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

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

    Quote Originally Posted by GhostlyJoe View Post
    Debt reduction is going to be politically unpopular no matter who takes up the mantle. Especially in the rhetorical environment we have now.

    We have to do it, but I don't know if we have the stomach for it.
    Yep both parties are out to give us the screw job.
    With the full support of the majority.

    Quote Originally Posted by upsideguy View Post
    If you have a budget surplus, only two things can happen: you cut the debt or you rebate/lower taxes. Clinton's surpluses were late in his term and he did reduce debt.
    I stand corrected, it was applied to the public debt debt.

    Some are arguing though that the decrease was a shell game of switching the money from SS to public debt.
    Making it look like a surplus.
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Camlon View Post
    He did in fact cut deficits. Normally the deficit we care about is net debt as a percentage of GDP. In fact, you can have deficits and still cut debt because of increases in GDP and inflation.

    If we look at the picture at the bottom, you will see that he cut deficits by 15% of GDP. Bush increased it by around 5%. Obama however is planning to increase it by 50% by 2015 and the deficits are not going back to Bush levels. (3.5% -1%) After HBO estimates, Obama will keep it above 5% and then it will increase after 2012.
    "I will show we agree that at the beginning of the year we have exactly that figure, 5 trillion 478 billion 7-some-odd-million dollars. Now, referring to U.S. Treasury Report table, you will find, under the column Close of This Month, the figure $5,606,486,000,000. So the table itself, according to the figures issued yesterday, showed the Federal Government ran a surplus. Absolutely false. This reporter ought to do his work. This crowd never has asked for or kept up with or checked the facts. Eric Planin--all he has to do is not spread rumors or get into the political message. Both Democrats and Republicans are all running this year and next and saying surplus, surplus. Look what we have done."

    "It is false. The actual figures show that from the beginning of the fiscal year until now we had to borrow $127,800,000,000."

    "That is increasing the national debt. That is the deficit, $127 billion. I checked this with the Congressional Budget Office. They haven't done their interpolation of the various records. I had been reporting, as you will find on the table inserted, a $103 billion deficit for this fiscal year, as of the CBO June 30 figure. I said: Wait a minute, it is way more than what we thought, if it is 127 rather than 103. They said there were some unaccounted balances carried forward, some $16 billion."

    That comes from Democrat Senator Fritz Hollings.

    View Appearance | C-SPAN Congressional Chronicle, Created by Cable. Offered as a Public Service.
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Harry Guerrilla View Post
    "I will show we agree that at the beginning of the year we have exactly that figure, 5 trillion 478 billion 7-some-odd-million dollars. Now, referring to U.S. Treasury Report table, you will find, under the column Close of This Month, the figure $5,606,486,000,000. So the table itself, according to the figures issued yesterday, showed the Federal Government ran a surplus. Absolutely false. This reporter ought to do his work. This crowd never has asked for or kept up with or checked the facts. Eric Planin--all he has to do is not spread rumors or get into the political message. Both Democrats and Republicans are all running this year and next and saying surplus, surplus. Look what we have done."

    "It is false. The actual figures show that from the beginning of the fiscal year until now we had to borrow $127,800,000,000."

    "That is increasing the national debt. That is the deficit, $127 billion. I checked this with the Congressional Budget Office. They haven't done their interpolation of the various records. I had been reporting, as you will find on the table inserted, a $103 billion deficit for this fiscal year, as of the CBO June 30 figure. I said: Wait a minute, it is way more than what we thought, if it is 127 rather than 103. They said there were some unaccounted balances carried forward, some $16 billion."

    That comes from Democrat Senator Fritz Hollings.

    View Appearance | C-SPAN Congressional Chronicle, Created by Cable. Offered as a Public Service.
    I don't get your point. Actually Obama is planning to borrow 1700 billions, then down to 650 billions in 2012 because then the crisis is over. After that he plans to increase it to 1200 billions in 2019. However these numbers doesn't make sense for any of us.

    To get some sense in the numbers we need to look at net debt as a percentage of GDP.

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

    Quote Originally Posted by Camlon View Post
    I don't get your point. Actually Obama is planning to borrow 1700 billions, then down to 650 billions in 2012 because then the crisis is over. After that he plans to increase it to 1200 billions in 2019. However these numbers doesn't make sense for any of us.

