IMF: America must raise taxes and cut entitlements

Discussion in 'Current Events' started by bigrebnc1775, Apr 4, 2011.

  1. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    Well the "give me" crowd will not like the latest news from the international stage.

    To Contain Future Budget, US Must Raise Taxes By 35%, Cut Entitlements 35% - Real Time Economics - WSJ
    Will obama obey his handlers or will he continue down that dangerous road of entitlements?
     
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    Last edited: Apr 4, 2011
  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Giving up National Sovereignty and being a Slave to the IMF doesn't sound like fun to me. Let's drop a few bunker busters on their buildings and if that don't work, nuke em'.

    Americas REAL enemies are the International Bankers, the IMF, The U.N., Biderburg Group, Council on Foreign Relations and the Tri-Lateral Commission.
     
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  3. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    I agree it doesn't sound like fun.
     
  4. PoliticalChic
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    PoliticalChic Diamond Member

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    a. “In 2010, these interest payments (net of some interest income) will claim $209 billion, or about 6 percent of the budget.” Policy Basics: Where Do Our Federal Tax Dollars Go? — Center on Budget and Policy Priorities

    b. Based on future ability to pay its debts, each nation is give a rating. “The big three agencies are Fitch, Moody's and Standard & Poors. What they do is assess how likely a borrower is to be able to repay its debts and help those trading debt contracts in the secondary market.” Debt crisis: how Fitch, Moody's and S&P rate each country's credit rating. Visualised - with a spreadsheet | World news | guardian.co.uk.

    c. The big fear is that if no action is taken, investors might eventually punish the US for its fiscal laxity. That would raise borrowing costs for businesses and consumers, force severe austerity measures and risk social unrest. Not only America’s triple-A credit rating could be threatened; some point to consequences in foreign affairs and defence as well. Mike Mullen, chairman of the joint chiefs of staff, last year warned that the debt pile could limit the flexibility of the US in funding its military – in his eyes the “most significant threat to our national security”. - FT.com / Comment / Analysis - America: Paydown problems

    d. The costs of borrowing are contingent on the rating. Currently the US is listed as AAA, Stable…and this keeps the interest costs of borrowing low. Recently, for example, Greece was downgraded to BB+, Negative, and the cost of its debt rose to over three time that of the US.

    e. Moody’s warned that if the U.S. credit rating was at risk if economic growth was slower than the Obama administration projects. US credit rating at risk, Moody's warns - Telegraph And this is an administration fraught with bogus calculations!

    f. JUPITER, FL--(Marketwire - May 10, 2010) - Weiss Ratings, an independent rating agency covering the nation's financial institutions, issued a challenge today to Standard & Poor's, Moody's and Fitch: To downgrade the long-term sovereign debt of the United States in order to help protect investors and prod Washington to fix its finances. Weiss Ratings Challenges S&P, Moody's and Fitch to Downgrade Long-Term U.S. Debt
     
  5. RDD_1210
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    RDD_1210 Forms his own opinions

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    So you're ok with the part about raising taxes 35%? I'm pretty sure most of us in the "give me crowd" have long advocated for raising taxes AND cutting spending.
     
  6. Immanuel
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    Immanuel Gold Member

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    I suspect he will put them off by getting passed and signing some bill that doesn't take effect until 2017 and saddle his successor with the problem. It is what he has done in the past.

    Immie
     
  7. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    Did I say that I was for raising taxes?
    Cut benifits I would be ok wih that, congress takes a cut in pay, and pay for their own health care and traval expense's
     
  8. Finnguy
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    Finnguy Social Democrat

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    Well restoring the payroll tax to what it was before the December 2010 "comprimise" will help stabilize social security, temporarily.
     
  9. Mad Scientist
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    Americans don't need austerity or a cut in benefits, they need to throw off the International Bankers, The U.N. and the (Private) Federal Reserve. If taxpayers didn't have to pay off the ponzi scheme known as the Federal Reserve, we'd have plenty of money.
     
  10. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    I don't know about that take a look at this

    The new legislation comes just a few weeks after the Government Accountability Office released a report identifying duplication in federal programs, such as 82 programs that monitor teacher quality and 20 programs focused on homelessness.

    Hatch targets wasteful federal programs | The Salt Lake Tribune
     

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