Yeah, and we'll see how this sack of shit CEO actually feels about cutting "entitlements" the next time the banks make a fortune blowing up a bubble, then look to the Fed to bail their asses out when it inevitably pops.
this post was submitted on 15 Nov 2023
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And THAT is why fascism has been able to take such root; these bastards want Trump to win, why the hell would they help Biden? He ain’t gonna drop their taxes.
Goddamn country is fucking broken. Fucking pathetic
This is the best summary I could come up with:
Republican presidential candidate Nikki Haley says she got a call from JPMorgan Chase CEO Jamie Dimon about the national debt level and on cutting federal retirement and medical insurance programs.
“Entitlements” is a term frequently used by politicians in Washington to refer to Social Security, Medicare and Medicaid, which are the national retirement, disability and medical insurance programs, respectively.
The total nominal national debt stands at around $33 trillion, or around 120 percent of gross domestic product (GDP), though a significant portion of that is due to the way the Treasury does its accounting.
The economics profession has long focused on ‘debt held by the public,’ currently equal to about 98 percent of GDP at $26.3 trillion, for assessing its effects on the economy,” wrote Kent Smetters, a professor at the Wharton School at the University of Pennsylvania, in an October analysis.
“We estimate that the U.S. debt held by the public cannot exceed about 200 percent of GDP even under today’s generally favorable market conditions,” he wrote.
“Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly.”
The original article contains 555 words, the summary contains 204 words. Saved 63%. I'm a bot and I'm open source!