Speaker Kevin McCarthy has straw for brains and a Twizzlers stick for a backbone: Most people are simply "uneducated" and "ill informed" on federal financial and budgeting matters. No...

ACP45 Loc: Rhode Island

Most people are simply "uneducated" and "ill informed" on federal financial and budgeting matters. No slight intended, it's pretty uninteresting stuff, for which only "financial nerds" have a real passion. One such individual is David Stockman, who made that statement about MCarthy, and backed it up with the following brief synopsis:

"And, of course, that prioritization and deferral could have been easily done. Federal receipts are now running about $450 billion per month, meaning that after paying $61 billion of interest, $128 billion for Social Security, $26 billion for Veterans and $47 billion for military pay and O&M there would still be $188 billion left to cover at least 50% of everything else.

That is to say, no sweat with respect to servicing the public debt, and a lot of sweat among the constituencies that would have had payments delayed or reduced.

So, yes, the GOP has truly earned the Stupid Party sobriquet. No ifs, ands or buts about it.

Instead of spending days negotiating over the minutia of budgetary s**ms, tricks and slights-of-hand, which is the entirety of the McCarthy deal, they should have been demanding from the Treasury a detailed list of scheduled payments by day for the first few weeks in June. And then, in return for continued negotiations on meaningful spending cuts and reforms, demanded assurance from the White House that enough of these due bills would be temporarily stuck in the drawer (deferred), if necessary, to ensure payment of scheduled interest, Social Security, military pay and Veterans pensions.

That is to say, McCarthy had Sleepy Joe over the proverbial barrel. But instead of applying the wood to his political backside good and hard, the Speaker chose to hold Biden’s coat and help him get back up, praising the latter’s supercilious retainers as he did so.

For crying out loud. Upwards of 96% of Uncle Sam’s cash balance had been dissipated over the past year, guaranteeing that expected June collections of well more than $500 billion would not be enough to cover 100% of the scheduled due bills. Accordingly, just a couple of days of missed payments on selective items would have turned the Washington fiscal equation upside down."

https://www.lewrockwell.com/2023/06/david-stockman/speaker-mccarthys-rotten-deal/

Kevyn

ACP45 wrote:

Most people are simply "uneducated" and "ill informed" on federal financial and budgeting matters. No slight intended, it's pretty uninteresting stuff, for which only "financial nerds" have a real passion. One such individual is David Stockman, who made that statement about MCarthy, and backed it up with the following brief synopsis:

"And, of course, that prioritization and deferral could have been easily done. Federal receipts are now running about $450 billion per month, meaning that after paying $61 billion of interest, $128 billion for Social Security, $26 billion for Veterans and $47 billion for military pay and O&M there would still be $188 billion left to cover at least 50% of everything else.

That is to say, no sweat with respect to servicing the public debt, and a lot of sweat among the constituencies that would have had payments delayed or reduced.

So, yes, the GOP has truly earned the Stupid Party sobriquet. No ifs, ands or buts about it.

Instead of spending days negotiating over the minutia of budgetary s**ms, tricks and slights-of-hand, which is the entirety of the McCarthy deal, they should have been demanding from the Treasury a detailed list of scheduled payments by day for the first few weeks in June. And then, in return for continued negotiations on meaningful spending cuts and reforms, demanded assurance from the White House that enough of these due bills would be temporarily stuck in the drawer (deferred), if necessary, to ensure payment of scheduled interest, Social Security, military pay and Veterans pensions.

That is to say, McCarthy had Sleepy Joe over the proverbial barrel. But instead of applying the wood to his political backside good and hard, the Speaker chose to hold Biden’s coat and help him get back up, praising the latter’s supercilious retainers as he did so.

For crying out loud. Upwards of 96% of Uncle Sam’s cash balance had been dissipated over the past year, guaranteeing that expected June collections of well more than $500 billion would not be enough to cover 100% of the scheduled due bills. Accordingly, just a couple of days of missed payments on selective items would have turned the Washington fiscal equation upside down."

https://www.lewrockwell.com/2023/06/david-stockman/speaker-mccarthys-rotten-deal/

Most people are simply "uneducated" and ... (show quote)

The way to fix this is simple, resend the bush and trump tax giveaways to corporations and the Uber wealthy and use the hundreds of billions of lost money for debt service.

