National Social Work Month on March, 2020: National debt question help please?
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August 2nd is an arbitrary date, but eventually there will come a point where our revenue intake for the month does not match our outtake and if we can't barrow more money we will start to default. The decision who gets paid is largely in the hands of the president, and there will most likely be a prioritization set up. Things like social security, medicare, our military, and the post office will be at the top of the list.
The date was set up as a response to warnings from S&P and Moody that they where going to review our credit rating, but those institutions are going to review us anyways, and any business associated with our government over the next few months. They have already said that our credit Aaa rating will be degraded.
The issue that is not being reported at all as far as I can tell is that there really is no way we will not default on our debt, either in the future the near future or the distant future. This is simply mathematics of addition and subtraction. We take in about 2.2 trillion dollars a year in revenue, and spend around 3.5 trillion. Our current interest on our debt is 600 billion dollars. Once we our credit rating drops which will happen, this gives our lenders the right to increase our interest rates, and this has nothing to do with defaulting, it will happen anyways. Once we lose our high credit rating our interest is guesstimated to be around 1.2 per year, double of what we pay now. That means without cuts we will be spending 4.7 trillion a year, while only taking in 2.2 trillion.
Solutions: we can raise taxes, we can raise revenue, we can cut spending. Problems with raising taxes is that we are in a recession still, and higher taxes on business owners have a trickle down effect, and essentially become another consumer tax. When consumers are hurting for cash they spend less, and essentially force businesses to lay people off, move out of the country/state to seek better tax incentives, or at the very least stop hiring people.
If we increase revenue, revenue is just another way to say your taxing something, this is largely done through fines, regulations, certifications, permits, rights, etc. By increasing revenue it tends to have the same effect as increasing taxes during a recession. Now when we are in a booming economy and people are making money, taxes and revenue hikes don't hurt as bad, but when our economy is in trouble, those things are counter productive. Usually the Fed lowers interest rates, and the government decreases taxes, as a normal response.
Option three is really our only option, and that is to reduce entitlements and cut spending, to make up the difference, and that difference is 2.2 trillion subtracted from 4.7 trillion which leaves you with 2.5 trillion worth of cuts. This is over half of our current operating costs, and the delay to do this is compounded.
First most democrats feel that government is the best way to stimulate the economy, while this is largely seen as false to most economists, it is something that democrats hold onto as a staple basis for the progressive movement.
Second 2.5 trillion is such a large figure you can't possibly get that done w/o social security and medicare reform, not to mention the appeal of any health care system, and a decrease in military spending by over half. The figures are so staggering that most people see it as impossible for the United States to reach that number, which means that we never actually pay any principle on our outstanding debt, and our debt grows larger every day.
Once our debt passes our GDP most investors will stop lending the United States money, which will cause a major collapse of entitlement programs, widespread insecurities on wall street, the dollar will inflate in value significantly, because of those insecurities and because we will print more money as a means to slow down the inevitable. Europe is also in the same trouble that we are in, and it it largely seen as a strategy to try to be the last house of cards to collapse, meaning if we can collapse after Europe does then the negative effects of our collapse will be much less.
The issue here is that we will default on our debt, its just a question of when, most people know this, and republicans and democrats are just playing politics at the moment. Most people don't want to come out and say the obvious that we can't survive financially, may it be in 5 years or 50 we will have an economic melt down.
More spending is socially irresponsible, but since everyone agrees that we are going to fail and fail big, most democrats feel they might as well spend money we don't have now because we are going to default on it in the future anyway, use that money to buy political capital in the short term.
Most republicans are doing the exact same thing except they are trying to play the high and mighty moral card, saying look how socially responsible we are, when they too know that we can't avert this catastrophe.
Is the national guard for me?
well the national guard is only drilling once a month so u would only get a monthly paycheck. So idk if u can support ure GF and urself with that. But u can pay off ure loans with the national guard and they also have state and federal tuition to help u pay a bit for school. Unless u work AGR active guard reserve this is more for people with civilian careers. You can also request to deploy in the guard so if u want some extra money thats it for u. Good luck
What is a 'national insurance card?'?
the national insurance card has our national insurance number on it, used to identify a person for tax-paying purposes, claiming back tax, pensions etc. Kind of like your identity with regards to the government. The money contributes to health care, unemployment, other benefits and pensions. You generally get the card through a few months before your turn 16.