debt
While the GOP may not speak as loudly about our fiscal situation as it once did, this week's Republican convention offers a good chance to do so—and to offer something positive. The situation is indeed dire. The national debt has reached staggering levels, and the next president will inherit a ticking time bomb of fiscal deadlines that could significantly worsen the burden. The potential expiration of the previous (and popular) Trump tax cuts is one such fiscal cliff. However, it also represents an opportunity: Pay to extend former President Donald Trump's cuts by cleaning out the tax code of ...
Reason
This week's featured article is "Why Did Americans Stop Caring About the National Debt?" by Brian Riedl. This audio was generated using AI trained on the voice of Katherine Mangu-Ward. Music credits: "Deep in Thought" by CTRL and "Sunsettling" by Man with Roses The post <I>The Best of Reason</I>: Why Did Americans Stop Caring About the National Debt? appeared first on Reason.com.
Reason
The Republican National Convention (RNC) kicked off on Monday with a song as old as time: "It's the economy, stupid." That quote, which traces back to the early 1990s, came from Democratic strategist James Carville, an adviser on Bill Clinton's first presidential campaign. But in a testament to the staying power of that message, and its resonance across political parties, it reappeared tonight in MAGA form: "Make America Wealthy Again." A noble goal. Can the Republican Party deliver? It would be hard to answer that based on Monday's program alone, which—as is typical for national political con...
Reason
Scroll down to see how big the national debt may get over the next few decades, and then read about how we got here. When President Joe Biden delivered his 2023 State of the Union address, Washington was drowning in a sea of red ink. The annual budget deficit was in the process of doubling from $1 trillion to $2 trillion in a single year due to some student-debt cancellation shenanigans. That year's budget deficit would become the largest share of gross domestic product (GDP) in American history outside of wars and recessions. Economists at the Congressional Budget Office (CBO) and across the ...
Reason
Sora Lee, a 34-year-old who emigrated from South Korea to the United States, has achieved remarkable success over the past decade. As of 2023, she is the Global Head of Product Marketing at Bytedance-owned TikTok, earning an impressive $400,000 annually. However, despite her professional achievements, Lee tells CNBC that her financial journey is marked by a significant financial regret: purchasing a brand-new Tesla Model 3. Career Progression and Financial SuccessLee's academic background is rooted in political science and economics, which she studied at the University of California, Berkeley....
IBTimes
The United States is full steam ahead into uncharted fiscal waters, with rapidly growing federal debt promising a choppy economic future. Candidates Joe Biden and Donald Trump have added trillions to the national debt during their recent presidential administrations, leaving America at a critical juncture that demands urgent, bipartisan action. If you read this column, you know the numbers are stark: U.S. government debt is projected to reach a staggering 122 percent of gross domestic product by 2034, far surpassing levels seen even during World War II. Not only is that a sharp rise from the c...
Reason
There's a weird little bus stop at the corner of 18th and K streets in Washington, D.C. On the inside, a ticker tallies the national debt in real time, the glowing numbers whizzing by too quickly for the naked eye. On the outside, there's a printed poster with a round number for the total debt: $34 trillion at press time. I've lived in D.C. long enough to remember when changing that poster was a special occasion. But lately I've been checking regularly on my commute, since the trillions are racking up more quickly than they used to. The ink is barely dry on the current poster, yet the folks at...
Reason
Lifestyle creep, a common issue where increased income leads to higher spending without additional savings, has significantly impacted Preston, whose annual income has doubled to $190,000 over the past five years. Despite this, he finds himself broke by the end of each month. Preston, an accountant living in Dallas, Texas, with his wife and three children, called into The Dave Ramsey Show to discuss his predicament of living paycheck to paycheck. Preston's situation reflects a broader issue in the US, where high living costs, mortgage rates, and elevated inflation and interest rates affect eve...
IBTimes
At tonight's presidential debate, President Joe Biden made the shocking claim that under his administration, "We finally beat Medicare." It's a remarkable statement from a Democratic president. One would assume Biden would want to tout his preservation of entitlement programs—given that neither party (and particularly not the Democratic party) wants to seriously tackle entitlement reform. Instead, here is the president saying he finally "beat" the largest entitlement program of them all. Odd. The best explanation for Biden's remarks is that it was a passing gaffe. In fact, later in the debate,...
Reason
Update: Article was updated to clarify purchase of used Tesla. In June 2024, Drea purchased a secondhand Tesla for her birthday, thrilled to own a prized electric car. However, she soon discovered a significant financial pitfall: she hadn't purchased gap insurance. This crucial coverage bridges the gap between a car's depreciated value and the remaining loan balance if an accident occurs and the car is written off. Drea's lack of gap insurance became a harsh reality when she was involved in an accident. Despite having standard insurance, the payout was insufficient to cover the remaining loan ...
IBTimes
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