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Congress Sells America Down the River to Avoid the Fiscal Cliff


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Earnest N. Dever
The cuts are coming

 

As Buddy Holly famously said, "well that'll be the day"

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we need to solve the problem of .. when ever the government takes in more money they want to spend even more money   like many problems it needs to be attacked on two fronts..   like most problems

A lot of people are gonna get hurt when the USD gets put in the toilet and is no longer the reserve currency of the world. Any other country in the world cannot spend borrowed money the way the USA d

i worked in a place once where we got a new manager and the first thing he did was move everything from one side of the warehouse to the other .. just reversing where everything was   then about 8

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the.lone.gunman

USA could balance the budget by implementing a national sales tax or VAT and increasing taxes on booze, smokes, and guns. Lots of countries in Europe and Asia have those taxes, even Canada. But the political will isn't there.

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When Obama was about to take office he said that he was fundamentally transforming America. He didn't say into what. He is taking a AAA credit rated America with debt problems into a credit downgraded bankrupt America by quadrupling down on his spending and cutting next to nothing. $600B in tax hikes and a piddly $15B in cuts with nearly a billion in green energy pork in the same vein as Solyndra shows what's he's about. All spending and no fiscal responsibility! Guess what the value of the dollar will be in the future. I hope all of us who live on the exchange rate can survive on much less due to a severely damaged American dollar.

 

Almost impossible to predict how the value of the dollar will hold up in future. Remember we have China doing everything they can to hold up its value. They have so much of our debt that hyperinflation would hurt them badly.

People have been sure hyperinflation was just around the corner for a decade or more. Instead interest rates remain low and we can keep printing money and everyone seems to think its as valuable as ever.

 

Just cashed in a 50 month cd that was earning 5.6% . When I bought it the banker was thrilled with locking me in at what everyone at the time thought was a low rate, because hyper - inflation was coming in the next year. That cd was gold for me and the couple hundred a month income from it was nice over the years. Its a shock now to see that the best that can be had is 1/2 a percent interest. These low rates mean people willing to buy our debt.

 

Its always funny how republicans are such fiscal conservatives when out of power but when in power they squander money and deficit spend, more than anyone. The difference is they will do it even in good times when its not as necessary as it is now in difficult economic times. Reagan and Bush were the kings of deficit spending but as long as they could point their finger at programs like S. S. and medicare as spending they disagreed with, then they could justify the deficits even when wasting trillions on unnecessary adventures and pork for friends themselves.

 

I think the transforming America Obama was talking about was having government serve the average person again instead of the lobbyists of the upper few percent in income. The credit down grade happened because tea party activists decided to make an issue of raising the debt limit (something Reagan did 17 times when he was in office). and this usually quiet, unpublicized routine process drew the attention of the world and caused the world to lose some confidence in our economy. To make some political points they hurt America. Something that they continue to do with their gridlock, destroy America to gain power again political strategy.

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Justin Kredible

As Buddy Holly famously said, "well that'll be the day"

 

Earnest N Dever quoting Justin Kredible.

 

Ironic moniker ramming speed!

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MattFromGA

USA could balance the budget by implementing a national sales tax or VAT and increasing taxes on booze, smokes, and guns. Lots of countries in Europe and Asia have those taxes, even Canada. But the political will isn't there.

 

Not really. States already have sales tax, so a national tax would take what is not about 8% or 9% and turn it into 20% or so. As much as people harp on the Fed debt, what you dont hear much about is total State debt. Every state has its own debt. Some like NY have over 100B in debt, while others have just 4B like NV. All that adds up to trillions. Also, many counties and cities also have debt. There is debt pilling up on every level, from the man with his CC debt to the fed gov with their trillions.

 

Also, many states rape the smoker already. In Seattle a pack of smokes can cost you $9. You have to go to tobacco land like N Carolina or Georgia to get "decent" rates like $3 to $4 a pack. I dont smoke, but do watch the price of a pack of cigarettes as one indicator of an area's expenses.

 

You can only tax people so much before they start going more and more underground to avoid it all together. There needs to be some type of balance for things to work properly.

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smokey

i know all goods produced out of the usa will have a import tax and all profit made by said companies will pay a special income tax..... all good and services not on us shores have to pay extra... or sell them elsewhere

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the.lone.gunman

Not really. States already have sales tax, so a national tax would take what is not about 8% or 9% and turn it into 20% or so. As much as people harp on the Fed debt, what you dont hear much about is total State debt. Every state has its own debt. Some like NY have over 100B in debt, while others have just 4B like NV. All that adds up to trillions. Also, many counties and cities also have debt. There is debt pilling up on every level, from the man with his CC debt to the fed gov with their trillions.

 

Also, many states rape the smoker already. In Seattle a pack of smokes can cost you $9. You have to go to tobacco land like N Carolina or Georgia to get "decent" rates like $3 to $4 a pack. I dont smoke, but do watch the price of a pack of cigarettes as one indicator of an area's expenses.

 

You can only tax people so much before they start going more and more underground to avoid it all together. There needs to be some type of balance for things to work properly.

USA has 15 trillion yearly GDP.......a 10% VAT would cover the budget shortfall of 1.5 trillion..........even with a combined federal and state tax of 18 to 20% it would be in line with other G-7 countries like UK 20%, Germany 19%, France 19%, etc.

http://www.worldwide-tax.com/

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broden

we need to solve the problem of .. when ever the government takes in more money they want to spend even more money

 

like many problems it needs to be attacked on two fronts..

 

like most problems the government will attack on one or less fronts sometimes even added a third front that wasn't there to being with to also ignore

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we need to solve the problem of .. when ever the government takes in more money they want to spend even more money

 

like many problems it needs to be attacked on two fronts..

 

like most problems the government will attack on one or less fronts sometimes even added a third front that wasn't there to being with to also ignore

 

Yep. If the Feds collected a 10% VAT, they would spend an extra 15%...Buncha jerks.

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broden

if we were lucky they would stop at 15%

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MarinePride

The more money the gov't takes in, the more they piss it away and there are no exceptions to that. If they have the money they are going to spend it on SOMETHING. I'm sick of hearing about taxing people more and more, how about spending less and less on bullshit. Of course, one mans bread is another mans bullshit and that is where the problem lies.

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broden

The more money the gov't takes in, the more they piss it away and there are no exceptions to that. If they have the money they are going to spend it on SOMETHING. I'm sick of hearing about taxing people more and more, how about spending less and less on bullshit. Of course, one mans bread is another mans bullshit and that is where the problem lies.

 

i find it easier to refer to it as vote buying

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smokey

i get tired of hearing about entitlements and social security in the same sentence Social security was forced on the working people and they pay year after year and yet many think its a give away program... NOW the other SS is one but real Social security is a pay into system ....and the military disability is another one... most of the guys collecting any disability were old school during the time when 115 dollars a MONTH was base pay ,,, at my peak in viet nam with all my extra pay and benefits i still make less the 400 us a month so i dont consider disability to vets anything less then another insurance they for sure paid into ..

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broden

i don't have a problem with people getting from something they paid in to.. though i would rather handle my own affairs to be honest

nor do i have a problem with taking care of people who put in on the line for our country

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