BIRDMAN

ACP45 wrote:

Most people are simply "uneducated" and "ill informed" on federal financial and budgeting matters. No slight intended, it's pretty uninteresting stuff, for which only "financial nerds" have a real passion. One such individual is David Stockman, who made that statement about MCarthy, and backed it up with the following brief synopsis:

"And, of course, that prioritization and deferral could have been easily done. Federal receipts are now running about $450 billion per month, meaning that after paying $61 billion of interest, $128 billion for Social Security, $26 billion for Veterans and $47 billion for military pay and O&M there would still be $188 billion left to cover at least 50% of everything else.

That is to say, no sweat with respect to servicing the public debt, and a lot of sweat among the constituencies that would have had payments delayed or reduced.

So, yes, the GOP has truly earned the Stupid Party sobriquet. No ifs, ands or buts about it.

Instead of spending days negotiating over the minutia of budgetary s**ms, tricks and slights-of-hand, which is the entirety of the McCarthy deal, they should have been demanding from the Treasury a detailed list of scheduled payments by day for the first few weeks in June. And then, in return for continued negotiations on meaningful spending cuts and reforms, demanded assurance from the White House that enough of these due bills would be temporarily stuck in the drawer (deferred), if necessary, to ensure payment of scheduled interest, Social Security, military pay and Veterans pensions.

That is to say, McCarthy had Sleepy Joe over the proverbial barrel. But instead of applying the wood to his political backside good and hard, the Speaker chose to hold Biden’s coat and help him get back up, praising the latter’s supercilious retainers as he did so.

For crying out loud. Upwards of 96% of Uncle Sam’s cash balance had been dissipated over the past year, guaranteeing that expected June collections of well more than $500 billion would not be enough to cover 100% of the scheduled due bills. Accordingly, just a couple of days of missed payments on selective items would have turned the Washington fiscal equation upside down."

https://www.lewrockwell.com/2023/06/david-stockman/speaker-mccarthys-rotten-deal/

Most people are simply "uneducated" and ... (show quote)

😁

BIRDMAN

Kevyn wrote:

The way to fix this is simple, resend the bush and trump tax giveaways to corporations and the Uber wealthy and use the hundreds of billions of lost money for debt service.

You’re a genius when are you running for president

JFlorio Loc: Seminole Florida

Kevyn wrote:

The way to fix this is simple, resend the bush and trump tax giveaways to corporations and the Uber wealthy and use the hundreds of billions of lost money for debt service.

You really don't get it do you?

Milosia2 Loc: Cleveland Ohio

JFlorio wrote:

You really don't get it do you?

I gotta hear this !

BIRDMAN

Milosia2 wrote:

I gotta hear this !

😁

JFlorio Loc: Seminole Florida

Milosia2 wrote:

I gotta hear this !

No you don't. You can't be cured. Guess what malady you have.

LostAggie66 Loc: Corpus Christi, TX (Shire of Seawinds)

Kevyn wrote:

The way to fix this is simple, resend the bush and trump tax giveaways to corporations and the Uber wealthy and use the hundreds of billions of lost money for debt service.

nonalien1 Loc: Mojave Desert

ACP45 wrote:

Most people are simply "uneducated" and "ill informed" on federal financial and budgeting matters. No slight intended, it's pretty uninteresting stuff, for which only "financial nerds" have a real passion. One such individual is David Stockman, who made that statement about MCarthy, and backed it up with the following brief synopsis:

"And, of course, that prioritization and deferral could have been easily done. Federal receipts are now running about $450 billion per month, meaning that after paying $61 billion of interest, $128 billion for Social Security, $26 billion for Veterans and $47 billion for military pay and O&M there would still be $188 billion left to cover at least 50% of everything else.

