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Thread: IMF chief says U.S. needs blend of spending cuts, revenue raising

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by donsutherland1 View Post
    From Reuters:



    IMF chief says U.S. needs blend of spending cuts, revenue raising | Reuters

    Hopefully, the IMF Director-General's perspective will carry some weight in Washington. If the fiscal cliff situation is to be resolved in an effective manner and, more importantly, if the U.S. is to develop a credible and effective fiscal consolidation strategy, Washington's policy makers will need to focus on pragmatic realities. They will need to do so even if it requires them to give greater weight to best practices (and there are examples of successful fiscal consolidation efforts available in the international experience) than entrenched ideology or ideologically-driven assumptions.
    And let's cut out the subsidized oil company welfare checks, the corporate farmers subsidized welfare checks, Israels weaponry subsidized welfare check, Congress' subsidized health care, Congressional pay raises and return their wages to the average income in the US, and all the pork barrel spending the republicans do....
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by donsutherland1 View Post
    From Reuters:



    IMF chief says U.S. needs blend of spending cuts, revenue raising | Reuters

    Hopefully, the IMF Director-General's perspective will carry some weight in Washington. If the fiscal cliff situation is to be resolved in an effective manner and, more importantly, if the U.S. is to develop a credible and effective fiscal consolidation strategy, Washington's policy makers will need to focus on pragmatic realities. They will need to do so even if it requires them to give greater weight to best practices (and there are examples of successful fiscal consolidation efforts available in the international experience) than entrenched ideology or ideologically-driven assumptions.
    Spending cuts first.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by American View Post
    Spending cuts first.
    Removing tax cuts first...
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by Hairytic View Post
    I have to agree with you on everything you said. I also have no clue why some people call SS an entitlement. Cutting social security will do nothing to lower the debt. It is a seperate issue from the fiscal cliff. Cutting social welfare programs will only hurt the economy rather than help it and will cause needless suffering.
    I'm with you on cutting the real welare queens, the corporations that cost the tax payers money but will not help the economy by providing jobs in the US. The CEOs paying themselves million dollar bonuses and laying workers off. Wall Street that played fast and lose with the economy and got bailed out. Lets do some common sense cutting on the budget.
    Are you kidding me? The SS/Medicare programs were designed to work when many more workers existed to support each retiree and each (surviving) retiree collected benefits for only a few years; the number of workers per retiree is dropping and many more are now living up to (and well past) the retirement age. Other social programs for "the poor", including welfare in its many forms, are now costing over $1 trillion per year, and much of that is simply gov't administrative overhead "needed" to dole out those funds. It has been said that these "welfare" funds are sufficient to give each "poor person" in the US about $61,000 per year.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by Hairytic View Post
    Cutting social security will do nothing to lower the debt.
    Social Security has long-term fiscal imbalances. Reforms would reduce or eliminate those imbalances.

    The latest information on Social Security's imbalances can be found on pp.148, 165-169 (pp.171, 188-192 on the .pdf) at http://www.gao.gov/financial/fy2011/11frusg.pdf

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by ttwtt78640 View Post
    Are you kidding me? The SS/Medicare programs were designed to work when many more workers existed to support each retiree and each (surviving) retiree collected benefits for only a few years; the number of workers per retiree is dropping and many more are now living up to (and well past) the retirement age. Other social programs for "the poor", including welfare in its many forms, are now costing over $1 trillion per year, and much of that is simply gov't administrative overhead "needed" to dole out those funds. It has been said that these "welfare" funds are sufficient to give each "poor person" in the US about $61,000 per year.
    Actually, social security wasn't designed the way it is running now. Many years ago congress took money from the social security funds and it nearly brankrupted the program. It is designed as an insurance, you pay in with the promise to get retirement money and medical care when you reach retirement age. People who work physically hard jobs take a beating for 30 or 40 years and they earned the retirement and need the medical care. Those who work physically easy jobs might be able to retire later than others, but they paid into the program with the promise of retirement at age 65. When the US government makes a promise to the people, the people should expect that promise to be honored. As for programs for the poor, that money gets spent. There is a study that shows for every dollar spent on food stamps, the return on that back to the government is $1.40. Ending SNAP would cause needless suffering and harm the economy. Do we really want to be a nation that allows our poor, disabled and children to starve? Do we want to be the kind of nation that allows people to be in poor health and die without medical care simply because they can't afford to pay for it? That is not the way I want American to be. I think it is important to invest in our citizens and in the long run we will have a stronger healthier workforce.

