Somebody explain this to me

Discussion in 'Economy' started by Wiseacre, Jul 16, 2011.

  1. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    We're looking at an annual deficit of 1.5 or 1.6 trillion dollars. Obama wants to raise taxes on the rich to about 1 trillion over the next 10 years, which is about 100 billion per year. I doubt you'd actually get that much, but say you did, doesn't that leave 1.4 - 1.5 trillion left in deficits? Where are you going to get that money? What spending are you going to cut? I haven't seen anything definite from the pres or from the dems in Congress for what they'll cut, why is that? Shouldn't the American people see a plan from both sides?

    You realize that if you suck a trillion dollars out of the economy over the next 10 years that there is an economic cost, right? Investments made by Americans will be reduced, as will foreign investments that we won't get the tax benefits from. Money flows to where it gets the most return, and there are plenty of emerging markets to invest in. Seems to me the democrats want a bigger piece of the same size pie rather than getting the same size piece of out a bigger pie. What's the difference? A bigger pie means more jobs, that's why. It also means less money going out in UE benefits and other gov't programs.

    So tell me, if raising taxes is a good thing, why is every other country LOWERING taxes and cutting spending? ALL OF THEM, nobody is raising taxes. 15 years ago Canada was where we are now, relatively speaking. You know how they turned things around? They lowered taxes and cut spending. So why in God's name is Obama and the Dems trying to do the opposite?
     
    Last edited: Jul 16, 2011
  2. Truthseeker420
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    Truthseeker420 Gold Member

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    It doesn't make sense to put out a plan that Republicans say they will reject anyways. That would waste a lot of time we do not have.
     
  3. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    That's pretty lame man, wait all this time doing nothing and then say we ain't got enough time.
     
  4. xsited1
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    xsited1 Agent P

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    Exactly right. Lowering taxes and cutting spending is all we've got left. Obama knows this, but prefers to be a jerk about it. I guess he misses his near dictatorial powers before the House was "lost" to the GOP.
     
  5. Care4all
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    Care4all Warrior Princess Supporting Member

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    did you look for a democratic plan?

    Senate Democrats draft debt-reduction plan - The Washington Post
     
  6. Truthseeker420
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    Truthseeker420 Gold Member

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    It has to start in Congress and I don't know whast Congress is waiting on to raise te debt limit.
     
  7. Care4all
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    Care4all Warrior Princess Supporting Member

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    also this

    In debt talks, Obama offers Social Security cuts - The Washington Post
     
  8. Truthseeker420
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    Truthseeker420 Gold Member

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    And they don't need a deal on spending or revenue to raise the debt limit...GOP is using this crisis to cut programs for the poor and middle class.
     
    Last edited: Jul 16, 2011
  9. Ravi
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    Ravi Diamond Member

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    So your point is that we should follow Europe's example?
     
  10. Flopper
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    Flopper Gold Member

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    You're probably correct taxing those over $250,000, we will only raise about 100 billion, but who said that's the extent of the tax increases. I think the administration has identified a hundred billion in cuts. Also 140 billion in jobless benefits will expire without being renewed plus there is pickup in revenue due to the recovery. There is absolutely no plan to wipe out the deficit. They are just looking at getting it under control which means getting into the range of 400-700 billion. At that point the deficit as a percent of GDP is comparable to other developed nations.


    No, every other country is not lowering their taxes. Most of the EU countries and UK as well as India, just for starters have either increased taxes are have plans to do so.
     
    Last edited: Jul 16, 2011

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