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VT Headlines: Welch outlines cost of national default for Vermonters

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WCAXWelch outlines cost of national default for Vermonters

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  1. Re: Welch outlines cost of national default.

    Peter Welch is using the same tactic so often used in school budget debates. It’s always art, music and sports that will be cut. The stuff everyone likes. It’s never cutting extraneous employees and programs. And, unfortunately, the power to cut specific line items rests with the school board, despite what the voters say. That’s the law.

    If there’s a failure to raise the debt limit what happens?

    First of all, the government does not run out of money. In fact, tax revenues are higher today than at any time in history. And the month of June is expected to see almost the highest monthly tax revenues ever. So why does Welch say social security benefits may disappear?

    Well, the answer is Social Security benefits will disappear only if crooks like Welch refuse to cut extraneous governmental costs first.

    What do businesses do when their debt limits are reached?

    Tyson Foods is laying off about 15% of senior leadership roles and 10% of corporate roles. 3M says it will lay off 6,000 staff around the world. Rideshare company Lyft cut 13% of its workforce. Walmart is laying off more than 2,000 workers. Meta (i.e., Facebook) announced an additional 10,000 layoffs across several months on top of mass layoffs in 2022. Disney is cutting 7000 jobs. Amazon will have cut 27,000 jobs this year. Even National Public Radio is laying off 10% of its staff. And, of course, everyone knows Twitter (Elon Musk) laid off more than half of its workforce.

    But no. Peter Welch wants to get rid of art class, music, sports, and Social Security. Perhaps he’ll soon follow the lead of Vermont’s legislature and vote himself another raise in the process.

    My opinion: Liars, Beggars, and Thieves – that’s who Peter Welch and his minions are. And yes, that can be considered name-calling. And they deserve it.

    Postscript: It was just announced that Speaker McCarthy has cut a deal (9pm 5-27-23). My bet… more of the same.

    • Here’s the most recent update on the so-called agreement.

      “There are no new taxes, no new government programs,” McCarthy said.

      This is political speak.

      While there are ‘no new taxes’, are there any tax cuts? While there are ‘no new government programs’, have any of the existing extraneous programs (87,000 IRS agents, continued COVID spending) been cut – as promised?

      I hope I’m wrong. But it seems that Biden has gotten his way. Raise the debt limit first and discuss the spending cuts later.