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Thread: Europe’s economy is reeling and unemployment could remain high for years...

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by LowDown View Post
    I think what he means is that the poor don't pay federal income taxes, and you know perfectly well that's what he meant.
    Yeah, but it works great when your purpose on a forum is to make arguments based on clase and race.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by Helix View Post
    sounds like a great argument against austerity implemented too quickly. when we do it, it has to be phased in slowly enough for the economy to recover around it.
    I guess a lot of it depends on if you get a choice or not, I mean Im sure Greece would have loved to take things slower but there comes a time when you've run up so much debt that you run out of people to borrow off & then its a case of beggars cant be choosers, & if you want the money you have to jump through the hoops you're told to jump through.

    I think its even more painfull in a country like Greece where so many people are now dependant on the state, & the provisions that it provides that every cut must feel personally painfull.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by zimmer View Post
    We are the EU now too.
    You would only have been the EU if Romney had won. Austerity is killing the economy in Europe in the short term.. hopefully only the short term.
    PeteEU

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by Paul Austin View Post
    I guess a lot of it depends on if you get a choice or not, I mean Im sure Greece would have loved to take things slower but there comes a time when you've run up so much debt that you run out of people to borrow off & then its a case of beggars cant be choosers, & if you want the money you have to jump through the hoops you're told to jump through.

    I think its even more painfull in a country like Greece where so many people are now dependant on the state, & the provisions that it provides that every cut must feel personally painfull.
    we aren't Greece or Spain yet. if we start now, we can probably implement it gradually. however, it is still going to have to include every socioeconomic class, not just those who are collecting entitlements.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by Paul Austin View Post
    I guess a lot of it depends on if you get a choice or not, I mean Im sure Greece would have loved to take things slower but there comes a time when you've run up so much debt that you run out of people to borrow off & then its a case of beggars cant be choosers, & if you want the money you have to jump through the hoops you're told to jump through.

    I think its even more painfull in a country like Greece where so many people are now dependant on the state, & the provisions that it provides that every cut must feel personally painfull.
    That is the rub of it. America had a chance to make the slow adjustment and just elected not to. Now the writing is on the wall. Recession coming; Japan/China going to become borrowing nations in the next ten years; Europe is not going to have money to lend. I guess something magical is going to happen in Sri Lanka to make them the world's next bank because if it doesn't, American austerity is going to be worse than Greece because we have no other countries to carry our declining currency for us.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by Helix View Post
    however, it is still going to have to include every socioeconomic class, not just those who are collecting entitlements.
    Thats one of the problems Europe faces, I mean European government spends a lot more on the poor than they do on the rich so they poor are the ones who feel the greater cuts.

    I mean you can raise the taxes on the richer residents but history shows that if you raise it beyond a certain threshold that revenue actually declines so that in a case like Greece the more you borrow the more you have to pay back and the more you have to pay back the more cuts you have to make and the more you do the more the poor are the recipients of those cuts.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by Paul Austin View Post
    Thats one of the problems Europe faces, I mean European government spends a lot more on the poor than they do on the rich so they poor are the ones who feel the greater cuts.

    I mean you can raise the taxes on the richer residents but history shows that if you raise it beyond a certain threshold that revenue actually declines so that in a case like Greece the more you borrow the more you have to pay back and the more you have to pay back the more cuts you have to make and the more you do the more the poor are the recipients of those cuts.
    i agree. there is certainly a point of diminishing returns on the Laffer curve. it's my opinion that the individual marginal rates in the US aren't at the far right end of the graph right now, though.

    we can't do it by tax increases alone, and we can't do it by austerity alone. it has to be a combination, and it has to be implemented in a way that doesn't slow economic growth. it will be complicated, and i'm not convinced that we'll do it in time, because it has the potential to be very politically costly in the short term.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by Deuce View Post
    Let me guess. You think 47% of Americans don't pay taxes.
    Graduated taxation... right out of the Commi Manifesto.

    Ideal for class warfare poison. Socialists love it...
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by LowDown View Post
    I think what he means is that the poor don't pay federal income taxes, and you know perfectly well that's what he meant.
    The leftists are always seeking ways to get around reality.
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Europe’s economy is reeling and unemployment could remain high for years...

    Quote Originally Posted by PeteEU View Post
    You would only have been the EU if Romney had won. Austerity is killing the economy in Europe in the short term.. hopefully only the short term.
    You mean facing financial reality... cutting up the credit card is a problem? You think the solution is to keep piling up debt on the card and passing it to the next generation to pay?

    That's responsible.
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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