Deficit 531 Billion So Far in FY2024

[Greenbeard]

Or 1 trillion in increased spending (since the savings are hypothetical). The goal is to reduce the deficit. ACA did not do that. Its worse than ever. We are spending more than ever on healthcare. Its more expensive than ever. Capping medicaid spending would reduce the deficit, if no other changes are made.

So, once again, the savings from hypothetical per capita Medicaid caps are relative to the CBO's baseline, the same as the ACA's savings (which turned out to be trillions of dollars). The deficit reduction is relative to what the deficit would be, not what it is today. Nominal Medicaid spending is still higher in ten years than it is today with those proposed caps. Just as nominal federal health spending is higher today than it was 15 years ago even though the ACA achieved trillions of dollars in savings over that timespan.

So no, the ACA's savings aren't hypothetical, they've actually happened. And that's reduced the deficit (cumulatively by trillions of dollars over the last decade and a half), the same as your proposed Medicaid caps. The difference is that the savings in the ACA have already happened, they're not a proposal in a white paper. And they're about four times larger than what you're proposing.

 

[jonny5]

So, once again, the savings from hypothetical per capita Medicaid caps are relative to the CBO's baseline, the same as the ACA's savings (which turned out to be trillions of dollars). The deficit reduction is relative to what the deficit would be, not what it is today. Nominal Medicaid spending is still higher in ten years than it is today with those proposed caps. Just as nominal federal health spending is higher today than it was 15 years ago even though the ACA achieved trillions of dollars in savings over that timespan.

So no, the ACA's savings aren't hypothetical, they've actually happened. And that's reduced the deficit (cumulatively by trillions of dollars over the last decade and a half), the same as your proposed Medicaid caps. The difference is that the savings in the ACA have already happened, they're not a proposal in a white paper. And they're about four times larger than what you're proposing.

No, theyre hypothetical. They were predictions. The reality is healthcare spending keeps going up, because they moved the cost somewhere else, insurance subsidies, adding people to medicaid, chip etc over the years.. Say youll spend 10 trillion in the future, pass some bill which says youll only spend 9 trillion, and then add a trillion somewhere else. Thats where we are. The deficit has not been reduced, its worse than ever, in part because we are spending more than ever on healthcare. Since the ACA passed, healthcare spending has tripled. Capping medicaid is just one option. We need actual cuts, not just slowing growth. Do less.

In 2023, federal subsidies for health insurance are estimated to be $1.8 trillion, or 7.0 percent of gross domestic product (GDP). In CBO and JCT’s projections, those net subsidies reach $3.3 trillion, or 8.3 percent of GDP, in 2033.

 

[PeacefulWarrior]

Since the ACA passed, healthcare spending has tripled. Capping medicaid is just one option. We need actual cuts, not just slowing growth. Do less.

I hope they spend more. WAY more. WAY WAY more.

I hope they spend so much that theres no money left over for all the phony corporate "wars"..

Thats would be suh - WEEEEEEEEEEEEET!!!!! Make it happen Mister President!! Take us to Full Socialism!!!!

 

[The Hairy Fiddler]

Remember when Biden used to boast about cutting the deficit in half? Well we all knew it was misleading, and the reality is the deficit keeps going up. Last year it was 2 trillion once you remove the student loan fuzzy math, and so far for 2024 its 531bn, 71bn more than last year at this time, there is no budget, no appropriations, we are still living off CRs, and theyre trying to borrow another 100bn to send to foreign countries.

And this is with higher tax revenues, up 8% compared to last year. As usual, the problem is spending is up even more, making last years deficit even worse, up 9%.

Has the GOP house done anything about it? Nope. The Senate? Nope. Biden? Dont make me laugh, he wants to spend even more. Fire them all.

Monthly Budget Review: January 2024

The federal budget deficit totaled $531 billion in the first four months of fiscal year 2024, CBO estimates—$71 billion more than the deficit recorded during the same period last fiscal year.

www.cbo.gov

It's a shame that the Republicans are even worse than the Democrats when if comes to the national debt.

 

[ralfy]

The goal of both parties is Reaganomics, and only because they have no choice.

 

[jonny5]

It's a shame that the Republicans are even worse than the Democrats when if comes to the national debt.

Luckily its not true. The debt is entirely caused by democrats social spending put in places decades ago which they wont let anyone deal with.

"The growth in deficits over the next three decades occurs as increases in spending—especially spending on interest, the major health care programs, and Social Security—outpace increases in revenues." -CBO

Major healthcare programs and social security. Are those Republican spending priorities?

 

[jonny5]

The goal of both parties is Reaganomics, and only because they have no choice.

I wish. That would mean lower taxes, deregulation, and strong growth. Republicans maybe support that. Dems certainly dont.

 

[rahl]

I wish. That would mean lower taxes, deregulation, and strong growth. Republicans maybe support that. Dems certainly dont.

 

[Cynical]

Remember when Biden used to boast about cutting the deficit in half? Well we all knew it was misleading, and the reality is the deficit keeps going up. Last year it was 2 trillion once you remove the student loan fuzzy math, and so far for 2024 its 531bn, 71bn more than last year at this time, there is no budget, no appropriations, we are still living off CRs, and theyre trying to borrow another 100bn to send to foreign countries.

And this is with higher tax revenues, up 8% compared to last year. As usual, the problem is spending is up even more, making last years deficit even worse, up 9%.

Has the GOP house done anything about it? Nope. The Senate? Nope. Biden? Dont make me laugh, he wants to spend even more. Fire them all.

Monthly Budget Review: January 2024

The federal budget deficit totaled $531 billion in the first four months of fiscal year 2024, CBO estimates—$71 billion more than the deficit recorded during the same period last fiscal year.

www.cbo.gov

Well supposedly flooding the country with millions and millions of low wage workers and welfare recipients will make everything better!

 

[jonny5]

Well supposedly flooding the country with millions and millions of low wage workers and welfare recipients will make everything better!

Pros an cons I suppose. We do need labor, low cost labor. But its pretty dumb to both bring in a lot of foreign labor AND pay a lot of americans not to work at the same time.

 

[Kushinator]

Pros an cons I suppose. We do need labor, low cost labor. But its pretty dumb to both bring in a lot of foreign labor AND pay a lot of americans not to work at the same time.

The dumbest thing you've posted in a thread full of purposeful economic illiteracy.

Americans are not paid to not work.