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Thread: U.S. National Debt Tops Debt Limit

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by obvious Child View Post
    Is 3% on a tiered system really going to bring in 30 million more jobs? Particularly if that is income tax, that doesn't seem likely. If we alleviated the issue of crushing medical insurance costs, then it is likely we could boost employment numbers. Decreasing personal income taxes is hardly going to do much compared to reducing costs that are directly tied to new jobs. Reducing worker's comp, health insurance costs, unemployment and FICA would IMO do far more for jobs then any minor cut in personal earned income tax rates.
    I didn't just say cut payroll taxes. There are many other taxes that need cut, but this administration is wanting to increase them further (take corporate taxes, capital gains taxes, energy taxes, etc...).

    Medical insurance costs can easily be alleviated - pass TORT reform and loosen the regulations on insurance companies (allow insurance companies to do business in every state). More than 70% of Americans are happy with their quality of healthcare and healthcare coverage - link. Combine TORT reform and de-regulating the medical insurance industry and you will see the percentage of those happy with their medical costs increase tremendously.

    And as far as doing something for unemployment, the Obama administration is going about it all wrong. Small businesses make up 99.7% of all employers. They employ half of private sector workers. They provide more than 60% of new jobs annually and produce a GDP of roughly 6 trillion dollars - link. And yet Obama does not invite anyone representing the small business market to his "Job Summit". Who does he invite instead? He invites unions, three mayors and Paul Krugman? His cabinet boasts the lowest percentage of people with private sector experience in the last 100+ years - link:



    Bottom line, Obama doesn't know what he is doing. How can you leave out the entire small business community from a jobs summit? That would be like me hosting a basketball summit and only inviting people with experience in football, soccer, baseball and Stephen King (to cover the Paul Krugman invite). Anyone that can pass a high school economics class can look at what this administration is doing and shake their head in disbelief. Obama is harming the economy at an unprecedented rate. And just to be fair, this all started with Bush. Obama is merely accelerating the rate at which it is being destroyed.

    I'll leave you with this quote (Washington Post op-ed piece discussing the stimulus bill):

    "Because each day we wait to begin the work of turning our economy around, more people lose their jobs, their savings and their homes. And if nothing is done, this recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.

    That's why I feel such a sense of urgency about the recovery plan before Congress. With it, we will create or save more than 3 million jobs over the next two years, provide immediate tax relief to 95 percent of American workers, ignite spending by businesses and consumers alike, and take steps to strengthen our country for years to come." - President Barack Obama, Feb. 5, 2009 - link
    Welfare (Food Stamps, WIC, etc...) are not entitlements. They are taxpayer funded handouts and shouldn't be called entitlements at all. Social Security and Veteran's benefits are 'Entitlements' because the people receiving them are entitled to them. They were earned and paid for by the recipients.

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    Re: U.S. National Debt Tops Debt Limit

    Hey, it's only 1.2 billion dollars a day in interest! Just pocket change.

    Check out what CNN is saying here.

    And here's the national debt clock they are talking about

    It's merely a little over $111 grand per taxpayer. You can afford that, right?

    How much is 12 trillion dollars?

    If you were the most generous employer in history, with 1,000 employees making an average of $1,000 per hour, your payroll would be a million dollars an hour, or 40 million for a 40 hour week. Your payroll would be just over $2 billion a year.

    At that rate, you would be in business for nearly six thousand years before paying out 12 trillion.

    Do the math and see.
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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Erod View Post
    Not really. Our debt is mostly in our own currency, and it's not dangerously high as a percentage of our GDP. Many other countries have historically had debt levels much higher than ours currently is, and have not had credit troubles.

    Quote Originally Posted by Erod
    How in the world are we going to fix this?
    Well, in the long term we're going to need to balance the budget, obviously. In the short term, our main focus should be on keeping the economic recovery going. This means keeping taxes low and spending high...which will obviously make the deficit balloon.
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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Erod View Post
    U.S. National Debt Tops Debt Limit - Political Hotsheet - CBS News



    Does this not just shake you to your core?

    How in the world are we going to fix this?
    Pay Congressmen and women in stationary and staplers for a year or two...

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Erod View Post
    U.S. National Debt Tops Debt Limit - Political Hotsheet - CBS News



    Does this not just shake you to your core?

    How in the world are we going to fix this?
    -
    Lets all chip in to cut the deficit.
    See, done! Now our crooked politicans can have a fresh start on screwing us again!
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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Hugh_Akston View Post
    Medical insurance costs can easily be alleviated - pass TORT reform and loosen the regulations on insurance companies (allow insurance companies to do business in every state). More than 70% of Americans are happy with their quality of healthcare and healthcare coverage
    I'm not sure about the TORT reform. I'd need to see actual impact upon costs to insurance. However, I'd agree with you on regulations reducing the economies of scale.

    And as far as doing something for unemployment, the Obama administration is going about it all wrong.
    Perhaps, but individually, small business have relatively weak power. Large corporate moves could produce larger changes that would trick down. And the extension of benefits is a good thing as it's one of the few surefire methods of pumping money into the economy. The problem with giving many people with jobs tax cuts is that they save it. It's primarily why Bush's 2007 tax cuts utterly failed. They didn't get spent. However, those without jobs do spend at higher rates.

    Bottom line, Obama doesn't know what he is doing.
    I think you place too much power in the office. Remember the President doesn't control the purse strings, only the capacity to veto. Granted, this started under Bush and had the foundation in Clinton, but the president doesn't have as much power as many people think he does.

    The stimulus is not a stimulus as it was not timely. I don't know how many times I have to say that.
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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by obvious Child View Post
    I'm not sure about the TORT reform.
    You must not see those commercials about "Have you taken such-and-such medicine recently? Did you suffer any of these 400 symptoms or did your loved one die? You MAY be entitled to a large chunk of money in a class action lawsuit (that we'll just take a modest portion of!)"


    well...that last part is the hidden message....

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by EpicDude86 View Post
    You must not see those commercials about "Have you taken such-and-such medicine recently? Did you suffer any of these 400 symptoms or did your loved one die? You MAY be entitled to a large chunk of money in a class action lawsuit (that we'll just take a modest portion of!)"


    well...that last part is the hidden message....
    I know it has an effect, but just how much is the question. I've been around the block to know that often the most famous reason is not the real problem.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by obvious Child View Post
    I know it has an effect, but just how much is the question. I've been around the block to know that often the most famous reason is not the real problem.

    Well when you allow lawyers to rape Doctors and Pharmaceutical companies, especially in class action suits, they either go under (decreasing supply and increasing demand) or most likely they pass the cost on to the consumer. And if said consumer has insurance, they're going to pass that on to them anyways in higher premiums for said procedure or medicine or an increase in policy cost.

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by EpicDude86 View Post
    Well when you allow lawyers to rape Doctors and Pharmaceutical companies, especially in class action suits, they either go under (decreasing supply and increasing demand) or most likely they pass the cost on to the consumer. And if said consumer has insurance, they're going to pass that on to them anyways in higher premiums for said procedure or medicine or an increase in policy cost.
    But that doesn't address my point. I'm not rejecting that the named things in your posts are expensive. I'm merely questioning their total impact. Just because a very public incident is expensive does not logically conclude it is the real problem.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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