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economy

US Deficit $1 Trillion For 2020

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Economy

https://www.google.ca/amp/s/mobile.reuters.com/article/amp/idUSKBN1ZR2IC

 

Recent revised estimates reinforce what was already believed that for 2020 deficit will come just above $1 Trillion and average $1.3 Trillion for rest of Decade

 

Economists consider a deficit of over 3% of GDP unsustainable for developed mature economies long term

 

That implies the sustainable deficit for the US would be around $600 Billion. The deficit at $1 Trillion is roughly 5% of GDP for the US

Edited by Economy
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Buddy

The military industrial complex and socialism for the rich, her impact! :applause:

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Economy
1 minute ago, Buddy said:

The military industrial complex and socialism for the rich, her impact! :applause:

I think the correct term is "chronny Capitalism"... A system unfairly tilted towards the rich like for example regressive tax rates or tax loopholes wealthy can take advantage of

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Buddy
2 minutes ago, Economy said:

I think the correct term is "chronny Capitalism"... A system unfairly tilted towards the rich like for example regressive tax rates or tax loopholes wealthy can take advantage of

I mean, I agree. I'd also consider Trump's 2 trillion cut to the rich, (which could have paid for 30 years of public college, paid off all student debt with 600 million left, etc.) which allowed a trillionaire company like Amazon to pay 0 in taxes, socialism for the rich.

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Economy
57 minutes ago, Buddy said:

I mean, I agree. I'd also consider Trump's 2 trillion cut to the rich, (which could have paid for 30 years of public college, paid off all student debt with 600 million left, etc.) which allowed a trillionaire company like Amazon to pay 0 in taxes, socialism for the rich.

I don't think that would be a correct definition :sweat:

 

Socialism implies some degree of sharing, redistribution etc... I get what ur saying about stuff favouring the rich but I wouldn't call it socialism

 

Socialism for the rich would be more like random handouts, selecting winners and loosers, or equalizing companies between eachother etc. While it may happen in specific cases it's not the general rule of the system

 

Even Bernie Sanders tweet about the bailout isn't exactly rich socialism cuz that money was a loan not a straight up giveaway... But even if u consider that example socialism that generally hasn't been done by any significant amount in years

 

I'd call the system chronny capitalism I think that's the main issue... I do get what ur idea is and I don't think ur wrong in principal, I guess I'm arguing more in terms of technical definition which isn't actually important I get what ur saying and I agree with u :emma:

 

Anyway it's a system that actually screws over even typical Corporations. Not just rich and poor individuals but even in the business world it's creating a rift

 

Top performers like Apple and Amazon that perform extremely well have that have large market share can afford to invest more agressively and write off expenses to lower taxes with the loopholes that exist now...

 

The loopholes do not benefit Corporations that are not performing as well because they cannot write off as many things if they are chugging along so they cannot lower their taxes the way top performing companies do

 

So even in the Corporate world specifically it's creating a widening Gap where the top 10% to 20% of top performing companies like Amazon, Apple, Banks like JP Morgan etc monopolize the market, and the remaining 80% of big companies end up paying more taxes than the top performing companies and are held down at a disadvantage :toofunny:

 

Corporate taxes are as high as 30% when adding state taxes (depending on the State) without factoring in loop holes. So the tax amounts payed by companies ends up varying by a huge amount from company to company depending on what loop holes they were or weren't able to take advantage of. 

Edited by Economy
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