Federal Tax Revenue Per MONTH $ 200 BBBBB

Discussion in 'Politics' started by Contumacious, Jul 13, 2011.

  1. Contumacious
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    Contumacious Radical Freedom

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  2. waltky
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    waltky Gold Member Supporting Member

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    Granny says she wished she had a dollar, for every Constitutional scholar...
    :eusa_eh:
    U.S. Cannot Constitutionally Default on Its Debt, Says Constitutional Scholar
    Thursday, July 07, 2011 - The United States cannot constitutionally default on its existing public debt even if the debt ceiling is not raised, constitutional scholar and attorney David Rivkin said during a Federalist Society news event. Instead, he said, the country should focus on the fiscal responsibility of new borrowing.
    See also:

    Bachmann: Obama's Suggestion U.S. Would Default 'Simply Not True'
    Wednesday, July 13, 2011 —Representatives Michele Bachmann (R-Minn.), Steve King (R-Iowa) and Louie Gohmert (R-Texas) said Wednesday that President Barack Obama has been misleading the American people by saying that the United States would default if Congress does not vote to raise the debt ceiling by Aug. 2.
     
    Last edited: Jul 13, 2011
  3. uscitizen
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    uscitizen Senior Member

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    So the govt will continue to pay interest, but what will it not pay?
     
  4. Soggy in NOLA
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    Soggy in NOLA Gold Member

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    No doubt autistic children will be denied treatment, the blind will have their dogs taken away, crack babies will be thrown in dumpsters and old people will have to eat cut-rate dog food.
     
  5. Soggy in NOLA
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    Soggy in NOLA Gold Member

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    • Thank You! Thank You! x 1
  6. Modbert
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    Modbert Daydream Believer Supporting Member

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    It doesn't all come in at the beginning of the month.
     
  7. Richard-H
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    Richard-H Silver Member

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    If you think that paying only the armed services salaries and the interest on debt means that the government is not defaulting, your crazy.

    How are you going to get arms and munitions, food and clothing for the military. How are the electric bills and fuel bills for the military bases going to be paid?

    Not to mention social security and medicare payments.

    How about government workers pensions?

    The list is endless, but the simple fact is: the governement owes money and the governement has to pay it's bills...all of them.
     
  8. Antiderivative
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    Antiderivative BANNED

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    We have over 700 military bases around the world. We can afford to close down some and bring home troops.

    We are supposed to be a Constitutional Republic that lives within its means, not an overstretched empire that is imploding on itself.
     
  9. oreo
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    oreo Gold Member Supporting Member

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    Considering that they WASTE billions of dollars on non-sense--hopefully they'll start taking a hammer at that.
     
  10. Contumacious
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    Contumacious Radical Freedom

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    Bullshit.

    I noticed that the "Constitutional scholar" did not , and could not, cite the proviso - by article, section and clause - which mandates that taxpayers bail out the bureaucratic scumbags!!!!!!!!!!!!!!!!

    .
     
  11. Grampa Murked U
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    Grampa Murked U Gold Member

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    I've been shouting this for 2 days. Obama clearly lied. We have more than enough money for the necessities. I believe after entitlements and soldiers we have about 36 billion left.

    It's time to make hard choices not tax increases.


    The left just can't let go of the credit card. After all we all like spending a million dollars to see the effects of shrimp on treadmills.
     
  12. Soggy in NOLA
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    Soggy in NOLA Gold Member

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    I prefer seeing the effects of shrimp in my sauce pan.
     
  13. Charles_Main
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    Charles_Main AR15 Owner

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    The Fact is all our Obligations to not Default, plus necessities like SS, and MC, and The Military. Can be paid for with out Borrowing another penny.

    Obama is a fear Mongering asshole.
     
    Last edited: Jul 13, 2011
  14. uscitizen
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    uscitizen Senior Member

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    US political motto.
    A waste is a terrible thing to mind.
    someone always profits from waste.
     
  15. Toro
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    Toro Gold Member

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    Here is the budget.

    http://www.gpoaccess.gov/usbudget/fy12/pdf/BUDGET-2012-BUD.pdf

    p171 for summary overview.

    Total social security $761 billion, $63 billion a month.
    Total Medicare and Medicaid $764 billion, $64 billion a month.
    Security $881 billion, $73 billion a month
    Interest $240 billion, $20 billion a month

    Total spending $2,646 billion, $220.5 billion a month.
    Everything else $1,083 billion, $90 billion a month.


    Total receipts
    2012 - $2,627 billion, $219 billion a month.

    Therefore, we can fund SS, Medicare and Medicaid, defense and interest, assuming we can generate that much in tax receipts. But can we?

    Tax receipts
    2011 - $2,174 billion, $181 billion a month
    2010 - $2,163 billion, $180 billion a month.

    IOW, we are expecting a $450 billion increase in tax revenues over the past two years, including $200 billion more in income taxes and $130 billion more in corporate taxes. That is an extra $40 billion a month. Why?

    2012 economic growth projection +3.6%. (p202) That is 1% more than this year. Anyone forecasting strengthening economic growth?

    If we have the same economic growth as we have had, we will likely have ~$2.2 trillion in revenues, just like this year. That means we will be $400 billion short to pay for SS, Medicare and Medicaid, defense and interest, let alone everything else.

    Of course, this will get done by August, so these numbers don't matter much. However, it is difficult to make the numbers work if it continues in the Fall.
     
    Last edited: Jul 13, 2011
  16. zzzz
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    zzzz Just a regular American

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    Somebody won't get any money and it could very well be the Social Security recipients. Payroll and interest payments are an on time payment. Payment for weapons, ammunition, fuel and other things like that can be delayed to a later date with accrued interest, so it will cost us more. The government workers will get paid too before Social Security. HUD payments for low income families will be delayed and may result in some of them being evicted into the streets if it lasts too long. Many Federal employees may be laid off because there will be no money to pay them. Better get your passport now or take your vacation now because all the parks and monuments may be closed resulting in lost revenue for certain localities and further job losses because the service industry in the areas rely on visitors. And on and on.

    The ripple effects of a shutdown of parts of the government have far reaching consequences which no one fully understands. It may drag this economy into the depths of a depression and an economic contraction which may bloat the unemployed into double digits for years to come.
     
  17. Annie
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    Annie Senior Member

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    Actually, that is the reason for budgets, which we are now without for more than 2 years.
     
  18. Charles_Main
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    Charles_Main AR15 Owner

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    Some tough Choices would have to be made for sure. However that does not excuse the Down Right Lying scum bag in the WH. Claiming were going to Default. All we have to do to not Default is pay the interest on time. Which we have more than enough money to do with out Raising the Debt Limit, or Borrowing anymore money.

    Period.

    So he is a fear mongering liar, Who is playing politics with the worlds economy by floating the ludicrous idea that we could default if we do not raise the Debt Limit.

    Why are you libs still defending this asshole. As we speak he is trying to convince us all that the interest alone on our debt is so High, He can not continue to pay it unless we borrow money to do it.

    Think about a that for a min.

    Sheer Horse Shit.
     
  19. Modbert
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    Modbert Daydream Believer Supporting Member

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    Toro is not a Liberal. Stop sprouting off like that Charles, only makes you look stupid.

    Alas Toro:

     
  20. Charles_Main
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    Charles_Main AR15 Owner

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    Do you even know what Default means? It has nothing at all to do with whether or not we fully fund any Program. As long as we pay the interest on the Debt each Month, and honor any Bonds people want to cash in. We are not in Default.

    You libs, First you start calling tax increases "Raising Revenues", Now you want to say that if we do not fully fund every single Federal Program, Were in Default.

    LOL
     

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