Should Congress ask the Fed or a new Commission to define the path forward to fiscal sanity? (Poll)

[kyzr]

I'd bring up the debt ceiling but everyone would just break out in laughter.

The Debt Ceiling wouldn't be an issue if my post #40 was implemented. No more borrowing, period.

 

[kyzr]

Correct -
There is no path out.

Wrong.
Here is my proposed solution:
1. Add a 4% Federal Sales Tax on all sales (gains ~400b/yr)
2. Add a 0.1%? financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.) (gains 777b/yr)
3. Add a Remittance Tax on all money sent out of the US (gains ~$150b/yr, see below)
4. Remove the cap on SS tax, and raise the ages from 62/67 to 63/68 (saves SS)
5. Raise the tax and co-pay for Medicare
6. Add a co-pay for Medicaid
7. So if all of the above taxes were implemented, the $1T Budget Deficit would become a $350b surplus to start paying down the $32T Debt

Financial Transactions Tax: What You Need to Know - SmartAsset | SmartAsset

A financial transactions tax is levied on trades made of stocks, bonds, derivatives and other financial products. It is favored by progressives.

smartasset.com

The United States Loses $150 Billion Annually in Remittances

Many Americans know very little, if anything, about “remittances,” (also known as “remittance payments”) and how they affect the U.S. economy. The term “remittance” refers to money earned in the United States that is transferred to relatives, friends or business associates who are still abroad...

www.fairus.org

 

[BluesLegend]

2. My grandson jumps out of a jet with a machine gun, so don't whine about your fucking "fair share".

And I work ungodly amounts of overtime unpaid on salary to earn what I earn so don't come crying to me for more of MY money. I'm not your goddamn piggy bank. You want to jump out of airplanes with machine guns that's your choice. I earn every dime of what I'm paid so stop trying to MOOCH off me. Get a real job, pay for your own government shit. I already pay more than my share.

That right there's the problem. The masses expecting the few to foot the bill for their shit. Get a decent job, pay your share of the taxes and then you can have all the government shit you want.

YOU PEOPLE have no idea what it's like to work as hard as we work to earn what we earn, only to get demonized as not paying our fair share when the top 10% already pay the lions share of the f'ing taxes. I'd rather the mooching deadbeats just admit, they want us to pay for it all. 99% tax rate am I right? Assholes!

 

[kyzr]

And I work ungodly amounts of overtime unpaid on salary to earn what I earn so don't come crying to me for more of MY money. I'm not your goddamn piggy bank. You want to jump out of airplanes with machine guns that's your choice. I earn every dime of what I'm paid so stop trying to MOOCH off me. Get a real job, pay for your own government shit. I already pay more than my share.
That right there's the problem. The masses expecting the few to foot the bill for their shit. Get a decent job, pay your share of the taxes and then you can have all the government shit you want.

Ok, have it your way. Pay the fucking tax, or go to prison. I'm good with either one. Spoiled coxucker.
The battle should be over what we spend the money on, not paying for it.
I have a major problem with Welfare, Medicaid, and foreign aid. NFW we should borrow money for those.
I was outraged when I heard that Biden is paying migrants Welfare for entering illegally.
Point your anger at the right people, the ones wasting tax money on unconstitutional expenses.

 

[BluesLegend]

Ok, have it your way. Pay the fucking tax, or go to prison. I'm good with either one. Spoiled coxucker

I pay umpteen times my share for the exact same government services, and I'm the spoiled one? Riiiiight. Pardon me for wanting to keep MY money that I earned and not have to pay everyone else's share.

Speaking of mooching deadbeats this year I got hit with another one...now I'm forced to pay for the long term care insurance for other people, great. #sarcasm Pretty soon I'll be paying for their lawncare and diet soda.

 

[LeroyDumonde]

So which option do you prefer?
default, fuck the bond holders?
keep kicking the can down the road until the dollar is worthless?

There are no options here. The US is an empire marching inexorably towards third world status.

 

[RhodyPatriot]

It may not be exactly what you're alluding to, but the CBO has their say on the fiscal reality of legislation Congress wants to pass.

Remember when it proved Trump's tax cuts disproportionately benefited the working/middle classes; but then the media and the Democrats (I repeat myself) completely ignored it and asserted otherwise?

My guess is any new deliberative body such as this would also be shunned, unless it had any real teeth.

And that could introduce a whole host of other precarities.

Such is the way when dealing with Big Brother....errr....Government.

 

[kyzr]

I pay umpteen times my share for the exact same government services, and I'm the spoiled one? Riiiiight. Pardon me for wanting to keep MY money that I earned and not have to pay everyone else's share.

Speaking of mooching deadbeats this year I got hit with another one...now I'm forced to pay for the long term care insurance for other people, great. #sarcasm Pretty soon I'll be paying for their lawncare and diet soda.

I hear you. I paid into SS my entire working life, then congress stole the surplus, and now unless the cap is raised SS will only pay 70% of promised benefits. I'm owed what I paid for. Same with Medicare. I paid for it, and I want it.
Welfare and Medicaid are charity.
Foreign aid is bullshit
Government needs to get cut back

Point being, we all paid too much in taxes.
A 4% Federal sales tax hits everyone equally.
A 0.1% financial transaction tax hits day traders
A Remittance Tax hits foreigners sending money overseas
Removing the cap on SS is just the same tax every month

I can see adding new taxes ONLY if a balanced budget is Law, spending is cut 1% a year, and future borrowing is prohibited.

 

[kyzr]

There are no options here. The US is an empire marching inexorably towards third world status.

