I am extremely worried about the future of America. Unless @elonmusk can make magic happen, it seems almost impossible to continue affording what we have now without making huge sacrifices. That is the fault of wasteful liberal (and weak Republican) politicians who now are forcing us to pay close to a trillion dollars a year in interest alone. We should be using technology and new ideas to solve problems in healthcare right now instead of dealing with that!
(5 hours to write this paper, 5 minutes to read and incredibly important)
Here is the spending breakdown for 2023:
1.3 trillion on social security
839 billion on medicare
616 billion on Medicaid
448 billion on income security programs
502 billion (other)
919 billion (non-defense)
805 billion (defense)
605 billion net interest (that is higher for 2024 and rising fast)
It equals 6.1 trillion, which is 1.6 trillion over our revenue of 4.4 trillion.
We desperately need to either increase revenue close to 1.8 trillion, cut expenses close to 1.8 trillion, or something in the middle, in order to start paying off debt and avoid a spiraling economic collapse that will wreak havoc on the entire world. Unfortunately, they have left almost no room for cushion.
As far as tax options, in 2023, the 4.4 trillion in revenue breaks down as follows:
2.2 trillion (individual income)
1.6 trillion (payroll taxes)
420 billion (corporate income taxes)
229 billion (other)
Raising taxes sounds like an easy solution, but don’t you agree it is not that simple because we are competing with other countries in the global marketplace?
To be more specific, based on my calculations, the US is already approximately 1.5-2% above the average tax rate of the top 100 countries that we are competing with. Ideally, we want to be at or slightly below average for the best balance of upside.
There are some specific examples where we can comfortably tax entities more, but leaning on that too much as a solution is faulty.
Loopholes and other things can be looked at more as well. For the sake of this argument, let’s suggest we can comfortably reduce the military budget $400B and get about $100B more out of taxes (as the economy currently is) by structuring it better without pushing the limits too far.
That still leaves 1.3 trillion left per year. This is the part where we start to realize the evil they have done. Nothing significant would have to be cut if they didn’t put us in this position. We have not gained anywhere close to enough from all the spending to make it even partially worth it.
Elon thinks he can save 2 trillion per year by being more efficient. He has not specified precisely how, but he has proven he is very good at streamlining efficiency with as little sacrifice as possible. Arguably the best in the world at it. That is the number 1 reason I am very excited about a Trump presidency, despite him making multiple critical mistakes the first time around. People who know Trump privately say he is more receptive now and more willing to admit when he doesn’t have enough knowledge on something, which I respect. It will take relying on a large team of people with specific knowledge and a love for the country.
If Elon saves 2 trillion per year, AND the other adjustments I mentioned are made that reduce a few hundred billion from the budget, it will STILL take 51 YEARS to pay off the debt at that rate. Almost our entire lives! It is wild think about the amount of time required even with so much saved. That demonstrably shows why electing liberals mainly, but also weak Republicans, has royally screwed us over. Now is the time to realize that and denounce it no matter how much the media tries to convince us to vote based on fear or propaganda.
Please vote for Elon/Trump/Tulsi and I want to say thank you to everyone who is subscribed to my X. Because of you, I can comfortably afford groceries for my family in this economy
Source: x.com/MattWallace888/status/1853437924114629016