I admit probably not 25% of all millions is wasted. But even if that is half that would be 12.5% wasted... Or fourth 6.25%. Fixing of which would still be huge long term effect.
So my take is that this needs to be fixed on all levels and on all places.
Would it be worth the extra hurdles required to actually catch that waste/fraud though? My bet is on probably not, it's like the many many attempts to drug test welfare recipients, they all wind up costing far more than they save because the actual rate is pretty low so catching those is far more expensive than what you save.
of course, if Trump is doing this all so he can pass his tax cuts as seems almost certain, he is no better. but frankly yes, the US needs deep cuts and concordant tax receipts increases to maintain a sustainable debt trajectory and price stability/productivity for the middle/working class.
The debt boogey man is exactly that a nearly imaginary number, most US debt is held by Americans or US companies in the end too.
I agree that the problem with debt is not that there are foreign holders of US treasuries. But higher debt crowds out private investment & borrowing in the repo markets, which harms productivity, makes goods more expensive, hurts aggregate supply in the long run, and makes the poor even poorer.
It also means that the US has to pay increasingly high amounts of money on interest financing and the Fed has far less room to effectively maneuver to combat inflation and ensure sustainable employment levels, as we've been seeing in the last few years. Debt is absolutely not an imaginary number and anyone who is telling you that perhaps doesn't understand the economic weight.
The marginal dollar of US govt spending is generally not more welfare enhancing than the alternative of not having that debt, not crowding out private investment, etc. - particularly when we are in expansionary times (as we have up until very recently). With our current debt trajectory, we should be raising non-distortionary taxes and aggressively limiting spending that is not obviously growth enhancing or with strong social justice justification. We are starting to see real structural problems already emerging from our current debt trajectory.
