Read on Twitter
1/ time for some fun facts!
how does the government pay for stuff? simple - the federal government collects TAXES.
per @thebalance, the US expects to collect close to $4T in taxes in 2021.
over 75% of it comes out of our paychecks - as individual income tax and payroll tax.
how does the government pay for stuff? simple - the federal government collects TAXES.
per @thebalance, the US expects to collect close to $4T in taxes in 2021.
over 75% of it comes out of our paychecks - as individual income tax and payroll tax.
2/ now like many people, the US government spends more than it makes.
before the recent turmoil, the US government's 2021 budget was expected to have a $966 billion deficit.
you can read about the budget here - and i recommend you skim this https://www.whitehouse.gov/wp-content/uploads/2020/02/budget_fy21.pdf
before the recent turmoil, the US government's 2021 budget was expected to have a $966 billion deficit.
you can read about the budget here - and i recommend you skim this https://www.whitehouse.gov/wp-content/uploads/2020/02/budget_fy21.pdf
3/ since we've been doing this for a while, the total national deficit is $23 trillion.
it's more than the entire GDP of the US in any given year (the sum of everything produced)
if you add in unfunded liabilities, the number is closer to $120T
https://www.truthinaccounting.org/about/our_national_debt?gclid=CjwKCAjwguzzBRBiEiwAgU0FT9pqkUmVSHnK9lef31QzRelEVeJEVpjpbTxt7HjoDp2vcukZGYqFjxoC08YQAvD_BwE
it's more than the entire GDP of the US in any given year (the sum of everything produced)
if you add in unfunded liabilities, the number is closer to $120T
https://www.truthinaccounting.org/about/our_national_debt?gclid=CjwKCAjwguzzBRBiEiwAgU0FT9pqkUmVSHnK9lef31QzRelEVeJEVpjpbTxt7HjoDp2vcukZGYqFjxoC08YQAvD_BwE
4/ $120T = $798k per taxpayer
35% of the US workforce, boomers, are set to retire in the next decade.
they also account for the biggest budget liability - relying on pensions, social security, medicare - money that simply ISN'T THERE.
35% of the US workforce, boomers, are set to retire in the next decade.
they also account for the biggest budget liability - relying on pensions, social security, medicare - money that simply ISN'T THERE.
5/ so it's no wonder Congress view a $6T bailout as a drop in the bucket.
MONEY PRINTER IS GOING TO GO BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR SO HARD
now what's mega fucked about all of this is that the money doesn't even GO to the people who PAY!
MONEY PRINTER IS GOING TO GO BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR SO HARD
now what's mega fucked about all of this is that the money doesn't even GO to the people who PAY!
6/ if i seem like i'm angry, it's because I AM
i am in my mid-thirties, and my government is selling my future to bail out their buddies who run banks, hedge funds, airlines, cruise lines, casino, and donate to their campaigns
it's a load of horse shit
i am in my mid-thirties, and my government is selling my future to bail out their buddies who run banks, hedge funds, airlines, cruise lines, casino, and donate to their campaigns
it's a load of horse shit
