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Economic reality
Bear
Posts: 18,954 ✭✭
1. Even if a resolution is achieved on the debt ceiling, it will not in any way solve the problem.
2. No one in either Party will like the resolution.
3. The poor and middle class will suffer the full burden of cost saving.
4. The resolution will have absolutely no effect on employment
5.Whether the credit rating is downgraded or not, the damage has already been done.
6. PMs , long term are still the smart move.
7. Just to be on the safe side, everyone should take several hundred dollars out of your bank accounts
in case no deal is done and credit cards fail and banks limit withdrawls as they legally can.
8. Cutting Government spending during a pre depression period will only exacerbate the problem. As teachers,
police, firemen and city and state employees become unemployed, the cost in UI will go up and the GNP will decline.
9. Increased revenue to the Reagan years level, is realistic and necessary. Remember, even Reagan knew enough to
raise taxes when it was shown to be necessary.
10. There are currently two views dividing the Nation:
A. Its every person for themselves. Every person is responsible for their own well being. Government should provide for
the National defense, foreign policy and possibly postal services.
B. We, as a society, have a responsibility for all of our people, The well off, the poor, the sick, the injured and the aged.
When a section of the Country suffers devastating fires, floods, storms , earthquakes , hurricanes or drought, the rest
of the Nation will provide financial support and assistance.
At sometime, in the very near future, the people must decide, what kind of Nation we will be and what kind of people
we wish to become.
2. No one in either Party will like the resolution.
3. The poor and middle class will suffer the full burden of cost saving.
4. The resolution will have absolutely no effect on employment
5.Whether the credit rating is downgraded or not, the damage has already been done.
6. PMs , long term are still the smart move.
7. Just to be on the safe side, everyone should take several hundred dollars out of your bank accounts
in case no deal is done and credit cards fail and banks limit withdrawls as they legally can.
8. Cutting Government spending during a pre depression period will only exacerbate the problem. As teachers,
police, firemen and city and state employees become unemployed, the cost in UI will go up and the GNP will decline.
9. Increased revenue to the Reagan years level, is realistic and necessary. Remember, even Reagan knew enough to
raise taxes when it was shown to be necessary.
10. There are currently two views dividing the Nation:
A. Its every person for themselves. Every person is responsible for their own well being. Government should provide for
the National defense, foreign policy and possibly postal services.
B. We, as a society, have a responsibility for all of our people, The well off, the poor, the sick, the injured and the aged.
When a section of the Country suffers devastating fires, floods, storms , earthquakes , hurricanes or drought, the rest
of the Nation will provide financial support and assistance.
At sometime, in the very near future, the people must decide, what kind of Nation we will be and what kind of people
we wish to become.
There once was a place called
Camelot
Camelot
0
Comments
At the Federal level we do not have a revenue problem - we have a spending problem. Despite huge private sector layoffs the Federal government is adding employees during a recession. It is absurd to grow the Federal workforce with 9% unemployment (officially) and 20% (unofficially) in the private sector.
I interact with many Federal agenices and I have not heard of a single person laid off. Only the most incompetent or fraudulent manage to get fired.
States, Counties and local municipalities are laying off employees since they, unlike the Feds, are required to run balanced budgets. Local police, firefighters, teachers, etc. are paid using local, not Federal funds.
The top 50% of wage earners already pay 100% of all Federal taxes. Someone who forks for 50% of their total annual income for Federal, State, local and real estate taxes is hardly turning their back on the needy.
I believe those who actually pay Federal taxes are taxed enough already.
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in case no deal is done and credit cards fail and banks limit withdrawls as they legally can."
No Good. Worst advise ever.
<< <i>3. The poor and middle class will suffer the full burden of cost saving.
7. Just to be on the safe side, everyone should take several hundred dollars out of your bank accounts
in case no deal is done and credit cards fail and banks limit withdrawls as they legally can.
8. Cutting Government spending during a pre depression period will only exacerbate the problem. As teachers,
police, firemen and city and state employees become unemployed, the cost in UI will go up and the GNP will decline.
10. There are currently two views dividing the Nation:
A. Its every person for themselves. Every person is responsible for their own well being. Government should provide for
the National defense, foreign policy and possibly postal services.
B. We, as a society, have a responsibility for all of our people, The well off, the poor, the sick, the injured and the aged.
When a section of the Country suffers devastating fires, floods, storms , earthquakes , hurricanes or drought, the rest
of the Nation will provide financial support and assistance. >>
...but Ill keep my opinions why to myself.
Edited: to add the word "why"
<< <i>"7. Just to be on the safe side, everyone should take several hundred dollars out of your bank accounts
in case no deal is done and credit cards fail and banks limit withdrawls as they legally can."
No Good. Worst advise ever. >>
What's the reasoning behind this recommended action being bad advice?
Would it be better to find oneself with no means to buy anything just in the event there are temporary restraints placed on both cash and digi-money withdrawals?
roadruner
Further, tax policy is social engineering with a hefty dose of crony capitalism thrown in. Any tax scheme is bound to be arbitrary except for the special interest considerations, which seem to have become the predominant variable now.
Eliminate income tax and implement a revenue-neutral consumption tax. At least the illegals would have to contribute and then *everyone* would have some skin in the game. Stop rewarding people for gaming the system. Is that too much to ask?
