Prof G explains a fix for the $40 Trillion debt in 6 minutes

Investment Analysis Clubs Macro Economic Trends and Risks
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  1. The US annual fiscal budget was balanced when Bill Clinton left office in Jan 2001.

  2. Bush and Cheney convinced the nation that “Deficits Don’t Matter”. We can borrow all the money we need to fund “tax cuts for the wealthy” and multi-trillion dollar wars in the Middle east. Bush also defanged the IRS and made it 70% less likely that millionaire tax cheats would be audited. This ignited a wave of tax fraud by the wealthy. (Note: Corporate DEMs supported all of this, too.)

  3. Health care fraud is now $6,000 per American. Multiply that by 330 million people and that’s $2 Trillion per year.

The solution:

  1. Freeze spending

  2. Go after health care costs

  3. Normalize tax rates, repeal millionaire tax cuts

  4. Fund the IRS to go after the 25 years of tax fraud by the wealthy with penalties and interest.

intercst

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I voice vehement agreement with all your post, and will add that

Health Care Costs must be cut, and in USA that means educating people to not want themselves and family to be tortured with weeks of “do everything possible”….

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I think flattening hospital pay may help, too. Pay administrators less than doctors, perhaps.

It’s like schools, where administrators get paid more than teachers. Teachers then go to administration, which vacuums up pay that could go to teachers.

Also, get insurance out of healthcare. They claim to reduce costs when in reality they just deny service and transfer costs to themselves.

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This is one of those, “Wouldn’t it be nice but dream on” waste of time wish lists.

I will leave it because it’s non-partisan.
Christmas is coming. I’m sure several METARs will add to the wish list.

Gosh, I sound even more cynical than you, @intercst. Maybe it’s because DH has Covid, too.

Wendy

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no no no no and no

The solution is to reindustrialize.

But if you want the pollution regulated? Pick your poison.

@Wendy for most it is just a cold. Hope you and your husband get well soon.

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  1. Regulate health care costs so they are inline with the rest of the industrialized world. Have transparency in pricing.
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  1. Start funding higher education in the USA so that debt loads of medical students (well, all students) are inline with the rest of the industrialized world.
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