People aren't serious about tackling the deficit it they can't accept A, cutting spending and B, increasing tax revenues. It's that plain and simple.
Rabbi posted,,,"The tax increase on income is estimated to bring in $800B over 10 years. Never mind that it wont. That's $80B a year. In the context of 1.4T deficits that's nothing." His comment has been repeated several times on these boards. So my question is, if that amount is so small, well then what's the problem?
The same goes with the cuts in spending, we have to have serious cuts,,across the board, not amounts that are just symbolic.
We have learned something from Europe's austerity, it's pretty foolish to cut government spending and raise taxes when the economy is still weak. It simply cuts economic growth and may bring on a recession.
It's better to to hold down some spending without stalling economic growth. Applying a stricter and more of an aggressive approach should be applied for the long-term after the economy picks up in a consistent manner.
The problem is the effect it will have on the rest of the economy.
Raising taxes on high income earners will depress how much they are willing to work and make. Their working provides lots of economic activity for other people. You would probably lose more in GDP than you would take in in revenue. Plus the estimates are over inflated, as they always are. High income earners find ways to defer or shelter their incomes.
Europe has slightly different problems from us. But one thing we can learn is that you cannot legislate your way to prosperity. The big problem in Europe is the difficulty in starting and growing a business. Labor laws are so strict that in some countries firing a worker is nearly impossible. With that, no one will hire unless they absolutely have no other choice.
With Obamacare we move further towards that model. All the mandates and regulations we have on business cost real money and probably yield mostly illusory gains.
Hey did you read the highlighted bullshit posted above?
Rabbie are you really so fuking stupid that you would claim that a person making, lets say a million a month gross income will all of a sudden quit working hard because instead of netting 750,000 dollars a month, he will net 700,000. a month.
Are you really that stupid? You really think people have a problem getting by on 700k a month?
Hey and a pro athlete, making millions a year. What's he gonna do if his taxes go up? Miss the game winning shot on purpose? Idiot.
But go ahead rappi. Tell me what hardships the multi millioniare will incur when their taxes go up. I am sure it is a terrible tradegy that will occur.
You are a water boy rabbi. Tote that pail, the rich love their cocksucking slaves like you. Really they do.