I knew it would happen.
Keep an open mind, or get financially repressed -Zoltan Pozsar
This statement raises a few questions. How soon must the people make this decision? What method should they use to decide? What are the "kinds of nations" they can choose among? How will the people implement their decision? Once they decide, are the people free to change their minds down the road? How is this particular decision different from the decisions the people make every few years at the polls? What happens to people who disagree with this decision?
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Much to say on the subject... .......but will just say we live in interesting times. Maybe I will start to buy some gold and silver....
<< <i>
<< <i>"7. Just to be on the safe side, everyone should take several hundred dollars out of your bank accounts
in case no deal is done and credit cards fail and banks limit withdrawls as they legally can."
No Good. Worst advise ever. >>
What's the reasoning behind this recommended action being bad advice?
Would it be better to find oneself with no means to buy anything just in the event there are temporary restraints placed on both cash and digi-money withdrawals?
roadruner >>
I'll try. I believe everyone should have several hundred in cash available at all times, not just because of the debt crisis.
Contrary to what some politicans are saying, I don't think the world as we know it will end on Tuesday. That's just Y2K thinking.
The average Federal employee now makes over $100,000. Include benefits and it is over $125k, and that's average.
Five of the ten fastest growing counties in 2009-2010 are in the Virginia, Maryland corridor. "They" are taking all the money to the D.C. area and it is growing while most of the rest of the country is suffering.
Commons sense solutions haven't been tried yet. Start with hiring freezes, wage freezes, no promotions. Some White House staff are slated to get an 8% raise this year, either through promotion or straight raise. WTF? For a job well done while taxes are jacked higher? Really? How about a wage reduction to save jobs instead? How about eliminating or cutting way back on travel budgets and entertainment budgets. No more $400 bottles of wine for state dinners, no more $60 million junkets to Europe for the chief, or $7 million dollar tax payer paid vacations for the spouse. That even simple things haven't not been done yet, means business as usual for those in power.
Someone pointed out the "they" talk about going back to Clinton era tax rates, but none of "them" talk about going back to Clinton-era spending levels. Almost all of the deficit can be traced to increases in spending from that time. The big government monster is way out of control, and the press is complicit in its expansion.
I can cite a couple of high profile Q&A sessions to point out how out of touch the leaders are. One guy complained to the politician about high gasoline prices, and he was scolded for owning a big car, and talked down to, told to buy a smaller car. Another complained to a Fed banker about rising food prices and was told, well Ipad prices are lower. WTF!
<< <i>"7. Just to be on the safe side, everyone should take several hundred dollars out of your bank accounts
in case no deal is done and credit cards fail and banks limit withdrawls as they legally can."
No Good. Worst advise ever. >>
So, if this is the worst advice ever.... what in your opinion, is the BEST advice in this area? No cash whatsoever in hand? Just curious.... your statement seems very odd to me. Or are you just trolling up for some reactions?
<< <i>Agree with everything you stated. >>
so do i
The average Federal employee now makes over $100,000. Include benefits and it is over $125k, and that's average.
Five of the ten fastest growing counties in 2009-2010 are in the Virginia, Maryland corridor. "They" are taking all the money to the D.C. area and it is growing while most of the rest of the country is suffering.
Commons sense solutions haven't been tried yet. Start with hiring freezes, wage freezes, no promotions. Some White House staff are slated to get an 8% raise this year, either through promotion or straight raise. WTF? For a job well done while taxes are jacked higher? Really? How about a wage reduction to save jobs instead? How about eliminating or cutting way back on travel budgets and entertainment budgets. No more $400 bottles of wine for state dinners, no more $60 million junkets to Europe for the chief, or $7 million dollar tax payer paid vacations for the spouse. That even simple things haven't not been done yet, means business as usual for those in power.
Someone pointed out the "they" talk about going back to Clinton era tax rates, but none of "them" talk about going back to Clinton-era spending levels. Almost all of the deficit can be traced to increases in spending from that time. The big government monster is way out of control, and the press is complicit in its expansion.
I can cite a couple of high profile Q&A sessions to point out how out of touch the leaders are. One guy complained to the politician about high gasoline prices, and he was scolded for owning a big car, and talked down to, told to buy a smaller car. Another complained to a Fed banker about rising food prices and was told, well Ipad prices are lower. WTF!
Red Tiger, I'd like permission to send your post in to the local newspaper. Great post!
I knew it would happen.
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>Convert to a flat rate Federal Sales tax, then watch savings grow. >>
Well... unless that flat rate is 50% of income (about what it would have to be to balance the budget).
peacockcoins
Exactly RedTiger. Ron Paul has the same thinking freeze everything. You receive the same pay you received last year,
we're in a financial crisis for gods sake, suck it up, deal with it. I say freeze and eliminate, eliminate fuel expences, eliminate free Gutment cars, buy your own and eliminate luxury items. Buckle down and represent WE THE PEOPLE that make it all possible. Ron Paul in 2012.
EDIT: A few more things to eliminate, Ben, Tim, Federal Reserve and the IRS.
P.S. Excellent points Bear
<< <i>Buckle down and represent WE THE PEOPLE that make it all possible. Ron Paul in 2012.
EDIT: A few more things to eliminate, Ben, Tim, Federal Reserve and the IRS.
>>
I think I love you.
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