Agreed.
The DC morons built up that Debt, they moved factories to China, and now they are putting millions of migrants on Welfare.

 

[kyzr]

It may not be exactly what you're alluding to, but the CBO has their say on the fiscal reality of legislation Congress wants to pass.
Remember when it proved Trump's tax cuts disproportionately benefited the working/middle classes; but then the media and the Democrats (I repeat myself) completely ignored it and asserted otherwise?
My guess is any new deliberative body such as this would also be shunned, unless it had any real teeth.
And that could introduce a whole host of other precarities.
Such is the way when dealing with Big Brother....errr....Government.

I just spoke with my congressman's office, and they bragged about his new legislation.
It sounded just like your post.
A lot of descriptions of the problems, but no solutions.

 

[RhodyPatriot]

I just spoke with my congressman's office, and they bragged about his new legislation.
It sounded just like your post.
A lot of descriptions of the problems, but no solutions.

I discussed the solution to a dour economy, and that's a booming one.

Besides, maybe you should be thankful.

If I called my Congressman, I'd just get a whole lotta proselytizing about "Climate Change" and "Equity and Inclusion".

Still can't believe that fucker squeaked by in the mid terms...

 

[task0778]

Fiscal sanity is currently not in vogue and very few pols will get elected or re-elected espousing that idea. Certainly the democrats do not want to cut spending, they just want to raise taxes (revenue) and frankly not many repubs vote for that. Which of course does not work anyway, never has because raising enough revenue to cover the spending is economic suicide. There is no instance in human history where raising taxes alone has ever led to fiscal sanity (balanced budget).

Some people say let's just print more money, but that's a lot of new money which is unmatched by an increase in the production of goods and services and THAT is inflationary. You think your gas and food bill was bad before, wait until it doubles or triples. Suffice it to say that this approach has never working either in all of human history.

The real problem is spending. We are allowing our politicians to spend money that they ain't got, a whole lot of money. We're talking about an approx $1.5 trillion deficit in FY2023, and you just can't print that much extra money or raise more revenue without serious consequences, and I mean humongous consequences. There's just no other way, folks, if we can't control our spending then as a nation we are fucked. Or about to be, pols are real good at putting off the inevitable fiscal catastrophe and not real good at doing anything about it until somebody turns on the fan.

So, what's the solution? I only see one possible way out of this mess and that is the voters requiring fiscally common sense by voting out the big spenders and electing people that will constrain our programs and policies to be financially effective and efficient. And I guess we all know what the chances are of that happening anytime soon. Maybe there has to be another Great Depression like the last one almost a hundred years ago. I hope to God there doesn't have to be another World War, but this country desperately needs an attitude adjustment and a major paradigm shift.

 

[Billiejeens]

It may not be exactly what you're alluding to, but the CBO has their say on the fiscal reality of legislation Congress wants to pass.

Remember when it proved Trump's tax cuts disproportionately benefited the working/middle classes; but then the media and the Democrats (I repeat myself) completely ignored it and asserted otherwise?

My guess is any new deliberative body such as this would also be shunned, unless it had any real teeth.

And that could introduce a whole host of other precarities.

Such is the way when dealing with Big Brother....errr....Government.

Facts have no effect on their narrative.

 

[kyzr]

Fiscal sanity is currently not in vogue and very few pols will get elected or re-elected espousing that idea. Certainly the democrats do not want to cut spending, they just want to raise taxes (revenue) and frankly not many repubs vote for that. Which of course does not work anyway, never has because raising enough revenue to cover the spending is economic suicide. There is no instance in human history where raising taxes alone has ever led to fiscal sanity (balanced budget).

Some people say let's just print more money, but that's a lot of new money which is unmatched by an increase in the production of goods and services and THAT is inflationary. You think your gas and food bill was bad before, wait until it doubles or triples. Suffice it to say that this approach has never working either in all of human history.

The real problem is spending. We are allowing our politicians to spend money that they ain't got, a whole lot of money. We're talking about an approx $1.5 trillion deficit in FY2023, and you just can't print that much extra money or raise more revenue without serious consequences, and I mean humongous consequences. There's just no other way, folks, if we can't control our spending then as a nation we are fucked. Or about to be, pols are real good at putting off the inevitable fiscal catastrophe and not real good at doing anything about it until somebody turns on the fan.

So, what's the solution? I only see one possible way out of this mess and that is the voters requiring fiscally common sense by voting out the big spenders and electing people that will constrain our programs and policies to be financially effective and efficient. And I guess we all know what the chances are of that happening anytime soon. Maybe there has to be another Great Depression like the last one almost a hundred years ago. I hope to God there doesn't have to be another World War, but this country desperately needs an attitude adjustment and a major paradigm shift.

Democrats can't stop spending
Republicans always cut taxes
Either way we're toast.

 

[Billiejeens]

Democrats can't stop spending
Republicans always cut taxes
Either way we're toast.

Republicans increase revenue by decreasing tax rates.
Worked every time that it's been tried.
(Even JFK who was not a Democrat)

How can you be so ignorant of such a basic fact.

 

[kyzr]

Republicans increase revenue by decreasing tax rates.
Worked every time that it's been tried.
(Even JFK who was not a Democrat)
How can you be so ignorant of such a basic fact.

Stop drinking he GOP KoolAde.
Trump's tax cut was a disaster.
The Trump tax cut exploded the Debt.
The US economy is too big to grow 5% without making a "bubble"

If you want more revenue add taxes or remove loop-holes.