Global Economy Bursting?

[Big ole Boy]

What is the aversion to raising taxes on those making more than say $400,000 back to the Clinton era tax rates? What is it that nearly half of America thinks is so bad about that?

Set aside spending for a moment .. we can all agree on that (well most of us can) but without increases in revenue and cuts in spending we are bankrupt ... so what is the aversion to reversion of the tax rates?

The aversion comes from the evasion from the scale of the problem we have in terms of debt.

The "talking point" of "Clinton era" tax rates refers back to another time where spending was far less than it is today. Even then spending was way too high.

The aversion, is the fact that your either missing the point os the scope of the in debtedness we face or your either completely coolaided into the talking points of the political class ..

... or your either part of the systematic destruction of the entire financial system ....

... I think its just plan blind ignorance to the heart of the matter ...

... at these levels of debt ......... raising taxes is simply a distraction or ploy to real matters ... of the peoples best interests ....

.... boiled in Keynesian goggles as it were ...

.... as it were really ...... it is no longer a logical discussion among foes or views ..

...simply we have become two separate species -

.... we are not alike in any matter of the conscious realm ....

 

[PropertyEconomics]

The aversion comes from the evasion from the scale of the problem we have in terms of debt.

The "talking point" of "Clinton era" tax rates refers back to another time where spending was far less than it is today. Even then spending was way too high.

The aversion, is the fact that your either missing the point os the scope of the in debtedness we face or your either completely coolaided into the talking points of the political class ..

... or your either part of the systematic destruction of the entire financial system ....

... I think its just plan blind ignorance to the heart of the matter ...

... at these levels of debt ......... raising taxes is simply a distraction or ploy to real matters ... of the peoples best interests ....

.... boiled in Keynesian goggles as it were ...

.... as it were really ...... it is no longer a logical discussion among foes or views ..

...simply we have become two separate species -

.... we are not alike in any matter of the conscious realm ....

David .. answer me this .. WHO holds the largest percentage of US Debt?

And I dont know who you want to be "alike" but the fact is cutting spending and raising revenues is the only way to a balanced budget ... say what you want but there is no other way IF the goal is to maintain an economy that grows.

 

[Restrain]

Actually, the Fed now holds the largest percentage of debt due to their bond purchasing. China used to, but the Fed passed them this year. That is why I truly believe that the Fed will "forgive" the debt at some point at the behest of the administration. The effect on the dollar, well that is something to think about.

 

[Restrain]

Even if all tax rates were brought back up, we would be spending $80 for every $50 brought in. Until we get spending under control, we could tax every person making over $1M at a 100% tax rate and still run a deficit.

 

[PropertyEconomics]

Actually, the Fed now holds the largest percentage of debt due to their bond purchasing. China used to, but the Fed passed them this year. That is why I truly believe that the Fed will "forgive" the debt at some point at the behest of the administration. The effect on the dollar, well that is something to think about.

Actually the Social Security Trust holds more US debt than China ... and has for quite some time.

And I dont see a post saying increasing revenue alone will solve the problem .. not a single one.

 

[Big ole Boy]

Spending ...... whats else is there .... ?

.... its a rabbit hole that leaves no room for a bureaucrat .....

...we have a spending problem .... that went off the CLIFF probably in 1986 ...

.... were just picking and arguing over dead bones ....

.... ghosts ....

 

[PropertyEconomics]

Spending ...... whats else is there .... ?

.... its a rabbit hole that leaves no room for a bureaucrat .....

...we have a spending problem .... that went off the CLIFF probably in 1986 ...

.... were just picking and arguing over dead bones ....

.... ghosts ....

And spending is the only saviour out of this mess .. only its CONSUMER spending that saves the economy ... an increse in jobs, revenue, and a reduction in governmental spending is the only way to balance a budget ....

Having a job, increasing my revenue and reducing my spending is the only way I balance mine ... theirs is just on a larger scale .. its pretty simple actually.

 

[Terrel L. Shields]

cutting spending and raising revenues is the only way to a balanced budget

I think cutting spending is easy enough to understand but there are two ways to "raise revenues".

The first involves raising taxes. Raising taxes actually slows the economy that is stressed already. That happened in 1937-38 when, after giving the promised bonds to WWI vets, they spent it only to be followed by passing social security which was the first time employers had to withhold part of the wages for SSI. The economy fell like a rock.

The second involves generating more private investment and promoting economic growth. Higher taxes does not promote more growth. The path to a better outcome was the Bill Bradley / Ronald Reagan compromise in 1986 where rates were actually dropped while closing the tax loopholes. It worked. We saw economic growth and no recession.
Obama isn't satisfied with that and insists on raising the rates on millionaires which generates very little money but is very symbolic, at least in the minds of some Dems.

The correct course for us is to simply go over the cliff then both sides get what they want...tax increases and spending cuts. We will go into recession but that's OK. We are heading that way with the current substitute proposals anyway.

 

[Big ole Boy]

And spending is the only saviour out of this mess .. only its CONSUMER spending that saves the economy ... an increse in jobs, revenue, and a reduction in governmental spending is the only way to balance a budget ....

Having a job, increasing my revenue and reducing my spending is the only way I balance mine ... theirs is just on a larger scale .. its pretty simple actually.

We can not grow our way out. Humans will require more freedoms than the faux fiat currencies can support.

Eventually we will contract with fiat currencies ending and another system will emerge.

The political class will not have this until math overtakes them.

I think what you call this view is .... the disparaged gold bug view - real money

 

[Randolph Kinney]

The correct course for us is to simply go over the cliff then both sides get what they want...tax increases and spending cuts. We will go into recession but that's OK. We are heading that way with the current substitute proposals anyway.

And ... lets not forget the debt ceiling. Not raising it and forcing the government to spend only what they receive in tax revenue. Gee, a balanced budget!