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Thread: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    What are they going to pay SS with? Will they borrow more? Tax more? Print more money?

    My bet is on the last alternative and eventually greater inflation. We have already seen the signs in fact.
    Letting the tax cuts for the wealthy expire will provide enough revenue to repay the money that was borrowed from SS, so that it will be solvent for the next 75 years!
    Social Security FAQ | Strengthen Social Security


    Tell me something........How could we possibly repay the $2.6 trillion dollars to SS without letting the tax cuts for the wealthy expire?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    But we know that spending will just increase under this President. There is no intent to cut anything and there only will be more "stimulus" spending under this president with further crony capitalism. That's what this is all about. And because of a compliant media it's become almost impossible to follow the money trail anymore.
    Getting back to lower employment rates is the best way to cure our deficit problem. Anything that helps speed up the recovery will pay for itself with increased revenues from more workers paying taxes. I can't believe you don't understand all the waste of labor and potential growth in the unemployed. It is criminal not to rebuild our infrastructure now when construction is still depressed from the housing bubble. We have neglected our roads, tunnels and bridges long enough

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Sheik Yerbuti View Post
    FDR, a much better president than Bush, was smart enough to raise taxes during wartime. FDR managed to fight, and win, a world war, defeating the Nazi's, the Fascists, and starting the program to develop atomic weapons, which ultimately led to the demise of the Imperialists. Conversely, George Bush borrowed the money to pay for his wars, one of which was a war of choice where he invaded a nation which had not attacked us and which did not have the weapons for which he invaded and he spent 6 years fighting an insurgency.
    I'm in a unique postion here. Me and Bush are members at the same Church and there are times I would like to walk up tot the guy and slap him upside his head! OTOH I think he believed in what he was doing and ultimately I do think there are a lot of longer term goals. He is a Hoover and me and my Mother had an interesting conversation about Hoover last night. In her opinion Hoover started a lot of the programs that FDR gets credit for. It is an interesting historical juxtaposition considering our position these days.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Jerry View Post
    As long as the spending returns to pre-2001 levels also, I'm ok with that.
    Especially Defense spending, right?

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Jerry View Post
    As long as the spending returns to pre-2001 levels also, I'm ok with that.
    I am happy to return to pre 2001 military spending levels, and it will have to be done whenever people decide our debt is a problem.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Sheik Yerbuti View Post
    Yes and yes.
    It's good that there are still people who keep the faith, who continue to believe , despite all the evidence to the contrary. Who knows? Maybe this time maybe the country may get lucky and Charlie Brown will really get to kick that football.



    Good thing I looked it up ... there was no recession when Bush took office ...
    Is that another wish?
    http://www.nber.org/cycles.html
    Also, what I said was not how much debt Bush inherited -- I pointed out that it was growing at the slowest level than it had been in many years. In the year leading up to Bush's inauguration, debt increased a meager $22 billion; compared to the year leading up to Obama's inauguration when the debt increased $1.4 trillion.
    Yes, it was me who said that Bush inherited a $5.6 trillion debt. Bush added another $2 trillion or so in 8 years and now Obama, so far, has added another $6 trillion or so in four years. That's a spot of bad luck for a former Superpower.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by iguanaman View Post
    Getting back to lower employment rates is the best way to cure our deficit problem. Anything that helps speed up the recovery will pay for itself with increased revenues from more workers paying taxes. I can't believe you don't understand all the waste of labor and potential growth in the unemployed. It is criminal not to rebuild our infrastructure now when construction is still depressed from the housing bubble. We have neglected our roads, tunnels and bridges long enough
    How can you seriously expect lower employment rates when people are too concerned about the extra taxes and regulations that they hacve to face. It is more beneficial for businesses just to move their companies elsewhere if they are not making a go of it at home. many are complaining about corporations and companies leaving but are doing everything they can to insure that will happen.

    The only one hiring is the government, and BHO wants the States to hire more people as well. That's his economic plan.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Grant, How could we possibly repay the $2.6 trillion dollars to SS without letting the tax cuts for the wealthy expire?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    It's good that there are still people who keep the faith, who continue to believe , despite all the evidence to the contrary. Who knows? Maybe this time maybe the country may get lucky and Charlie Brown will really get to kick that football.
    It's about math, not faith. Increased revenue can decrease deficits. If spending goes up and cancels out that decrease, Republicans are just as much to blame as Obama since they control the House and the House controls spending.

    Quote Originally Posted by Grant View Post

    Is that another wish?
    http://www.nber.org/cycles.html
    Who knows what you mean by that; but as the link I gave you shows, there was no recession when Bush became president. I need not wish for that to be true since it is.

    Quote Originally Posted by Grant View Post

    Yes, it was me who said that Bush inherited a $5.6 trillion debt. Bush added another $2 trillion or so in 8 years and now Obama, so far, has added another $6 trillion or so in four years. That's a spot of bad luck for a former Superpower.
    Who knows what that has to do with the fact that Bush inherited the smallest deficit in many years and turned that into the biggest deficit in history (up until that point).

    Oh, and by the way, your math sucks. Bush started with a debt of $5.8T and 8 years later, it was $10.7 trillion, that's nowhere near "$2 trillion or so in 8 years". And again, Bush started with a deficit growing at 22 billion whereas Obama started with a deficit growing at 1,400 billion. Bush started with a structurely sound economy and broke it, turning over a structurely dead economy. You can run from the facts but you cannot hide from them.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Catawba View Post
    Grant, How could we possibly repay the $2.6 trillion dollars to SS without letting the tax cuts for the wealthy expire?
    It doesn't matter. that 2% will not be enough to cover SS.

    The boomers are aging, and people are living longer than ever, and there will be fewer working adults to support them. There are more Americans on disability now than there have ever been before, and that's a habit that's hard to break. The government has added health care to the social platter and the boomers will expect to be looked after there as well. Plus there is the accumulating interest on the debt, as well as the debt itself.

    I doubt that the American people can pull themselves out of this mess, largely because they are no longer serious or even understand that a very serious problem exists. I have always been very pro American, and defended her wherever I went, because the world needs America and what it represents. But I no longer have confidence in the American people. This generation, my generation, has squandered it all away.

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