SERIOUSLY-
 

If brakes aren't put on spending, and new taxes and higher ceilings are put into
affect, what great new government programs would NEED to be started?

I grew up in CT. When I was a kid, there was no state income tax. Things seemed pretty good to me as I was was growing up. Then they impose a state tax, then there are budget shortfalls, then they raise tax, etc.

How can this be? How did they get by with nothing, and then have a tax, that isnt enough? I believe my avatar says it all.....

Yes, there will need to be s o m e tax increases but it can't be done entirely on the backs of the middle class. Most important is that most of the savings are done from cuts, not new taxes.

At 10 years old, my kid owns 47,000 of deficit liability. How much will it be at twenty? Are we THAT irresponsible as a nation?

We have five ways out of the mess:

1. Tax the peees out of everyone
2. Cut the peees out of everything
3. Increase revenue through job creation / expanding the real economy
4. A balance of the above three
5. Default: in which case meet our new Goram overlords (geek reference)

Bloated social programs, major increase in the handout-expecting population, lack of accountability and (probably the biggest contributor) more and more legislation.

So does this mean you're finally coming out of the Republican closet?

I vote #'s 2and3.
You gotta believe there is no way #4 will happen as history says,
#1 will always get the long end of the stick.

Cut first answer questions later. :)

LOL
Ya well, he is a few years older and maybe wiser since he joined the forum. :hihi:
Give him a few more years and he'll be leading the Tea Party. ;)

Both parties are thoroughly involved with and responsible for all those points I mentioned, aside from the social programs.

It's not only the poor that expect handouts.

The image I posted above is very applicable to the way Congress is run now. Democrats bribe the poor with broader social programs, Republicans bribe the wealthy with complex tax laws and loopholes. Both accomplish their goals at the expense of the middle class.

Where is the "Like" button ?

hmmm,

if there is a stiff breeze near an oil well, the stock market tanks because of the risk of rising oil prices, someone chokes on a McDonalds burger and the market tanks........so tell me why the market seems pretty stable when we are days away from a catastrpohic default? Serioulsy?

cuz O'ld Barry boy whispered in all their ears......he said the magic words....





















NO DEFAULT

I looked at Massenergy.com website for oil yesterday. see-sawing around a few cents either way at a seasons high for easily 2 weeks. Chart looked like a sawtooth!

150 gallons minimum drop....$3.73 a gallon yesterday.

Just to heat water......

Because most of the market is reactionary. If the default happens (which doesn't really matter if it does or not), the market will immediately tank due to all the propaganda in the news and by politicians about how terrible it is that the US surpassed an arbitrary number on how much it can borrow.

When that day happens, I'd bet the market falls 3-5% the day of the default and another few percent when the credit rating (which is should be decreased anyway) is reduced, recover a few points as people buy in on bargain priced stocks and then sit stagnant in a "150pts up, 150pts down" day to day trading like the market has been doing for a few months now.

I'll tell you though, anyone with some liquid cash on-hand should dump as much as they reasonable can afford when the Dow gets down near 11,000.

The DOW is down like 400 points in the past week and you call this stable?

-spence

Yes, look at a chart, its not bih drop and the s p osntnad at all

Ml
Posted from my iPhone/Mobile device

I hope you are not daytrading on the crackberry - you might accidentally buy $100K of the parent company of Vagisil.

there goes Spence's IRA and any remaining evidence that he can produce to try to prove that things are actually better under Obama :rotf2::rotf2::rotf2:

He'll figure some way to spin it. :rotf2:

11,000... here we come. Probably a 1-2% bump tomorrow, small bump over the weekend and another 150pt drop Tuesday. Anyone else have some guesses?

8000 by Christmas.

Until they make it easier to be in business

we are going "no where" .... as a country.

if they want to tax someone (besides the wealthy)
place import taxes on ALL Chinese goods
since they are Hacking us to death anyways.

Based on what?

Oh no he doesnt! I posted on the other blog...the $14 trillion debt DOES NOT INCLUDE the projected shortfalls for social security and medicare. According to MSNBC (I posted a link on the other blog), those shortfalls are about $31 trillion. So add that to the $14 trillion we have in "operating" debt, and the total debt is $45 trillion. That works out to about $152,000 in debt for every American. And that ignores state and local deficits!!

I put the math in the thread thanking the Tea Party. Tax increases are useless. If we eliminate the Bush tax cuts on those making over $250k, that might get us $90 billion a year. If we put every cent of that towards the debt, and if we ignored interest, it would take 500 years to amass the $45 trillion we need.

I'd like a liberal here to tell me how we can even BEGIN to tax (or grow) our way out of this.

We can't. I wish we could, but we can't. We need deep, painful cuts. And we need liberals to stop yelling "you hate old people!!!" at people like Paul Ryan who are just being honest.

I inputted the GDP and the current debt into the free calculator I got in my Oaty O's this morning and I said =8000

Isn't that about how it works lately? :grins:

Seriously based on a bunch of stuff, including current political bs, oil pricing, the inability of this administration to do any further stimulus, recent downwards trends....need I go on?

You have a rosier outlook than I do right now....

for a LEO... (the prez)
he acts like a wittle baby kitten

he's a girly man