Re:USDC's Circle Moves $8.7B to Repo Agreements to Protect R...
by acdha on Thursday May 18, 2023 @10:15AM
(#35988238)
Turn of the century. The Democrats left a balanced budget for George W. Bush but the Republicans decided that meant tax cuts were needed so they could continue campaigning against “big government spending”.
The most significant long-term problems they created were probably exempting rich people from Social Security taxes on more than their first $125k of income and Medicare plan D, both of which created massive time bombs as the boomers headed towards retirement. The longer we delay dealing with those, the harder it’ll be to close the gap — which is exactly what they were counting on to build support for privatization.
https://www.factcheck.org/2008/02/the-budget-and-deficit-und...
The most significant long-term problems they created were probably exempting rich people from Social Security taxes on more than their first $125k of income and Medicare plan D, both of which created massive time bombs as the boomers headed towards retirement. The longer we delay dealing with those, the harder it’ll be to close the gap — which is exactly what they were counting on to build support for privatization.