People seem to get caught up in the political end of this issue but the fact is the US is spending 1.7T a year MORE than its tax base supports. This MUST stop and if this is how it happens, then I guess this is what it took to make the change. Stop wasting money on silly things and "services" the government has no rational business in (states have their own governments mind you) and THEN come talk to me about a tax increase to make up any necessary shortfalls.
This is at best wishful thinking when 2/3 of the federal budget are medicare/ss/military. What exactly will get cut?
The efficiency cuts they are talking about will barely make a dent while making services worse for everyone. Good luck next time a disaster area needs FEMA assistance.
And not unlike a business when you have a deficit you have two options: cut cost and increase revenues, this incoming government will very likely decrease revenues through tax cuts, making the deficit even worse.
Absolutely correct regarding medicare/ss/military. Its an issue. What will get cut? Enough things that we can start to have a real conversation about how much "government" we're all willing to pay for.
"What exactly will get cut?" - Make you a deal - set a timer and do 10 minutes of research on the subject and come back to report you found NOTHING that could be reasonably and easily cut?
EDIT - so far I haven't heard anyone claim we're going to balance the budget via this mechanism. The goal is to CUT WASTE and IMPROVE EFFICIENCY. I see this as a basis for having a real conversation about taxation personally.
I imagine nearly every single American thinks there is waste in government spending, but it is going to be difficult to find cuts that 60% of the population agrees with, especially in an amount that makes more than a tiny dent in the budget. One thing is for sure, Elon, an unelected individual from another country, who also happens to be the richest man in the world (in history?), is likely to make cuts which advantage him, not the average American. Anyone who thinks otherwise hasn't been paying attention.
It really feels like we're nearing the inevitable outcome from Citizens United, a country ran by billionaires, to the exclusive benefit of billionaires.
Maybe Elon has heard stories about socialist single-payer healthcare systems that deliver good results at half of American prices and wants to copy them in extenso?
Everyone claims they received a decisive mandate, because a mandate is in the minds of people. If they think you have a mandate, then you do. So after every election, the winner claims to have a mandate, because they keep hoping that everyone else will act like they do, and therefore that they will.
Some politicians actually talk about what they're going to do in some detail before election and then have some validity in claiming a mandate for those things after winning.
Others talk utter BS, make a million conflicting promises, loudly deny stuff that they fully intend to do etc. Those people do not have a valid claim at a mandate.
Well, it's having two people where one would do. On a committee that is about efficiency and removing waste.
Then there's the "unpaid volunteers" thing. You don't get the best and brightest that way; the best and brightest already have things to do with their time. The state of civic involvement these days means that the best and brightest are not just going to drop what they're doing in order to serve their country for no money. Instead, you're going to get two kinds of people: 1) ideological warriors, and 2) people who can bend things in directions that will make them money. That's not going to produce good results.
These type of actions will only lead to an outcome that will be extreme.
Eventually, it will lead to a genocide. Once it is all done, there will be a large body of research into how this happened. The primary purpose of it will be to feel good and pat ourselves on the back with how civilized we are.
Then we in the West will move on and try to find another group that we will like to hate.
The more things change, the more they remain the same.
Every business will price their services to the maximum profit point that the market will bear. This is always the case in a capitalistic society.
What changed with the "free" money handouts is that the price point that market can bear increased resulting in higher profit margins than before. Supply limitations and shortages played a part as well as increased cash and hence demand from people.
As this excess savings and money dries out, the equilibrium price point will move the profit margins back to long term averages although it is a slow process.
Bank insolvency is not handled by courts. FDIC has sole and complete control of bank insolvencies. FDIC is the receiver or conservator for handling bank insolvencies by law.
FDIC doesn't claw back bank transactions that have "settled". So if you wire cleared, you are good for the money.
Search for "FDIC Discretion Without Ongoing Judicial Oversight" in the document below
No ongoing judicial oversight Pursuant to Section 11(d)(13)(D) of the FDI Act, except
as otherwise provided, no court has primary jurisdiction over any claims or action for payment
from, or actions seeking a determination with regards to, an institution for which the FDIC has
become a receiver. Further this provision also limits courts’ ability to engage in a review of any
claims relating to acts or omissions of the institution or the FDIC as receiver. Under Section
11(d)(13)(C) of the FDI Act, no court may issue an attachment or execution over the assets that
are in the possession of the FDIC as receiver.
This is a hard business problem. I believe the only way is to have this business inside of another business entity where reviews are not the profit driver but contributes to value of the entire business.
That's why I see only Google Reviews to be in the best position in this category. It is not perfect but way way better in terms of incentives etc. compared to Yelp and its ilk.
It's primary value for Google is the huge moat that it provides against Apple maps where Apple is dependent on the crappy Yelp reviews. I say crappy in the sense of terrible incentives as mentioned in the OP I am replying to. This poisons the whole review system of Yelp and Apple maps by association.
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