Wharton professor Joao Gomes on rising national debt: We just can't afford the tax cuts

[@barttfisher]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

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[@objectivethinker3225]

We can't afford the 2017 tax cuts that cost a couple hundred billion a year... But somehow the federal government can afford to spend 2 trillion more per year in 2021, 2022, 2023, and 2024 than in 2019 (not including interest).

[@heinzbucksandcastle2053]

Ah the tax cuts juice the economy. Why do you think we had any growth at all, tax cuts increase government receipts, hello!

[@dfv671]

GDP is great because of the one trillion a quarter government debt.

[@JohnReynolds-ni5lv]

Yep take away the punch bowl and there’s a problem.

[@bc41]

The government is pouring lots of interest payments into the economy. government is worse, the economy is better?

[@erickanter]

Not a republican or dummycrat. Having said that the debt is so high now that it is to late to fix it. Even after raising taxes government spending is out of control . That includes your savior Biden.

[@Carlos-im3hn]

$1T/100day deficit...adding to the $34T debt. This is out of control with 5% interest rate. Real inflation is much higher than 5%. This is it, now.

[@quietus13]

Talking about increasing tax revenues without talk of decreasing, or at a minimum freezing spending, only means all the extra revenue will only just get wasted in additional frivolous and inflationary spending. We already spend more on servicing the interest payments on national debt than we spend on the military, and we spend a LOT on the military! We have to cut spending, to include the elephants in the room of social security and medicare. Otherwise we are all screwed.

[@elkillerx]

Yup! Very well said.

[@DexterHaven]

Yeah, the jerk prof doesn't know where the shoe pinches. Taxes are already too high and complicated. We need a simple flat sales tax and no income tax and a government we can afford, not this selfish mess in DC.

[@weirdshibainu]

My finance professor said it best IMO. "Economics is good at telling you what's going to happen. It's terrible at telling you when it's going to happen." National Debt is a classic example. We've been talking about the dangers of it for decades and that catastrophe is just around the corner , yet it has never materialized. The catastrophe will occur someday and it will be tragic.

[@mikeHamilton-w3x]

no, it won’t. 😂 who still falls for this BS. Like honestly, nobody could explain why that actually that is a problem. It’s so funny. The people think that it is because others say so but when push comes to shove, it never is a problem. If that guy was a professor and you paid him for that lesson I would ask for my money back. You have wasted your your income.

[@TheCrimsonOne508]

@@mikeHamilton-w3xit’s a problem because our money is backed by nothing. It’s a promise to pay back your debt through work basically. We are currently paying off our old debt by making more debt. Like paying off a credit card with another credit card. Eventually the bank is gonna stop giving you credit cards. In the case of currency you just print more money, which eventually results in that money being worth less and leads to economic collapse. This always happens with fiat currency

[@prolific1518]

​@@mikeHamilton-w3x it's better if you keep quiet then people won't know how ignorant you are

[@letsdanceonhere]

@@mikeHamilton-w3x So you believe MMT has no limits? The US government could just provide everything for everybody and no problem at all?

[@mikeHamilton-w3x]

@@letsdanceonhere no it has the fundamental limit of resources available. But in terms of the debt and that being any kind of restriction is laughable.. if I wanted to build a road to nowhere and I had unlimited money then the only true restriction would be the amount of concrete and labor that I could acquire. See money is not a problem. It’s the logistics.

[@manuelcastillo5999]

I wouldn't worry about it until it happens because I've been hearing the same thing all my life and I used to budget for the debt crisis and nothing ever happens except more spending.

[@DexterHaven]

You are already feeling the effects with the current inflation which is twice what the CPI says. Try buying house or getting home repairs or a new furnace, car, etc. The government is to blame for inflating the money supply with the Fed to finance a reckless, selfish government who play Santa Claus with our tax money.

[@jamestetreault7675]

What happened to the money supply on the debt clock on April 29 at 7:33 am the supply was -$332,382,148,700 and at 13:32 the supply was -$59,900,327,555. Where did $272,481,832,000 come from?

[@JohnReynolds-ni5lv]

$3T added to debt last year. Sit with that.

[@John-zh1ud]

Not long ago it used to be the federal budget was $3T.

