Oct 25, 2024
The US National Debt balloons to over $35 Trillion dollars exceeding 100% of GDP and peaking at the highest levels since World War II following Great Recession and COVID bailouts, and period of high deficit level spending.
Significance:
- Interest on Debt exceeds $1 Trillion dollars alone
- Interest payments exceed cost of US Military, move into 3rd largest budget expense
- Period marked by High Inflation
- Looming decisions on higher deficits, more taxes, lower spending, or higher inflation
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Feb 15, 2024
Affordable Care Act (ACA) introduced various tax provisions to fund healthcare expansion and reform including Individual and Employer mandates and penalties.
Significance
- Marked a significant expansion in Government expenses adding more people to Healthcare provided by the Government.
- Included an Individual Mandate requiring Tax Payers to join or pay a fee.
- This was not called a Tax by the Obama administration but later when challenged in court, Obama administration officials in order to save legislation, called it a Tax.
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Feb 15, 2024
Established federal health insurance programs for seniors and low-income individuals, respectively.
Significance
- Greatly expanded the scope of government services and social safety nets, necessitating continued dialogue on funding and taxation to sustain these programs.
- Significant Entitlement program that is now the largest line item on the Federal Budget
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Feb 15, 2024
Created a safety net for retirees and shaped the modern US welfare state, with ongoing debates about its financial sustainability.
Significance
- Established a major new entitlement program, significantly increasing federal spending.
- Introduced payroll taxes to fund Social Security program for retirement benefits.
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