The Coming US Budget Disaster Will Impoverish Americans \ stacker news ~econ

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The Coming US Budget Disaster Will Impoverish Americans mises.org/mises-wire/coming-us-budget-disaster-will-impoverish-americans?utm_source=MI+Subscriptions&utm_campaign=301f6d18ae-EMAIL_CAMPAIGN_2024_03_01_07_02_COPY_01&utm_medium=email&utm_term=0_-fb69bb184c-%5BLIST_EMAIL_ID%5D

375 sats \ 13 comments \ @Undisciplined 29 Jun econ

By Daniel Lacalle

If you hail deficit spending, you are embracing impoverishment. If you defend this kind of deficit spending, you are actively supporting stagnation.

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42 sats \ 1 reply \ @SatsMate 29 Jun

We need to get the authors of the mises institute to start posting on stacker news. I'm sure they would appreciate the hard money and the Austrian circles here.

As for the budget disaster, I wonder how it is going to play out with individuals leaving the country behind as expats. If this happens, will the US government chase expats to the end of the earth for these taxes?

0 sats \ 0 replies \ @Undisciplined OP 29 Jun

I'd happily give up my little Mises cross posting business in exchange for them coming over. Two of them are pretty active on nostr (Michael Matulef and Joakim Book), but I don't think either are on Stacker News.

42 sats \ 1 reply \ @JesseJames 29 Jun

Personally, it would be wise to watch and observe, don't get hyped up with news like that we all know its coming. What can "me, myself and I" do about it? Stack sats in the most private way possible, buy BTC when I can and try to be independent and self-sufficient. I don't know, plant a tree, get some chicken if you have conditions to do so, We might be "impoverished" dollar wise but, no one can take away your wisdom and experience we encounter along the way. Knowing what NOT to do is also valuable skill. That's me, YMMV.

0 sats \ 0 replies \ @Undisciplined OP 29 Jun

That's true, but at the same time it's also wise to be aware of what the prevailing conditions are around you.

42 sats \ 5 replies \ @Satosora 29 Jun

I bet 100 useless fiat dollars that we will have a "government shutdown" again.

20 sats \ 4 replies \ @Undisciplined OP 29 Jun

When do you think? I might be willing to take you up on a bet (not for $100, though).

21 sats \ 3 replies \ @Satosora 29 Jun

Doesnt it usually happen during the summer? I remember I always have trouble renewing my license. They just tell me to drive with my lapsed license and paperwork showing I have paid for a renewal.

20 sats \ 2 replies \ @Undisciplined OP 29 Jun

They can happen anytime. It's just whenever the government finishes spending their last appropriation.

The last debt ceiling standoff was this winter, but I don't recall how long they extended for. I want to say September.

21 sats \ 1 reply \ @Satosora 29 Jun

The last one was like 3 days? I cant remember.

20 sats \ 0 replies \ @Undisciplined OP 29 Jun

They haven't had a shutdown for a few years. I don't recall how long the last one was.

21 sats \ 1 reply \ @Bell_curve 29 Jun freebie

The CBO has a history and reputation for terrible estimates and projections. Usually by a factor of 5 or 10.

They consistently underestimate government spending and deficits

They consistently underestimate the effect of tax cuts and other pro growth policies

21 sats \ 0 replies \ @Undisciplined OP 29 Jun

Factor of five is the average underestimate, if I recall correctly. What do you expect from a bunch of Keynesians?

21 sats \ 0 replies \ @Hamstr 29 Jun freebie

Even if you deploy a million policeman to issue tickets to impoverished Americans and hypothetically process ALL the tickets. I don't see this deficit getting smaller. As the tickets would be dipping into the American's trust funds.