So what does a country do once its bankrupt?

[saveliberty]

Raising taxes... I assume that means on everyone but you, right? What about the 38% who pay no income taxes? Perhaps we could get them to start contributing first then let's talk.

I also favor raising taxes. But I see and appreciate your point.

I favor one single income tax rate that everybody should pay. But the tax rate is only half the story. Let's also consider the definition of income. While eliminating the games being played with the different tax rates, at the same time let's eliminate the games currently being played with defining income. Instead of all the different categories (wages, interest, dividends, capital gains, social security, welfare, inheritance, gambling winnings and so on) lets call a spade a spade and consider income as simply money received by an individual or joint filer, minus expenses personally used to produce the money.

I can see a lot of abuse of this idea. You were fine up to that point. I would add that the tax should be no greater than 10% of GNP. If the economy shrinks, so does the government.

 

[Mr.Fitnah]

Cut spending and raise taxes.

Both need to happen.

Not going to happen.

Hope you enjoy economic devastation then.

What I am over the long-term is very bullish on America.

http://www.usmessageboard.com/1907160-post24.html

 

[Toro]

Not going to happen.

Hope you enjoy economic devastation then.

What I am over the long-term is very bullish on America.

http://www.usmessageboard.com/1907160-post24.html

Because I believe that ultimately Americans will choose to deal with their problems rather than allow the intransigent ideologues take us all down in flames. America is a mature country.

 

[saveliberty]

Depends what you call the long term Toro. With government debt equaling 90% of GDP by 2050, I think long term you need to look out of the country for your gains.

 

[Toro]

Depends what you call the long term Toro. With government debt equaling 90% of GDP by 2050, I think long term you need to look out of the country for your gains.

Government debt already is 90% of GDP, or at least will be by the end of the next year or two.

 

[Care4all]

one usually borrows 3 times their annual income, for something like a house, and this is manageable....is that comparable to this situation?

 

[Borat]

Because I believe that ultimately Americans will choose to deal with their problems rather than allow the intransigent ideologues take us all down in flames. America is a mature country.

bro i think you got it ass backwards. mature means time to die.

 

[MajikMyst]

The government can't go bankrupt.. They will just print more money.. It worked for Bush and it will work for Obama as well..

 

[Borat]

one usually borrows 3 times their annual income, for something like a house, and this is manageable....is that comparable to this situation?

not at all.

one buys a house because he makes too much money and needs to invest it into something. on the other hand we borrow because we don't make enough. and we're not investing into anything.

our situation is like "borrowing" money to eat. like a beggar crawling around in rags asking for a quarter saying i will pay you back when i win the lottery ! then as soon as we get our change we spend it on hookers and beer.

 

[sparky]

So what does a country do once its bankrupt?

how do we know it's in fact solvent? T. Giether & Bernake seem to be rather tight with the specifics.....~S~

 

[Mr.Fitnah]

Hope you enjoy economic devastation then.

What I am over the long-term is very bullish on America.

http://www.usmessageboard.com/1907160-post24.html

Because I believe that ultimately Americans will choose to deal with their problems rather than allow the intransigent ideologues take us all down in flames. America is a mature country.

Really?
Based on what evidence ?

 

[sparky]

WASHINGTON - In response to cries of economic Armageddon over his administration’s impending spend-o-thon, President Obama announced today the unveiling of the first ever U.S.-wide, government-run lottery.

The prize? Potentially trillions of dollars. The catch? The ‘winner’ receives the prize with an attached minus sign.

Federal lottery announced in light of economic ‘doomsday’ predictions | wineandexcrement.com

 

[GilbertArizona]

minus expenses personally used to produce the money.

Basically I was trying define income to mean "net income". If somebody sells a house or stocks for $250,000 then they shouldn't be taxed on the full $250,000, just on the difference between what they received minus and its initial cost.

I apologize for any confusion, my writing style in general, is rather abrupt.

 

[GilbertArizona]

one usually borrows 3 times their annual income, for something like a house, and this is manageable....is that comparable to this situation?

Personally, I don't think it is comparable. Lenders usually extend loans only to those with ability and willingness to pay then money back in full. Try getting a new house loan year-after-year without paying any off.

 

[saveliberty]

The government can't go bankrupt.. They will just print more money.. It worked for Bush and it will work for Obama as well..

And you must be a government economist.

 

[Borat]

Because I believe that ultimately Americans will choose to deal with their problems rather than allow the intransigent ideologues take us all down in flames. America is a mature country.

about a year ago on this forum under a different account i have stated what will happen and it did. when all of you fucking idiots were yapping about how the economy is recovering because stock prices are rising. i told you what was up so you banned me.

americans won't BEGIN to understand what is going until half of them has starved to death.

how do i know this? because it took you idiots about 5 years to realize that war in Iraq was a fraud even though it was obvious form the start. so if you're lucky 5 years after we default you will begin to understand something.