jrefior, to Economics
@jrefior@hachyderm.io avatar

Why the Congressional "MAGA" legislation to slash the IRS budget puts the US deeper in debt:

“Every dollar spent auditing these high income tax individuals would collect more than $12 in additional tax revenue”
https://www.marketplace.org/2023/10/23/revenue-u-s-budget-deficit/

#IRS #GOP #USHouse #congress #marketplace #usdebt #economics

jrefior, to Credit
@jrefior@hachyderm.io avatar

“Donald Trump’s attempt to overturn the 2020 election and growing political polarization in the US contributed to an ‘erosion of governance’ that led a top credit ratings agency to downgrade US debt, a senior director of the company said on Wednesday.

“Fitch cut its rating on US debt on Tuesday. It was only the second time in history that a leading credit agency has downgraded US debt.”
https://www.theguardian.com/business/2023/aug/02/us-stock-markets-fitch-credit-rating-downgrade

#useconomy #usdebt #interest #confidence #credit #fitch #jan6 #Trump

stanstallman, to random

If the US defaults on its debt, we might have to start using Bitcoin as our currency. US Treasury Secretary Janet Yellen warned that a default on government debt would likely leave millions of Americans without income payments, potentially triggering a recession that could destroy many American jobs and businesses.
#usdebt
#republicans
#recession
#economy
#congress

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