Well isn't one of the goals of socialism to eliminate the middle cl****? Anyone that didn't think this guy was going to bend EVERYONE over was not thinking straight. Congrats to the 51% as well as the low information voters.
Asking 1-2% to shoulder the load is like 49 states making Oklahomans get all the tax hikes. Oklahoma is 2% of the union.
We need to change the way we think about spending and government if we are able to really get off this fiscal cliff. Republicans and democrats right now aren't even making the right argument. Both want to spend more and tax more.
I agree cuts are needed and no more of the "new math"crap. It's like when my company celebrates "only" adding $1M to bad debt when we budgeted for $1.5M.
If your cuts of 10% lead to a decrease of revenue by 12%, then you didn't make the situation any better. Let me put it another way. You spend $50,000 a year and make $45,000 a year. You decide to close the gap by getting rid of your car thus saving $5,500 a year. All is good now because you are running a surplus. Except now you have to quit your job and take a $35,000 a year job because having a car was vital to the first job. I know, I know it's an overly simplistic example...
Give me an example of a cut in bureaucracy/regulations that would reduce the deficit so I can shoot that down too.
I'm all for cuts; they are needed. We need people that can actually look at the budget line by line and that have the experience to know which cuts would cost more than the leaving them alone. I know, an impossible task.
We are finally seeing the downside to deficit induced GDP growth. You don't create growth with deficit spending.....you basically reschedule growth to the present from the future.
When your economy has relied on +$1 trillion deficits for years then the natural level of GDP is basically +$1 trillion less then the published GDP statistic. When you take away any of that deficit spending then it (GDP) will tend to decrease to its natural level by the same amount.
The fiscal cliff is pretty depressing.....two parties and a nation arguing about which way to best kick the can further down the road.
Mad max cant get here fast enough.
Here's a simple solution why not have the government sell the land it owns such as all the land it owns in the west. And privatize some of the industries it owns. That would probably bring in billions alone in the long run. There's a lot of little things like that Congress can do to save tons of money that it isn't even looking at right now.
But the issue is that cuts aren't going to fix the problem much better than raising taxes.
The whole reason this is a fiscal cliff is because both ill-advised tax increases AND ill-advised cuts are about to take place.
There is no way out of this mess except for a rapidly expanding economy that makes deficit spending practical. It's not that debt is bad, it's that it requires always growth. 5030 hit the nail on the head.
It's like servers in a restaurant. They have a great night, make well over what they needed to take care of their bills and go out and drink the margin away. They do this all week long after making 35% more than they needed to bring in and drink it away. Next week, they have a bad week and are 10% under what they needed to make to pay the bills.
The only answer is a long term solution. Nothing in the short-run is going to fix this mess. The question is whether or not we can even survive through this current predicament and fix our ****ty habits over the long run. The only way to survive the current mess is for the economy to pick up at some point in the next 15 to 30 months and grow at a substantial pace (in or around 5%) and maintain that growth until we fix the system.
Pretty sure that's not going to happen, so get ready for the Baby Boomers to retire early and for the following generations to have to take care of most of them in their old age.
Even if he had stayed the course, I'd hold the same cynicism if I were him...especially when another recession is certainly going to occur in the next 5 years. And since the economy didn't really heal, the odds that he made up for an underperforming savings with some sort of pay increase is unlikely. Far more likely he was met with a pay decrease.
The real problem though isn't going to be Baby Boomers not having money in the bank. It's that the money they have in the bank isn't going to buy **** because of inflation. Having $500k in useful ****ets to last you 15 years of retirement, by the time you get there, is only going to end up lasting 10 to 12 years.
No it's because we've had ill advised spending and ill advised tax policies for decades. We've already gone over the fiscal cliff a long time ago. You really think that continued spending will do anything for the debt and deficit?The whole reason this is a fiscal cliff is because both ill-advised tax increases AND ill-advised cuts are about to take place.
I'm glad that you see the reality that our government is a shirt-storm and that it's not working. That doesn't mean it can't be fixed in the context of its own system. Systems can work even if they're not the best system.
We should stop any governing that is at it's core directed at affecting the economy. The government is to protect individuals from one another, not ensure that the dollar has value. This is not a government problem, it is a labor problem.
The debt won't continue to mean nothing. Eventually the dollar bubble will burst
And I should add that the only reason I'm better off is that my wife and I both have sustained employment and kept no debt except our shrinking mortgage, which we've got down to a 3 year payoff. That's if we stay employed.
In fact, I'm going to guess in spite of ****ty government policy, the US will be in a better position vis-a-vis the rest of the world 10 years from now. If the dollar crumbles then the rest of the world's currencies will be going with it.
What point are you trying to make with that initial post? The way you phrased the first sentence, I don't think you even agree with what you said. It would rule out regulation of interstate commerce and quite a few other functions the Government currently performs.
And bull**** this is just a labor problem. It's both and you know it.