    To get some sense in the numbers we need to look at net debt as a percentage of GDP.
    Well there was a surplus per se and they did pay down the national debt but they used the off budget trust fund surpluses to do that.
    The trust fund money is for future obligations.

    So they borrowed from the trust funds to show the appearance of surplus.
    I'm not smacking Clinton around because I'm trying to learn about this.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by upsideguy View Post
    The economic crash of 2008 had NOTHING to do with the New Deal or Great Society,
    really> so if the New Deal and Great SOciety had been struck down for being in violation of the tenth amendment-as they most surely were-we would still have the massive bloated government interfering in areas it had no business in today? Such as forcing banks to make mortgage loans to underqualified home buyers?
    Last edited by TurtleDude; 04-09-10 at 08:47 AM.



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

    All this "we should raise it" and "we shouldn't raise it" is missing the point to me that bothers me about this.

    Almost everyone in the "We should raise it" crowd seems to act like this is obvious, that we knew this was going to be the case, that its not surprising. Fine. Then either Obama is a complete ****ing idiot OR is an absolute liar.

    If it was so obvious and unquestionable that we needed to raise taxes then he should've never gone about promising that no taxes would be raised for those that aren't "rich" in hopes of tapping populism and "appearing bipartisan". To do so either means he was too ****ing dumb to realize something so "obvious and unquestionable" or so disingenuous an slimey that he boldly and flatly lied to the face of the American people time and time again for nothing but political expediency. Change from Politics as Usual indeed.

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

    Quote Originally Posted by USA-1 View Post
    Now that is BS. Since the New Deal and Great Society the US has become the most powerful and prosperous nation on earth with one of the highest standards of living on the planet. The spiral downward started when we became the world police and first stuck our nose into the civil war in Vietnam.
    Nothing in the history of this country has DAMAGED us more than the New Deal and The Great Society.

    And they had nothing to do with the prosperity of this country. In fact, the New Deal extended the Great Depression far longer than it should have been.

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

    Quote Originally Posted by TurtleDude View Post
    really> so if the New Deal and Great SOciety had been struck down for being in violation of the tenth amendment-as they most surely were-we would still have the massive bloated government interfering in areas it had no business in today? Such as forcing banks to make mortgage loans to underqualified home buyers?
    You're kidding right?
    Forcing banks to make loans? No bank was ever forced to make a loan. Derivatives? Credit default swaps? Record low mortgage rates? FED easy money policy? Hear of them? Lack of regulation led to the financial meltdown.

    Greed and speculation in the financial sector fueled the housing bubble and it's eventual collapse.
    You really should learn the facts instead of relying on GOP spin. It's funny how you guys hear something and then keep repeating it as fact.
    Last edited by USA_1; 04-09-10 at 10:59 AM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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

    Quote Originally Posted by USA-1 View Post
    You're kidding right?
    Forcing banks to make loans? No bank was ever forced to make a loan. Derivatives? Credit default swaps? Hear of them? Lack of regulation led to the financial meltdown.

    Greed and speculation fueled the housing bubble and it's eventual collapse.
    You really should learn the facts instead of relying on GOP spin.
    You wouldn't know a fact if it bit you on the ass.

    Case Name
    Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
    Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
    State/Territory Illinois
    Case Summary
    Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctiverelief, actual damages, and punitive damages.

    U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendant-bank’s loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).

    The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
    Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
    FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
    Childers, Michael Allen (Illinois)
    FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
    Clayton, Fay (Illinois)
    FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
    Cummings, Jeffrey Irvine (Illinois)
    FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
    Love, Sara Norris (Virginia)
    FH-IL-0011-9000
    Miner, Judson Hirsch (Illinois)
    FH-IL-0011-7500 | FH-IL-0011-9000
    Obama, Barack H. (Illinois)
    FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
    Wickert, John Henry (Illinois)
    FH-IL-0011-9000
    Obama Sued Citibank Under CRA to Force it to Make Bad Loans – UPDATED The IUSB Vision Weblog

    We'll wait while you find a way to claim that the lawsuit didn't actually force the bank to do anything.
    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 Erod View Post
    Nothing in the history of this country has DAMAGED us more than the New Deal and The Great Society.

    And they had nothing to do with the prosperity of this country. In fact, the New Deal extended the Great Depression far longer than it should have been.
    That is an opinion unsupported by reality.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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