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by donsutherland1 View Post
    Social Security has long-term fiscal imbalances. Reforms would reduce or eliminate those imbalances.

    The latest information on Social Security's imbalances can be found on pp.148, 165-169 (pp.171, 188-192 on the .pdf) at http://www.gao.gov/financial/fy2011/11frusg.pdf
    I agree that we need to reform it, but we don't need to cut it or end it. We should start reforming social security by putting the money back into the SS fun that congress has taken out over the years. Once that is done, SS will be fixed and good to go. Obamacare reduced the amount of medical costs medicare spends, so that is a good start as well.

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by Hairytic View Post
    When the US government makes a promise to the people, the people should expect that promise to be honored.
    If we had a penny for every broken promise, we wouldn't be talking about fiscal cliffs and IMF chiefs.

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by Hairytic View Post
    I agree that we need to reform it, but we don't need to cut it or end it.
    It's not really a question of whether or not we need to cut it... it's a question of when and how. Current benefit levels are unsustainable.

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    Re: IMF chief says U.S. needs blend of spending cuts, revenue raising

    Quote Originally Posted by Hairytic View Post
    I agree that we need to reform it, but we don't need to cut it or end it. We should start reforming social security by putting the money back into the SS fun that congress has taken out over the years. Once that is done, SS will be fixed and good to go. Obamacare reduced the amount of medical costs medicare spends, so that is a good start as well.
    I don't believe any serious political leader would eliminate Social Security. For all its challenges, the Program has made an important contribution in reducing the incidence of poverty among older Americans.

    The Program faces big challenges on account of the nation's demographics (increasing share of the population comprised by people eligible for Social Security coupled with a lengthening life span of people eligible for Social Security meaning more people receive Social Security for a longer period). Determining how to fully fund the Program's anticipated payouts is a relatively straightforward actuarial exercise. Modest reforms can address Social Security's actuarial imbalances.

    The health-related programs continue to drive the largest part of the nation's imbalances. Perhaps the leading challenge involved is finding an effective approach to slow the growth in medical expenditures, something that was largely outside the scope of the Affordable Care Act for which the primary goal was expanded health coverage, though CBO estimates some measure of savings albeit far short of what would be needed to eliminate the nation's long-term health-related imbalances. Medical expenditures cannot continue to grow at a multiple of the economy indefinitely, as foreign creditors won't be willing to pick up a growing share of those costs via financing U.S. deficits without the nation's debt stabilizing and then falling as a share of GDP over the longer-term. Numerous factors including debt-related risks, the need to tap savings countries such as Japan (aging + own debt challenges), and opportunities to earn attractive returns from growing economies outside the U.S., among other factors, could temper the flow of such funds to the U.S. in medium- and longer-term.

    Until the issue concerning rapid growth in medical expenditures in the U.S. is resolved--and it's highly complex--public and private health care policies will either become more expensive (premiums/other costs rising faster than incomes grow), offer less coverage (procedures, pharmaceutical products, and/or technologies), and/or run imbalances. The challenge involved extends beyond Medicare/Medicaid Program design. A disproportionate share of medical cost increases also arise from hospital care, not physician appointments or medical supplies. The growing utilization and high cost of long-term care (e.g., at nursing homes) is also an emerging factor and has implications for Medicaid. These challenges need to be addressed comprehensively and objectively.

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