Life After Default

[Lesh]

Default and be done with it

The “burn down the economy “ GOP wing speaks

 

[Oddball]

The “burn down the economy “ GOP wing speaks

It's burning down right now, fool.

 

[Lesh]

It's burning down right now, fool.

Only in your fetid imagination

 

[Oddball]

Only in your fetid imagination

Again, you have NFI.

 

[Kevin_Kennedy]

The 14th Amendment says the US pays all its debts.

The U.S. Constitution can say that humans can fly but it doesn’t make it so. Economic reality trumps constitutional law. Default is inevitable no matter what the Constitution says.

 

[kyzr]

The U.S. Constitution can say that humans can fly but it doesn’t make it so. Economic reality trumps constitutional law. Default is inevitable no matter what the Constitution says.

True if the US credit rating tanks and we can't keep borrowing to pay the bills because no one would buy our Debt.

So its musical chairs, who is dumb enough to buy the last bonds that get defaulted on?

If taxes don't get raised default is inevitable.

 

[CuleokaBob]

True if the US credit rating tanks and we can't keep borrowing to pay the bills because no one would buy our Debt.

So its musical chairs, who is dumb enough to buy the last bonds that get defaulted on?

If taxes don't get raised default is inevitable.

40% don't pay taxes.

 

[kyzr]

40% don't pay taxes.

That's why a sales tax is fair, it hits everyone equally so even the bottom 50% of incomes pay something.

 

[BluesLegend]

Biden has blown $7 trillion in just the past 2 years, another $7 trillion in debt added. We are now $33 trillion in debt with interest rates rising, a deadly combo.

 

[Kevin_Kennedy]

True if the US credit rating tanks and we can't keep borrowing to pay the bills because no one would buy our Debt.

So its musical chairs, who is dumb enough to buy the last bonds that get defaulted on?

If taxes don't get raised default is inevitable.

Default is inevitable, I’d say. You can’t raise taxes enough, alone, to get the debt paid off, and there is no political will to cut spending (and even if there were those people would be voted out before it could do any good). So, default is inevitable.

 

[kyzr]

Default is inevitable, I’d say. You can’t raise taxes enough, alone, to get the debt paid off, and there is no political will to cut spending (and even if there were those people would be voted out before it could do any good). So, default is inevitable.

My tax plan isn't bad. Here it is again

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

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

 

[CuleokaBob]

That's why a sales tax is fair, it hits everyone equally so even the bottom 50% of incomes pay something.

No, it is not fair. I pay state sales tax, gas tax, income tax. No more taxing me.
You say 4% next it is 6%, then 8% then 10% then 12%
Chop the head off the serpent. Stop the runaway spending.
Want a war? Put it up to vote and pass a war tax. See how that goes over.
How many B to Ukraine? And you can't solve the border problem?

What is fair is you can't get back more than you paid in.
What is fair is everyone pays income tax.
What is fair is closing the loopholes

 

[kyzr]

No, it is not fair. I pay state sales tax, gas tax, income tax. No more taxing me.
You say 4% next it is 6%, then 8% then 10% then 12%
Chop the head off the serpent. Stop the runaway spending.
Want a war? Put it up to vote and pass a war tax. See how that goes over.
How many B to Ukraine? And you can't solve the border problem?

What is fair is you can't get back more than you paid in.
What is fair is everyone pays income tax.
What is fair is closing the loopholes

Default would mean the US dollar is worthless, the US would be bankrupt. Not a good option.
Congress fucked us over wasting the SS surplus, and borrowing more than we could afford.
Its time to pay the piper, so suck it up buttercup.

 

[Kevin_Kennedy]

My tax plan isn't bad. Here it is again

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

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

And while this is going on spending will continue to increase, meaning that taxes will have to continue to increase until the tax burden is such that people either cannot afford to pay the taxes and/or start using a black market to get around them causing tax money to dry up while spending still increases. Any plan that doesn’t include massive spending cuts is unrealistic, and spending cuts are themselves unrealistic as I’ve said so, again, default is inevitable.

 

[Natural Citizen]

We're to the point that without taxes we wouldn't even have a monetary system.

 

[Natural Citizen]

And while this is going on spending will continue to increase, meaning that taxes will have to continue to increase until the tax burden is such that people either cannot afford to pay the taxes and/or start using a black market to get around them causing tax money to dry up while spending still increases. Any plan that doesn’t include massive spending cuts is unrealistic, and spending cuts are themselves unrealistic as I’ve said so, again, default is inevitable.

It's been a long time since I've seen anyone talk about his stuff in the right way. So kudos...

 

[kyzr]

And while this is going on spending will continue to increase, meaning that taxes will have to continue to increase until the tax burden is such that people either cannot afford to pay the taxes and/or start using a black market to get around them causing tax money to dry up while spending still increases. Any plan that doesn’t include massive spending cuts is unrealistic, and spending cuts are themselves unrealistic as I’ve said so, again, default is inevitable.

I hope you're wrong, but my gut says you are right.
Pols are more addicted to spending than crack addicts are addicted to crack.
We're toast. Maybe we need to start learning Chinese?

 

[Kevin_Kennedy]

I hope you're wrong, but my gut says you are right.
Pols are more addicted to spending than crack addicts are addicted to crack.
We're toast. Maybe we need to start learning Chinese?

China’s built on its own house of cards so no fear there, in my opinion.

 

[CuleokaBob]

Default would mean the US dollar is worthless, the US would be bankrupt. Not a good option.
Congress fucked us over wasting the SS surplus, and borrowing more than we could afford.
Its time to pay the piper, so suck it up buttercup.

I got my exit plan. I am not sucking anything.

 

[kyzr]

I got my exit plan. I am not sucking anything.

LOL! Costa Rica sounds nice. Until Hurricane season.