Page 3 of 4 FirstFirst 1234 LastLast
Results 21 to 30 of 32

Thread: Congress Said to Delay Automatic Budget Cuts Until March

  1. #21
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by American View Post
    Mark my words, Democrats will get tax cuts eliminated without a single spending cut. And it's doubtful those cuts were ever real spending cuts anyway.
    They certainly could if they wanted to, since the tax cuts expire of their own accord. But that won't happen.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  2. #22
    Sage

    Join Date
    Oct 2007
    Location
    New York
    Last Seen
    11-28-17 @ 04:47 PM
    Gender
    Lean
    Centrist
    Posts
    11,690

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by Kushinator View Post
    I am not convinced that increasing the eligibility age is as painless as it seems. There is evidence that suggests that the lowest income representation of S.S. also has the lowest probability of actually living to see any disbursements. Of course we can confirm this logically due to the relationship between income (or wealth) and life expectancy in the U.S. IMO, it would be more appropriate to means test all increases in the eligibility age.
    You raise an important point and I'm not averse to the idea of means testing for Social Security and even Medicare among various options to reduce their long-term imbalances. I believe either Paul Krugman or Joseph Stiglitz have discussed that issue you raised.

    In any case, I should have been more specific. By macroeconomically painless, I was referring strictly to the impact a gradual increase in the age of eligibility would have on personal consumption expenditures. Such a move would have a much smaller potential contractionary impact than immediate spending reductions or tax hikes, even as it would have a meaningful impact in reducing the nation's present value long-term liabilities.
    Last edited by donsutherland1; 06-27-12 at 12:33 PM.

  3. #23
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 11:03 AM
    Gender
    Lean
    Libertarian
    Posts
    34,562

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by AdamT View Post
    They certainly could if they wanted to, since the tax cuts expire of their own accord. But that won't happen.
    Of course it won't happen since the tax rates for the BOTTOM income bracket would go up 50%, by returning to the "Clinton" tax rates that YOU say that you want. This is what YOU and other lefities can not UNDERSTAND as you rant that "the rich" got all the big breaks. That is the BIG LIE about the "Bush" tax cuts. Obama and the left like MOST of these tax cuts, they seek only to soak "the rich" and continue with more income redistribution schemes, and other "social justice" nonsense, in the name of "fairness".
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  4. #24
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 11:03 AM
    Gender
    Lean
    Libertarian
    Posts
    34,562

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by donsutherland1 View Post
    You raise an important point and I'm not averse to the idea of means testing for Social Security and even Medicare among various options to reduce their long-term imbalances. I believe either Paul Krugman or Joseph Stiglitz have discussed that issue you raised.

    In any case, I should have been more specific. By macroeconomically painless, I was referring strictly to the impact a gradual increase in the age of eligibility would have on personal consumption expenditures. Such a move would have a much smaller potential contractionary impact than immediate spending reductions or tax hikes, even as it would have a meaningful impact in reducing the nation's present value long-term liabilities.
    The means testing idea is a good one for SS/Medicare perhaps with a limit of 250% of the maximum SS benefit as the "test". The increasing of the retirement age, however, ignores an important FACT. While SOME jobs are able to be done by people over 70, many are not, so as you raise the MINIMUM retirement age you drastically increase those that would qualify for much HIGHER benefits by attaining a "disabled" status. Allowing a construction trades worker to retire at age 65-69 makes SENSE, but raising that age a bit would give many of them a 30% RAISE in their INITIAL SS benefits as they can then legitimately claim to be "disabled" from working in that profession. Lifting the current wage cap is another thing that would extend the viability of the SS/Medicare system, with little pain being inflicted on the affected workers (except for those "self-employed"). Obama, however, did the DUMBEST thing possible, which was the "temporary" cut in ALL FICA withholding taxes. Yes he did!
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  5. #25
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by ttwtt78640 View Post
    Of course it won't happen since the tax rates for the BOTTOM income bracket would go up 50%, by returning to the "Clinton" tax rates that YOU say that you want. This is what YOU and other lefities can not UNDERSTAND as you rant that "the rich" got all the big breaks. That is the BIG LIE about the "Bush" tax cuts. Obama and the left like MOST of these tax cuts, they seek only to soak "the rich" and continue with more income redistribution schemes, and other "social justice" nonsense, in the name of "fairness".
    The tax RATES at the bottom would go up, but they'd still pay little if any tax due to credits.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  6. #26
    I'm not-low all the time
    Kushinator's Avatar
    Join Date
    Jan 2006
    Location
    West Loop
    Last Seen
    Today @ 01:09 AM
    Gender
    Lean
    Independent
    Posts
    16,254