[@wnose]

Thanks to Trump's tax cuts. I got my bets on the dollar capsizing!!!

[@mack7276]

@@wnose When the tax cuts expire do you think the dollar will get stronger?. Inflation increases with government spending. The wealthy can run to financial safety where the lower and middle class get crushed by inflation.

[@theunbearablebull]

@@wnose You are getting smoked if you're betting against the dollar lol.

[@skipmatsey8352]

@@wnosewhy didn’t Obiden and the Democrat majority in 2021 raise taxes? Or even propose a change in the tax code? Or is easier to blame someone else for the deficits, the border crisis, inflation, high energy prices, Middle East and European wars?

[@beaulieuRule]

we talk about this for at least 15 years allready there is a problem on spending

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[@francismarion6400]

How about cut government spending on things like foreign wars and illegal immigration and gender change ideology.

[@acornsucks2111]

Right.

[@mianmian3488]

US can't give up foreign wars. Military presence is the base of dollar hegemony. But it went too far now days.

[@Bradgilliswhammyman]

gender change is not even a blip on the radar of national debt. Foreign wars are a blip, less than 1 percent of gdp, illegal immigration, also less than 1 percent of gdp.

[@mirmahboub]

what sort of Kool-Aid you're drinking? government spending on gender change ideology?

[@MoeEtp1984]

I agree with you on foreign wars but how much do you think the government is spending on gender changes

[@sw313]

As long as the printer has ink and paper there's no debt

[@John-zh1ud]

Doesn't matter if you can't afford the ink.

[@prolific1518]

Smooth brain alert

[@DexterHaven]

No 'debt' because of fiat paper is not a solution. To pay off our financial 'obligations', they must destroy the value of the dollar. So it's a disaster either way, but it takes down the whole country because many have their life savings in cash in a bank or bonds which will have no purchasing power. So rather than a government fail with a gold standard, the whole population gets hit bad.

[@henrysolar3866]

The Fed is stealing your money

[@acornsucks2111]

Tax cuts are a drop in the bucket compared to the increase in spending.

[@jacobwatson1818]

Nope, tax cuts since 2002 have added 6-8 trillion in deficit. Add in two wars, you have gone up to 12-14 trillion.

[@elkillerx]

Our government needs to stop with this ridiculous out of control spending. The house of cards is going to crumble..

[@theunbearablebull]

Been hearing this forever

[@DaveBee120]

The issue is in a Democracy its political suicidal to pay down the debt and no party on either side wants to do it.

[@DexterHaven]

Good point, because the unborn have no vote this election in what debt they will inherit.

[@naimcgrath1401]

If they're all so concerned about the debt, then cut a check to the treasury.

[@Carlos-im3hn]

Can you donate ? Is there a sugar daddy ? who would donate ?

[@DexterHaven]

You missed the point, silly. The treasury will spend it on something stupid -- Medicare fraud alone is over $100 billion every year; government knows this, but it continues. Don't even get me started on SSI fraud, welfare fraud, defense fraud.

[@eyelovecolorado2195]

Keep printing money! It’s always worked!

[@Carlos-im3hn]

Yesterday....all my troubles seemed so far away.

[@MrREDLORD79]

National debt shouldn't come out of working citizens pockets. Cut congress salaries to pay it

[@jacobwatson1818]

I remember the GOP saying tax cuts will increase revenues.

[@ahmedalsharman]

I think Gold will end the year by $3200 , unfortunately I am not holding any 🙁, but I will next month.

[@elkillerx]

You should buy some now while it's still low.

[@rodsynovec1626]

We can't afford the government spending

[@AgentMrX7]

"we can't afford tax cuts" ..... don't you technically mean, WE CAN'T AFFORD ANYTHING. How is it acceptable to have such a large budget deficit that you need to keep printing money, you can't afford the interest payments so you just print more money again.... it's just an endless spiral into oblivion.

[@wnose]

Thanks to Republican tax cuts

[@mark11967AD]

How about realizing corporate profits are at incredible multi decade highs and tax rates on both corporations and Billionaires are at multi decade lows. Congress ie government has been bought and paid for by these select ultra wealthy interests. End of story.

[@acholouscognoscente]

Get rid of the tax cuts.

[@jjkandong9337]

Professor Gomes was correct about the bond yield. It happened today!

[@user-yk5hc4qt1n]

What is the problem? the spending or the taxes? why not keep the taxes the same and cut spending? If you have 5 dollars in your bank account would you be irresponsible and spend it on a chocolate bar? That's what's in these bills, a chocolate bar.

[@todorkolev7565]

if I have $5 in my bank account, what else am I going to buy? It's less than what it costs me to get to work. Might as well buy that chocolate - it's a lot of calories for the money and will give me some comfort as I look at my life collapsing :D

[@user-yk5hc4qt1n]

concepts concepts....@@todorkolev7565

[@mikeHamilton-w3x]

no, you have a magic bank account that you can decide how much money is in there or not in there at any given time. People always compare the national debt to what you were going through, but it’s not true. The national debt is fake and it doesn’t matter at all how high it goes.

[@lakeguy65616]

Delay tax cuts but reduce spending NOW

[@BRunner12]

No mention of $1.5T in military spending?😊

[@shanetowne6530]

They have too many people who are trying to inflate stocks on this channel. Always ask why they say all is good. It's good to see people warning of the impending downturn.

[@tbone8737]

The tax cuts are the least of our problems. Just stupid making that argument.

[@John-zh1ud]

When I think about the debt I just think about the last two decades and how they were squandered because we knew this would be a problem and just kept making it worse and worse and celebrating false short-term victories.

[@erniekeller1093]

Whether you target spending or tax rates debt reduction can only be accomplished by taxing the debt back. That mean running surpluses on the public side for many years. Further, every form of countercyclical spending to keep the economy from going into depression, which it would inevitably do, would have to be canceled to prevent the debt from rising again. This is why you hear "address the debt" or "fix the debt" instead of what really would be done. Euphemisms hide the reality.

[@vectoraerialimaging774]

How about not paying people's bad student loans to gain political points and instead fix the ridiculous cost of college education? Subsidize American students by charging a tariff on foreigners.

[@prolific1518]

And colleges will just increase the price like they've been doing. Since a degree became a requirement for a decent job, tuition costs have exploded more than house prices. Until the government pays for education like the countries that send their people here, education will be out of reach for majority of Americans and why all job gains have gone to foreigners since 2018. They come in cheap because their education has already been paid for.

[@grandmiserthe3rd434]

Communism can be expensive .........!!!

[@mlh5434]

Tax cuts are the only way to further impose a fiscal straight jacket on Washington. Many will say "but have you seen how big are deficits are?!?!?!" Apparently they're not big enough because the bond market still lets us finance them. We need interest rates on T-bills to spike - that and only that will force Washington to cut spending.

[@jimmattson8008]

We can't stop now because it's too painful. 😜

[@toddgammons9400]

We are sick of paying taxes. Stop your spending like drunken sailors

[@damnthisuser]

Well, do u want to cut Social Security or Defense?

[@toddgammons9400]

@@damnthisuser There are plenty of places to cut wasteful spending and not cut either of those.

[@poorrandall8982]

we could afford if the government didn't give a way money like it was candy

[@2chicos]

Americans have come to believe tax cuts are free. Spending can increase, and taxes cut, and there are no consequences. Perhaps the tax cuts from 2017 should simply expire, and Congress should start to actually fund the proposals they have .

[@Dw8099]

“Why are you even talking about this!” Now that’s a $3 billion dollar quote if I ever heard one. LMAO!🤣

[@peterzaffaroni2871]

This is absolutely terrifying

[@Steelers-rk3ig]

It’s a spending problem, like the college loan forgiveness or America paying Ukrainian pensions. We can’t afford this crap anymore.

[@Muricans1776]

And where are the missing Trillions that were spent on ???

[@coldblade666]

Fix the money, fix the world.

[@tbone8737]

Sound money.

[@Carlos-im3hn]

Please interview Professor Steve Hanke. Steve knows about inflation and hyperinflation.

[@23calvken]

U.S. debt interest > U.S. military spending That says it all.

[@kevoreilly6557]

Well we can start with those 4 paying taxes Re the Wharton Professor - there is a huge downside to be overly pessimistic - massive slow down in the economy However, cost of capital will rise as we will have to borrow internally more (no more China) and crowding out the market is potentially the biggest risk, though great opportunity for PE

[@paulevans4905]

Spend until the end....nothing will change.

[@porkyfedwell]

“Bond market loses confidence, Fed buys more bonds. Problem solved!” That’s how modern economists and politicians think, today.

[@oatley5239]

The democratic party will not vote for cutting government spending. Grim but true.

[@peterbedford2610]

If money is free, does it have any value? Air is free

[@goochpunchtickles3617]

We just can’t afford to keep giving corporations and the wealthy tax breaks anymore. Vote blue

[@GeorgeSchneider8889]

Maybe we should think about a special tax for CEOs. Why? In 1973, the ceo to employee compensation ratio was 22.7. In 2021, it was 389. We can start here 🤷‍♂️

[@jordanslingluff287]

Not really. It's unconstitutional to target people like that. Most of the compensation you mentioned isn't actual money

[@todorkolev7565]

@@jordanslingluff287 if it's not money, then may I have your stocks? I'll give you $5 for your whole portfolio :)

[@GeorgeSchneider8889]

@@jordanslingluff287 Were Trump tax cuts for the wealthy constitutional?

[@jordanslingluff287]

@@GeorgeSchneider8889 Yeah. They went through both chambers and got signed by a president. The ability to tax income was allowed because of a constitutional amendment. The mega rich don't make much income. They own stocks. You can't tax unrealized gains because they don't actually have the money, they have stocks. There are actual ways to tax the mega rich but unfortunately politicians use those same tax loop holes to enrich themselves so they will never be repealed.

[@jordanslingluff287]

@@GeorgeSchneider8889 Yeah. And? Most rich people don't make income. The ways they wiggle out of paying taxes are the same exploits politicians use. The figure you referenced is for assets. A lot of which are stocks. That ain't taxable unless they sell them.

[@paulginsberg6942]

Government on both sides spending like drunken sailors. Crisis pending.

[@ftrader244]

No tax cuts for corps and the rich. Make them higher

[@shortstraw4]

We cant afford a giant military industrial complex, welfare, or our bloated government

[@michaelfrank2266]

Our Congress can't even pass a budget this year and y'all are quibbling over 2054??? Give me a break.

[@wanderingquestions7501]

Think the last politician to address this debt will be Trump. When has he cared about his own debt and bankruptcies.

[@Felix-op1rw]

I dont have a problem with deficits as long as the deficit is being used for investments of infrastructure or something else which will increase gdp. But it shouldnt be used for taxed cuts for very wealthy like the trump taxes cuts which had little to no economic impact but lead to a rapid increase of the debt

[@d.f.9064]

Didn't Trump go to Wharton? They need to explain themselves.

[@yeahnah773]

CNBC. Keep talking about the debt so the country is aware of it. It’s on you

[@peanuttube605]

When things go bad for the USA finances, it will happen in the blink of an eye. Sort of like what happened to ULTA stock yesterday.

[@skipmatsey8352]

Our politicians will always spend more than tax revenues. What’s in your safe?

[@jealva]

The entire problem is too much spending. Spending as a percentage of GDP is running way above historical levels.

[@nicolasgirard2808]

What should we cut?

[@pieswimmer1]

Literal all entitlement programs. ​@@nicolasgirard2808

[@suzanneheritage]

The Republican solution: cut taxes for the rich and reduce services to the deserving and children.

[@dfv671]

Bitcoin is made exactly for this problem.

[@lakeguy65616]

actually not. a currency beyond the control of the Fed is a great idea. Sadly bitcoin is just a speculative pet rock or beanie baby of finance today.

[@JohnReynolds-ni5lv]

Please explain

[@Sayer_of_Uh]

​​@@JohnReynolds-ni5lv the gov will spend its way out of this, and bitcoin was initiated on the premise that governments globally will do exactly that.

[@ahmedalsharman]

Bitcoin is Scam, buy Solana & Dogecoin

[@ahmedalsharman]

​​@@Sayer_of_Uhbitcoin will dissappear in couple of years , , buy Cordano & Solana are the future.

[@rickhayes-oh2zm]

you had 1 in 2008. Inflation is crushing your booming economy

[@defaultname1245]

Everyone who works in the US must give the federal government $260000 in order to become debt free

[@PeterSedesse]

GOP: The debt is too high, we need to cut spending by $200 billion to balance the budget Also GOP: Let's give tax cuts to the richest 1% and add $8 trillion to the national debt

[@Coover90210]

Its not a partisan problem. The powerful love it when the working class divide on politics, race, religion etc. Keeps us from noticing who is buying farmland etc. Just know that msnbc and fox are both propaganda, not news

[@William1866]

But the richest 1% are democrats.

[@bigpicturethinking5620]

And adjusted for the virus? Big difference in an emergency vs just ordinary debt and deficit spending.

[@Myers70]

I'm a Democrat now voting TRUMP 2024....TRUMP 2024....TRUMP

[@francismarion6400]

I got a middle class tax cut under Trump. Trump 2024

[@DanBurgaud]

not if can print faster than the rising tide.

[@MrFargo1001]

Eliminate the Income Tax and institute a National Sales tax. Problem solved.

[@wm6746]

I love that all the gazillionaires on the photos who don't pay any taxes and have institutions worth a combined of TRILLIONS in value are most likely saying, cut social security, medicare, medicaid, veterans etc...poor people need to step up and pay up!

[@alexr4208]

The ending of the Titanic. Is that the ending they put in the theaters or the original intended ending where they find the old lady on the back of the ship with the Heart of the Ocean in her hand. :)

[@mattmccracken1768]

The bottom line is we will have to cut entitlements AND raise taxes. One or the other will not be enough.

[@weirdshibainu]

Bottom line is that is never going to happen

[@wnose]

Yep, abolish social security now. What have old people ever done for us anyway???

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[@houseoffolly]

Get rid of the military and farm subsidies , . . Means test SS , Medicare , unemployment , etc. like all other welfare programs. Cut everything left 50%. Welcome to a $1 trillion left a year to pay off the debt. Or do you enjoy paying $1 trillion interest a year and rising ?

[@znrctrnn]

Higher tax brackets needed. We’re way to easy in billionaires.😊

[@TJeffersonForPresident2024]

The rate of government spending is out of control. Just roll back the spending to like 2019 levels and I bet we'd have a budget surplus.

[@gastronomistmd5078]

Pay up … 34 trillion NOW !!! . No war… help ppl build economy, homes and life

[@flamenco1]

There never was an emergency

[@swaep114]

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[@chrisupton31]

High rates are the problem

[@sbar39]

Higher rates that's this isn't high??? We should be at 10% based on the amount of debt we have

[@naimcgrath1401]

Suddenly it"s and issue. When the mango jesus was in charge he wasn't conerned. Where was jamie then? That's right, pleading for tax cuts.

[@jamesmccarty8988]

The economy is on a meth high

[@Slide61]

We need to address what erodes our tax base - like Private Equity LBOs. Spending is part of the picture.

[@John-zh1ud]

Very narrow view. You don't think 2 decades of war, blank check economic stimulus, massive ineffective social programs, unnecessary tax cuts, and then mailing everyone thousands of dollars and not requiring them to pay their student loans for almost 4 years had an effect?

[@Slide61]

Sure it did. I also watched a profitable, 100 year old, manufacturer in my home town get ravaged by a PE LBO in the 80s. Been tracking them ever since. Literally hundreds of thousands of similar stories. Milions of jobs. Think that had an effect? Good read - Plunder by Brendan Ballou @@John-zh1ud

[@Slide61]

Looks like CNBC deleted my comment back John. Just some facts about a company that was decimated by PE in my hometown. Good read is Plunder by Bredan Ballou ​@John-zh1ud

[@znrctrnn]

Tax cuts no way.

[@GK-qc5ry]

Someone is buying this debt year after year. 😮

[@gymjunkiecrypto]

Money for wars but cant afford to feed the poor.....

[@naimcgrath1401]

But the U.S. could afford tax cuts 6 years ago?

[@my2cents395]

Trump raised the debt more than anyone and he went to Wharton. Must have missed most classes.

[@chrissalley9468]

Better own Gold, Silver and Bitcoin

[@wayne9287]

MORE TAXES WILL SAVE THE COUNTRY!!!🤪

[@Chris-xv7wd]

Boomer dissonance is real

[@michaelkurchak5427]

Just don’t make the billionaires pay more they won’t be able to make it, they are very fragile

[@heinzbucksandcastle2053]

Very bullish for bitcoin, fiat is quickly dying, not even going to take another decade. Dying fast.

