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Thread: Volcker: Taxes likely to rise eventually to tame deficit

  1. #21
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Erod View Post
    LOL, wrong party. True conservatives believe quite the opposite.

    It's the entitlement programs that need to go. Cut spending, cut taxes, cut welfare, cut foreign aid, and let capitalism work its magic.
    Cut spending, yes....cut corporate welfare and foreign aid for starters...
    as for letting capitalism work its magic, it needs to be supervised.
    Rampant unfettered capitalism is greed at work, and is responsible for the mess we are in now..Wall Street is the new face of organized crime...
    Oracle of Utah
    Truth rings hollow in empty heads.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by UtahBill View Post
    Cut spending, yes....cut corporate welfare and foreign aid for starters...
    as for letting capitalism work its magic, it needs to be supervised.
    Rampant unfettered capitalism is greed at work, and is responsible for the mess we are in now..Wall Street is the new face of organized crime...
    Now, the mess we're in now was caused by WASHINGTON dictating to lenders who to give homeloans too. Freddie Mac and Fannie Mae are the culprits, not wall street.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by MrVicchio View Post
    Now, the mess we're in now was caused by WASHINGTON dictating to lenders who to give homeloans too. Freddie Mac and Fannie Mae are the culprits, not wall street.
    no, that's not waht happened. washington did not force anyone to make bad loans.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by MrVicchio View Post
    Gee, cutting spending and lowering taxes is just too difficult to contemplate...
    The size of the nation's long-term imbalances is too great to allow for only cuts in discretionary spending. Indeed, virtually all discretionary spending, including the Defense budget, would need to be eliminated to have a chance to cover the nation's long-term imbalances.

    Fiscal sustainability will require a combination of discretionary spending reductions, mandatory spending reform, and tax hikes. The combination of significant discretionary spending cuts and mandatory spending reform (including fundamental health care reform) would assure that any tax hikes could be relatively modest.

    IMO, the biggest problem with the recent health care law is not what the legislation contained, but that it failed to address the chronic excessive growth in national health expenditures. Such expenditures have been rising at a multiple of GDP for a prolonged period of time and such excessive growth is expected to continue. That path is not sustainable in the longer-term. Indeed, one can argue that the recent health legislation worked around the problem by expanding coverage without addressing the fundamental issue that has been a leading driver of the high incidence of uninsured persons.

    There's no way around it. The U.S. health care system as it is currently designed is unsustainable. Its performance shortcomings in certain categories of care, the incidence of uninsured persons, etc., are symptoms of its fundamental problems. It is that situation that is fueling the imbalances in Medicare and Medicaid. In its most recent long-term budget outlook, the CBO declared, "Slowing the growth rate of outlays for Medicare and Medicaid is the central long-term challenge for federal fiscal policy."

    Far-reaching reform is needed. The sooner such reform happens, the easier the transition will be.

    In the absence of such reform, Medicare and Medicaid will impose a growing burden on the nation's public finances and rising health costs, in general, will impose a growing burden on employers and individuals, alike. The employer-centered private model will implode, as that model would begin to fundamentally undermine the competitiveness of U.S. firms vis-a-vis their international rivals. Even with the individual mandate and health exchanges, a growing number of individuals would find coverage prohibitively costly. Under such a scenario, the incidence of uninsured persons would increase in the longer-term following whatever reductions might occur from the recently-enacted health care law (CBO projections point to reductions in the number of uninsured persons over the next 10 years).

    I suspect that the fundamental challenges facing the nation's health care system were ignored largely due to the political difficulty involved with reducing benefit growth. Indeed, some political leaders even complained about modest reductions in growth in Medicare spending.

    Needless to say, fundamental health care reform will require very difficult decisions. Those decisions will include a dramatic restructuring the health care industry (particularly the hospital sector where much of the excessive cost growth has been occurring per medical inflation data), regularly reporting on health industry productivity (no BLS reporting is done on that issue), opening all sectors of health care to international competition, eliminating interstate barriers to competition, legal/jedical malpractice reform, and closing rules that prevent price arbitrage e.g., the current ban on drug reimporation, etc. Nonetheless, difficult as such choices might be, policy makers cannot continue to punt the proverbial health care football indefinitely. Acting as cheerleaders for a system that is failing badly, once the basic issue of excessive cost growth is considered, is not helpful, as it only nurtures an environment that makes far-reaching reform more difficult.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by MrVicchio View Post
    Now, the mess we're in now was caused by WASHINGTON dictating to lenders who to give homeloans too. Freddie Mac and Fannie Mae are the culprits, not wall street.
    Brainwash alert. Have you even read up on the whole crisis, or have you just read the RNC talking points being mailed to you?

    You do know that a huge portion of the bad mortgages were not in Fannie and Freddie right? You do know that these bad mortgages outside Fannie and Freddie were unregulated thanks to a republican congress and Bill Clinton right?

    Or are you ignoring the facts and like many conservatives trying to (and some have succeeded) to rewrite historical fact on what caused the credit crunch..

    Wall Street had a HUGE part in the crisis we are in now. They are the ones who paid off government to lessen the oversight and transparency so greed could run amok, and they are the ones who paid the credit ratings agencies to put an AAA rating on junk so they could sell it across the world.
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by liblady View Post
    no, that's not waht happened. washington did not force anyone to make bad loans.
    Wrong. Liberals like Barney Frank threatened to punish banks for not loaning to "low-income, minority, and distressed neighborhoods."

    We can thank the Community Reinvestment Act for this mess more than anything.

    Real Estate Blog - Barney Frank Cried Racism And Look What Happened
    The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by MrVicchio View Post
    I cannot repeat a myth, since JFK, Reagan and Bush proved it true...
    Err lets see.

    Reagan never had a surplus, and grew the US debt from under 1 trillion to over 3 trillion by the time he left office..

    Bush.. did exactly the same, just in a lesser scale... slightly

    As for JFK... the debt vs GDP fell during Kennedy, but did rise slightly in over all value.

    So you were saying?
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    I believe the path US is heading is very dangerous. US will be a crappy welfare state. US will in no way be able to provide the services that other welfare states are able to. US advantage is beeing a free promising country where there are low taxes and there are few uneccecary regulations like you see in other countries. Still with all the problems, I would still say US is doing better than Europe and at least they can admit they have problems.

    Some of the changes that should be done instead of increasing taxes.
    - Reduce spending in health care. Either hand the whole system over to the government or make it a proper free market system with some regulations with the main purpose to cut cost. That will also give more money to private consumption.
    - Cut in education. It's not the money that is the problem. Let the students pick any school they want and let them compete with grades. Also, change the grading system so that tests counts more. For instance all subjects could have an externally assesed exam that counts 50%. That will be way more effective than any amount of money.
    - Also other spending is too high, that's most of the ineffective stuff.

    This should be able to cut spending by 10% of GDP, which will be enough to balance the budget and reduce the deficit.
    Last edited by Camlon; 04-07-10 at 12:21 PM.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Erod View Post
    Wrong. Liberals like Barney Frank threatened to punish banks for not loaning to "low-income, minority, and distressed neighborhoods."

    We can thank the Community Reinvestment Act for this mess more than anything.

    Real Estate Blog - Barney Frank Cried Racism And Look What Happened
    And wrong again, because there was rules and regulation of this so that far far far from everyone who wanted a loan got a loan. There was also no predatory lending as far as I know.

    All the predatory lending and the huge majority of the bad subprime loans came from out side the Fannie and Freddie system, because it was unregulated and had zero transparency. That is why pizza delivery boys were suddenly mortgage lenders over night.

    Blaming Fannie and Freddie for everything is nothing but more right wing rewriting of the facts to fit their world view. Face it, the right has had it in for Fannie and Freddie since the day they were made, and now they have found a way to distort the facts to put all the blame on these two institutions and non on the real culprits.. the people who are bankrolling the Republican party.
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by PeteEU View Post
    Err lets see.

    Reagan never had a surplus, and grew the US debt from under 1 trillion to over 3 trillion by the time he left office..

    Bush.. did exactly the same, just in a lesser scale... slightly

    As for JFK... the debt vs GDP fell during Kennedy, but did rise slightly in over all value.

    So you were saying?
    The interest on these deficits is staggering, plus you chose a president that spent Russia into bankruptcy during the Cold War and another that inherited 9-11.

    But I agree that Washington as a whole is irresponsible as hell. And now we want to give them our healthcare system, too? They can't even run the post office without losing $68 billion per year.

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