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by ttwtt78640 View Post
    Lifting the current wage cap is another thing that would extend the viability of the SS/Medicare system, with little pain being inflicted on the affected workers (except for those "self-employed"). Obama, however, did the DUMBEST thing possible, which was the "temporary" cut in ALL FICA withholding taxes. Yes he did!
    Two points:

    1.) I agree with increasing the wage cap to a degree. Yet policy makers must be careful to restructure the outflows at the highest income/benefit levels to avoid unforeseen surges in liabilities. As I previously mentioned, the highest income participants receive the longest duration of benefits as a function of mortality alone.

    2.) Any tax cuts can be made up during future periods of low(er) unemployment, of which the macroeconomy will be more capable of dealing with such cost increases.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  7. #27
    Sage
    jamesrage's Avatar
    Join Date
    Jul 2005
    Location
    A place where common sense exists
    Last Seen
    12-10-17 @ 09:23 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    31,067

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by AdamT View Post
    How would WWII have worked out if we'd had a balanced budget amendment?


    A balanced budget amendment could include an exception for national emergencies like war declared on the US as well as a rainy day fund provision to help lessen such a debt.Severe penalties like prison time and loss of office could also be put in place for politicians trying to create bills to use these rainy funds for other uses.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

  8. #28
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 11:03 AM
    Gender
    Lean
    Libertarian
    Posts
    34,562

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by jamesrage View Post
    A balanced budget amendment could include an exception for national emergencies like war declared on the US as well as a rainy day fund provision to help lessen such a debt.Severe penalties like prison time and loss of office could also be put in place for politicians trying to create bills to use these rainy funds for other uses.
    LOL. That is EXACTLY what makes the "pay go" rules into a standing JOKE in congress now. They even declared the 2000 census spending, a 200+ year tradition, as an "emergency" expense, not subjected to "offsets". Everything is now a "crisis" or an "emergency" and even for those few NORMAL spending increases they are "paid for" by borrowing and spending NOW but using 10 year "future offsets" (not even counting the interest expense, and staring in the NEXT congress' budget), that amount to nothing more than unenforcable promises to HOPE that some future congress actully makes any cuts. They even count spending INCREASES as cuts now, since they were a bit less of an increase than some prior PROPOSED spending increases were. LOL
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  9. #29
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 11:03 AM
    Gender
    Lean
    Libertarian
    Posts
    34,562

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by Kushinator View Post
    Two points:

    1.) I agree with increasing the wage cap to a degree. Yet policy makers must be careful to restructure the outflows at the highest income/benefit levels to avoid unforeseen surges in liabilities. As I previously mentioned, the highest income participants receive the longest duration of benefits as a function of mortality alone.

    2.) Any tax cuts can be made up during future periods of low(er) unemployment, of which the macroeconomy will be more capable of dealing with such cost increases.
    The means test idea would largely offset the benefits paid to highest end recipients, but Obama cutting FICA withholding was INSANE.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  10. #30
    Sage

    Join Date
    Dec 2011
    Location
    Florida
    Last Seen
    Today @ 04:41 AM
    Gender
    Lean
    Liberal
    Posts
    23,354

    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by Prof. Peabody View Post
    The Democrats would like very much for this to happen. 1) They promised cuts that never materialized........again. 2) They can blame the Republican controlled Congress. We need a balanced budget amemdment to the Constitution.
    You don't read too well. This is from the link.

    The Republican-led House passed a bill in May to avert defense spending cuts and plans to vote in July on a measure to extend the expiring tax cuts. Neither measure will advance in the Democratic-controlled Senate. President Barack Obama opposes both proposals.
    Last edited by iguanaman; 06-27-12 at 03:11 PM.

Page 3 of 4 FirstFirst 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •