| ▲ | SilverElfin 7 hours ago | ||||||||||||||||||||||||||||
It’s not just US debt that’s a problem. It’s also state level and local level. Every part of our government is spending irresponsibly. A lot of the debt is hidden too. A pension with more future liabilities than it can pay for isn’t going to show up as deficit on this year’s budget. A state putting out bonds may count interest payments in the budget numbers that show up in press conferences, but the actual total debt isn’t talked about much. I’m not sure why anyone expects differently. Politicians corruptly waste money to helping themselves, their careers, their party, and their causes. It’s other people’s money that they are spending. And most of them never had substantial experience in private industry to learn the skills it takes to manage billions of dollars of budget. Governments are far, far more wasteful and inefficient than anyone realizes. | |||||||||||||||||||||||||||||
| ▲ | bigbadfeline 2 hours ago | parent | next [-] | ||||||||||||||||||||||||||||
> It’s not just US debt that’s a problem. It’s also state level and local level. It’s also corporate level. Worse than government actually, because the government deficit is caused by several trillion-level tax cuts that were financed by government debt. Corporate debt comes on top of that. > A lot of the debt is hidden too. Accounting is even worse in corpo-land. > Politicians corruptly waste money to helping themselves, Again, Wall Street is worse, politicians don't become billionaires - billionaires buy their way into politics. > Governments are far, far more wasteful and inefficient than anyone realizes. Compared to corpo-land, governments are frugal. | |||||||||||||||||||||||||||||
| ▲ | dangus 7 hours ago | parent | prev [-] | ||||||||||||||||||||||||||||
A lot of American waste and spending is due to our incredibly wasteful and short-sighted perception of what urbanism looks like: https://www.strongtowns.org/journal/2020-8-28-the-growth-pon... I very often think about how much money Americans spend just on basic infrastructure needs compared to people who live in places built at a more sensible scale. If I got a job in Arlington Texas right now, I’d first need to load myself up with a car payment and spend 4-5 figures per year just for basic needs like groceries and work, even if I lived within walking distance of that job. Arlington, with a population of over 350,000, has no scheduled route public transportation service. American towns and cities never seem to think about things like like “how many feet of sewer line/streets/utility lines and miles of road do we need for each resident?” or “how much population/economic activity per acre do we need to break even on services?” | |||||||||||||||||||||||||||||
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