killing off the middle class]

submitted by UncleJemima from commondreams.org

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[–]ActuallyNot 6 insightful - 1 fun6 insightful - 0 fun7 insightful - 1 fun -  (8 children)

The alternative theory is that we’re basically trying to avoid bankruptcy and hyperinflation.

There's no economic validity to slashing taxes for the rich to stimulate the economy. The rich are able and likely to save the extra money. The poor will pump it directly back into the economy.

[–]MaiqTheTrue 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

I mean I agree, but I also think that we need, as a country, to have a serious conversation about how exactly we’re going to pay for all of the things we’re doing and giving out. Our debt currently is pretty close to our GDP, that’s not sustainable. Something needs to give here. We either close down a bunch of government agencies, stop the welfare payments, slash the military, or raise taxes by double digits. There’s no real free lunch here.

[–]ActuallyNot 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Our debt currently is pretty close to our GDP, that’s not sustainable.

Yeah, you probably want to rein it in a bit.

[–]bannedfromreddit2 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

I live in South America, where the government "taxes the rich".

It's endless poverty with no economic growth in sight.

[–]ActuallyNot 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I live in South America, where the government "taxes the rich".

Sweden, Finland, Denmark and Austria have over 50% personal income tax for the top bracket. I believe that South American countries range from 40% (Chile) down. That was the case in 2020 at least.

I think the problem in South America is corruption.

[–]weavilsatemyface 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I live in South America, where the government

All twelve countries in South America have one single continent-wide government? Fascinating.

[–]weavilsatemyface 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

There's no economic validity to slashing taxes for the rich to stimulate the economy. The rich are able and likely to save the extra money. The poor will pump it directly back into the economy.

Good lord! For once the username doesn't check out. Have an upvote.