Discussion in 'Politics' started by BDBoop, Aug 1, 2011.
Debt Burden in Advanced Economies Now a Global Threat - Brookings Institution
Just wait until the Moody's downgrade of our credit rating....that little glimmer of light will be snuffed.
How could our Government do nothing? Unbelievable. $2 Trillion in cuts over ten years? Not even a drop in a bucket. Also,these cuts will likely never happen. How many more Wars will they start or how many more spending sprees like Stimulus and Bailouts will happen in this ten years? So don't count on these $2 Trillion in cuts. It just aint gonna happen.
The CBO is also scoring it with the sunset of the Bush tax cuts...which will in fact be a tax increase.
Senator Marco Rubio voted NO NO NO NO and hell NO
Yep, it's gonna start getting real ugly....if it weren't bad enough right now.
This is where the chickens really do come home to roost.
Perhaps, it's what the US needs to bring us back to reality. It will hurt.....but it will hurt a hell of a lot more if we let this go another 10-15 years.
I totally agree.
Yes, we could cut spending but we could also stop a couple wars or we could set taxes back to the 2000 rates. Remember 2000? Clinton's presidency was coming to end as was the decade. Employment was 3.9%. The government was in it's third year of running a surplus. The decade was ending with a 97% growth in GDP. The right is always seeking to turn the clock back. I say turn it back to 1990's.
Set the tax rates to the 1999 level and end the wars and the deficit problem will go away or cut some spending raise taxes and phase out the wars and the deficit problem goes away. Take a balanced approach which 2/3 of the American people want and you fix the problem.
By doing just spending cuts, it will do nothing to increase jobs and will probably push the country into another recession reducing government revenue and will exasperating the deficit problem. We went down this road in 1937 when FDR tried to balance the budget and we found ourselves in a recession that took a world war to snap us out of.
We dont need those types of surpluses that add to the national debt, because that is what happened.
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