[@JohnReynolds-ni5lv]

The debt to GDP numbers shown are lies. Debt GDP is 125% now.

[@robertheadley3483]

I seen one of the shows today saying that the national debt would be $44 trillion by 2054. It's $35 trillion right now.... how the hell do they figure its only gonna go up $9 trillion in 20 years. Since 1980 It's pretty much doubled every 7 years. It's $35 trillion today. Do that math.

[@Myers70]

Welcome to Brandon's America Welcome to Brandon's BANANA REPUBLIC Welcome to BIDENFLATION TRUMP 2024....TRUMP 2024

[@dfv671]

Trump won't make a damn difference. Debt is at a point of no return.

[@Killerjy]

Kennedy 2024. Trump added so much to the debt shut down business said he would change the old guard and then only put old guard jobs (bolton for example) and Trump is too divisive. RFK jr is the best candidate and its not even close. He will close the border and actually change the corperate capture in the federal gov

[@acornsucks2111]

@@dfv671 bot.

[@coldblade666]

Every president has increased spending while they're in office. All of them do it. This isn't a political party issue. It is a systemic government issue relying on Keynesian economics.

[@ssuwandi3240]

​@@dfv671 well he did though. You still happily pocketed Trump's deductions😂😂 JEEZZ

[@zoner__]

Don't give Wharton too much credit some pretty dumb people went there as well.

[@KeithMorgan-e3l]

The debt (as to how much it is) doesn't matter at all. All the national debt is US owing the Federal reserve money. I E the people of the US owe to the FED what it is on the debt. The debt is our money supply. It's all the money the people of the world use in terms of US $. All of the $ that exist = the debt. That's our money we all use . The government spends more by voting to get more from FED and then spend it in the world someplace. Of course, it never goes away after that and is spent by whoever just got it and so on. That is inflation . The only problems are government uses that to take wealth from everyone that uses US $. They make more by inflation in 4 ways. 1st they get the money they print to spend. 2nd That pushes asses to a higher number of $ (so between what you buy an asset and sell the asset for) if higher $ you pay tax on the difference even though it's only inflation and not a true gain. 3rd Inflation is not even as prices go up to match the same % as money supply increased , and wages are last. Exports are more profitable during the time prices are higher and wages haven't yet gone up. So more exports and that = more taxes. 4th The wages themselves push incomes higher while you get increased pay to go up with inflation. So prices go up then wages. Except now you're in a higher tax bracket and pay a higher % of your money to tax. Of course you're not really getting paid more in terms of more wealth. Just more in terms of $. If prices go up by 10% and later wages go up by 10% , your tax goes up by 15%. That's why government likes inflation. They get paid more from the poor people. The debt itself doesn't matter as to how much it is (except for what the government does as I just said). All the money = all the goods and services all the time. So more money supply = more prices increase by the same % of increase. Like a pizza be cut up into smaller and smaller pieces still = only one pizza. How fast prices go up matters directly because government will take more and directly because it's not as fast for wages going up. So the poor with no assets lose while inflation is taking place. At the same time people with assets get paid more. Like if you own 2 homes. The rent goes up while your mortgage stays the same. That's more income to you. Of course the tenant only pays more and more for all things. So you win while they lose. Happens with all assets. The poor working class do not have assets and the only lose. But government takes from everyone and we then compete each other . The real wealth taking is government tax on the poor through inflation by those 4. Index inflation to incomes and keep the increase steady and it will become a standard become even as it goes . Fast changes like we have been doing and catching up is slow for the poor working class. Be in the end the amount of debt doesn't matter at all. Because prices will go up to match. NO way to stop prices from going up after the money supply is increased. It always and every time happens throughout history and there are no exceptions ever.

[@Carlos-im3hn]

Real inflation much higher than 5%. Possible hyperinflation going forward.

[@MrGenosfly]

Max out all the credit cards! Let's just file bankruptcy! Who's coming to collect our debt?

[@DW-op7ly]

It’s not about collection of debt… it’s about the 500 US dollar loaf of bread you would need to be buying That if some were willing to accept those dollar knowing it would be worth less the next day