That is to say, no sweat with respect to servicing the public debt, and a lot of sweat among the constituencies that would have had payments delayed or reduced.

So, yes, the GOP has truly earned the Stupid Party sobriquet. No ifs, ands or buts about it.

Instead of spending days negotiating over the minutia of budgetary s**ms, tricks and slights-of-hand, which is the entirety of the McCarthy deal, they should have been demanding from the Treasury a detailed list of scheduled payments by day for the first few weeks in June. And then, in return for continued negotiations on meaningful spending cuts and reforms, demanded assurance from the White House that enough of these due bills would be temporarily stuck in the drawer (deferred), if necessary, to ensure payment of scheduled interest, Social Security, military pay and Veterans pensions.

That is to say, McCarthy had Sleepy Joe over the proverbial barrel. But instead of applying the wood to his political backside good and hard, the Speaker chose to hold Biden’s coat and help him get back up, praising the latter’s supercilious retainers as he did so.

For crying out loud. Upwards of 96% of Uncle Sam’s cash balance had been dissipated over the past year, guaranteeing that expected June collections of well more than $500 billion would not be enough to cover 100% of the scheduled due bills. Accordingly, just a couple of days of missed payments on selective items would have turned the Washington fiscal equation upside down."

https://www.lewrockwell.com/2023/06/david-stockman/speaker-mccarthys-rotten-deal/

Most people are simply "uneducated" and ... (show quote)

It seemed like it but defaulting in the debt would screw America and it would be blamed on the republicans regardless. There are two kinds of spending . Mandatory spending which covers social security , medicare ,payrolls, etc. And discresionary spending . Military spending takes up a lot of this . Not the payroll but other spending.and with all the social programs and all there isn't much left to negotiate with. I think it's about 11% of the budget. Mc Cathy couldn't win no matter what. And Biden stonewalled him knowing he had to fold or end up costing us even more for defaulting.there is still a lot of pork in it and many cuts should still be made. The negotiations started too late to argue over each item.. it wasn't a total loss but it wasn't anywhere near a win.either. the mandatory spending is where cuts need to be made but that wasn't on the table

JFlorio Loc: Seminole Florida

nonalien1 wrote:

It seemed like it but defaulting in the debt would... (show quote)

It never is. Many of these programs have been around for decades and have not been stress tested, audited or refined. Ridiculous. Every time we even look at ways to reduce a program/and or make it more efficient the Democrats lose their minds. Our present course is unsustainable.

LostAggie66 Loc: Corpus Christi, TX (Shire of Seawinds)

BIRDMAN wrote:

😁

Who says it would be totalitarian? It might not be.

LostAggie66 Loc: Corpus Christi, TX (Shire of Seawinds)

JFlorio wrote:

It never is. Many of these programs have been around for decades and have not been stress tested, audited or refined. Ridiculous. Every time we even look at ways to reduce a program/and or make it more efficient the Democrats lose their minds. Our present course is unsustainable.

I would like to know what ways programs could be made more efficient? Any info would be greatly appreciated.

JFlorio Loc: Seminole Florida

LostAggie66 wrote:

I would like to know what ways programs could be made more efficient? Any info would be greatly appreciated.

https://www.gao.gov/blog/where-can-government-save-money-weve-found-more-half-trillion-dollars-potential-savings

I used to help Veterans (Pro Bono) apply for benefits. I saw first hand how inefficient they were. Three people would be sitting around passing paperwork back and forth that one person could have done.

LostAggie66 Loc: Corpus Christi, TX (Shire of Seawinds)

JFlorio wrote:

https://www.gao.gov/blog/where-can-government-save-money-weve-found-more-half-trillion-dollars-potential-savings

I used to help Veterans (Pro Bono) apply for benefits. I saw first hand how inefficient they were. Three people would be sitting around passing paperwork back and forth that one person could have done.

That I agree with.Also the Social Security Office could use your ideas also. Thanks for pointing out this. Now How do we get all our politicians to understand this need to streamline programs.