When the federal budget called for using the Social Security reserve fund as collateral for other debts it incurred, congress was avoiding the inevitable. As you say, there was at that time more debt than income to cover it and the SS reserve fund was just laying around idle. Using that fund against it's original intent was a way to contain the national debt. Back then both political parties were against increasing debt. In that I don't know the specifics of how that borrowed money was spent, I can't say with certainty that nobody benefited from it. Congressional leadership thought it was better to tap SS reserves than to go bankrupt. They were probably right on that count, but that didn't stop them from increasing overall spending and thus guaranteed greater future debt. My memory on this topic is vague, but I think it all happened when we were at war. The wars that we were financing along the way didn't help the situation regardless.
There still are viable solutions for us to stay solvent. Part of it would be to demand a balanced budget. Then, perhaps, a review of existing entitlements would reveal some that could be sunset. Graft and corruption account for a lot of the debt we see these days, and that's where the average citizen can help vote the bastards out of office. Much of this country's wealth is being transferred to American oligarchs who live at the top 1% of the population. They love the tax cuts, but a funny thing happened along the way. The national debt skyrocketed to historic highs. I agree with you that it can only go on for a defined period of time. When there is no money left to run the country, that 1% will be living somewhere else and enjoying the good life. The rest of us will be wondering what happened. The shame of it all is that it's predictable.
Floating Anvil
Forum rules
Post a new topic to begin a chat.
Any topic is acceptable, and topic drift is permissible.
Post a new topic to begin a chat.
Any topic is acceptable, and topic drift is permissible.
Re: Floating Anvil
Most of the poly-tick-ians are now doing what was illegal less than 25 years ago.
There was a limit to how much they could spend on campaigns for example.
Taking money to swing which way they vote is also illegal, it's called bribery, although they give it another name.
Look at all the high paying jobs their kids get, in fields they no nothing about.
It is still monies passing into the family, for what purpose other than bribery.
Wish I still had the book on how the federal deficit works and why it is a self-defeating system, just like the federal reserve which is part of it. This was a different book than the one called Billions for the Bankers.
There was a limit to how much they could spend on campaigns for example.
Taking money to swing which way they vote is also illegal, it's called bribery, although they give it another name.
Look at all the high paying jobs their kids get, in fields they no nothing about.
It is still monies passing into the family, for what purpose other than bribery.
Wish I still had the book on how the federal deficit works and why it is a self-defeating system, just like the federal reserve which is part of it. This was a different book than the one called Billions for the Bankers.
Re: Floating Anvil
One of the solutions to corruption in politics is precisely related to the point you make about campaign financing. The illegalities were all ironed out by the creation of PACs and by increasing the limits on corporate donations. It is possible now for a single entity to pour enough money into the electoral process so that their man or woman would be elected. No matter what the morals of that candidate might be, there is an implied obligation to your benefactor(s). They don't even have to lobby anymore if they send enough money to your campaign fund. The NRA is notorious for this tactic as are many other organizations.
It seems counter intuitive but at least the federal elections should be publicly funded to the exclusion of all other sources including self-funding. I don't know what a fair amount would be, but I do know the playing field could be leveled if everybody operated under the same limitations. It might even improve the quality of those who get elected.
It seems counter intuitive but at least the federal elections should be publicly funded to the exclusion of all other sources including self-funding. I don't know what a fair amount would be, but I do know the playing field could be leveled if everybody operated under the same limitations. It might even improve the quality of those who get elected.
Re: Floating Anvil
No matter what rules they come up with, since the rules are about them, they will make sure to leave enough loopholes they benefit from.
There are numerous things that SHOULD be voted on by the People, not just the poly-tick-ians.
Very few of them vote for what the people want, only what benefits them the most.
Think of all the good that money they waste campaigning could be used for.
We stopped giving 3 bucks each to the campaign fund, since they now let them spend however much they want to spend.
There are numerous things that SHOULD be voted on by the People, not just the poly-tick-ians.
Very few of them vote for what the people want, only what benefits them the most.
Think of all the good that money they waste campaigning could be used for.
We stopped giving 3 bucks each to the campaign fund, since they now let them spend however much they want to spend.