U.S. Bankrupt?

[zeitgeist57]

http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html

[2highpsi]

Our deficit is a huge problem. I think spending is the biggest problem though. Doubling taxes would kill growth and is an absurd recommendation.

 

The fact that FICA isn't a separate account and can be used towards general budget is ridiculous.

 

Also iirc the IMF report doesn't take into consideration the mortality table, so it makes the problem look a little worse that it really is. Well, unless no one ever dies again.

[Forrest Gump 9]

Ahhh, who care. We can always print more money and start more wars.

[TTQ B4U]

If they try and double my taxes I'm going to jail because I'm not going to take that shit.

[Scotty2Hotty]

Wasn't there a Revolution after unfair taxing.

[Brandon]

NObama will just give us another stimulus supplemented by China. LMAO

 

Whats funny is once they have already learned that over in Europe you can only tax to a point where there is no more to tax...NObama doesn't believe this to be the case as his increase in taxes are going to be EPIC.

 

When your GDP is at 85% of your debt load you are near bankrupt, by 2012 we will be over 100% of GDP to debt, and at that point ladies and gentlemen we are officially bankrupt. This is unprecedented as economists are uncertain what will happen, I predict Greece, Spain and other European countries which are over 100% GDP to debt load, look how wonderful their people are living...No amount of Taxes is going to save all the socialized programs, the only way is PAINFUL cut backs and growth in private sector, which is the exact opposite direction NObama is moving this country.

[RyM3rC]

Wasn't there a Revolution after unfair taxing.

 

Yeah, funny thing about that... What would the old-school Americans do if they got taxed on the money they earned, then taxed on it again when they tried to buy something?

[04silvrz]

the Apocalypse is near.

[sgtschulze]

Bailout after bailout. This last one with for the teachers and other "service" employees is just plain crazy.

 

You know how bad it is when the Democrats are robbing the poor/hungry and stealing their food stamps, to the tune of $12B, to pay for teachers etc... Just shows how powerful some unions are and how powerless the private sector is to stop it. Until we are ready to leave our wives, kids, and families behind to become martyrs against big government, it will never change.

[Casper]

the Apocalypse is near.

 

This.

[AWW$HEEET]

And everyone thought I was nuts when I said I wanted to stockpile land in southern Ohio/ WVA, and build a fortified compound for when the US explodes into mass chaos.

 

Funny things will begin to happen when the dollar isnt worth a shit anymore. Think about it.

[V8 Beast]

Need moar gunz!!

[AWW$HEEET]

Things that need to happen for a turn around:

 

1. Quit collecting Social Security. It was a short term plan for a short term issue back in the 1930s. Never intended as a longterm solution to anything, and as such it has been doomed to fail. Allow tax payers to create their own retirement/investment accts with this money as proposed by G.W. Bush (shot down by congress I believe).

 

2. Allow people to pay their mortgage on a pre tax basis. This gives citizens a tax shield while also promoting people paying their mortgage, which seems to be quite the issue right now. Also gives incentive to mop up some of this housing glut/surplus we have hanging around, boosts home value.

 

3. No capital gains tax.

 

4. Cut welfare.

 

5. Spending freeze. Quit fucking spending. No more pork, no more projects. Stop.

 

6. Get out of debt with nations around us.

[Casper]

Things that need to happen for a turn around:

 

1. Quit collecting Social Security. It was a short term plan for a short term issue back in the 1930s. Never intended as a longterm solution to anything, and as such it has been doomed to fail. Allow tax payers to create their own retirement/investment accts with this money as proposed by G.W. Bush (shot down by congress I believe).

 

2. Allow people to pay their mortgage on a pre tax basis. This gives citizens a tax shield while also promoting people paying their mortgage, which seems to be quite the issue right now. Also gives incentive to mop up some of this housing glut/surplus we have hanging around, boosts home value.

 

3. No capital gains tax.

 

4. Cut welfare.

 

5. Spending freeze. Quit fucking spending. No more pork, no more projects. Stop.

 

6. Get out of debt with nations around us.

 

I agree with all of this.

[Archie]

America fell apart in 2008, we're all fucked.

 

Grab some guns and lets fix this shit.

[Brandon]

Bailout after bailout. This last one with for the teachers and other "service" employees is just plain crazy.

 

You know how bad it is when the Democrats are robbing the poor/hungry and stealing their food stamps, to the tune of $12B, to pay for teachers etc... Just shows how powerful some unions are and how powerless the private sector is to stop it. Until we are ready to leave our wives, kids, and families behind to become martyrs against big government, it will never change.

 

Even better, since social security is also bankrupt they are trying to buy out big labor pension funds to save it...Ala the teachers pension funds, ill bet this stimulus deal had some sort of detail regarding pensions...Because the pension funds were PRIVATELY managed properly for profit, its amazing what the private market can do....

[Forrest Gump 9]

America fell apart in 2008, we're all fucked.

 

Grab some guns and lets fix this shit.

 

More like early 90's when NAFTA got pass. look on the bright side, Dec 21st, 2012 is a little more than two years away.

[Nitrousbird]

Things that need to happen for a turn around:

 

1. Quit collecting Social Security. It was a short term plan for a short term issue back in the 1930s. Never intended as a longterm solution to anything, and as such it has been doomed to fail. Allow tax payers to create their own retirement/investment accts with this money as proposed by G.W. Bush (shot down by congress I believe).

 

2. Allow people to pay their mortgage on a pre tax basis. This gives citizens a tax shield while also promoting people paying their mortgage, which seems to be quite the issue right now. Also gives incentive to mop up some of this housing glut/surplus we have hanging around, boosts home value.

 

3. No capital gains tax.

 

4. Cut welfare.

 

5. Spending freeze. Quit fucking spending. No more pork, no more projects. Stop.

 

6. Get out of debt with nations around us.

I like this, but I would but the importance as follows:

 

5 - this is by far the most important...more than all the others combined

 

6 - we need to own our own country

 

4 - though this could really be combined with #5

 

1 - does anyone think we will see a penny of that money?

 

2 - nice idea, but not nearly as important as the above

 

3 - another nice idea, but I would delete #2 and #3 in a second to get #5.

[2highpsi]

You know they are actually RAISING cap gains tax after this year.

Not to mention, if the bush income tax cuts are allowed to expire.

If you make 250k a year and also have non W2 income get ready to take it in the ass.

And before someone bitches that 250k families can afford to take the tax hike, take into consideration how many of those people employ other people and how many of them spend on discretionary items that really help drive the economy.

[wagner]

You know they are actually RAISING cap gains tax after this year.

Not to mention, if the bush income tax cuts are allowed to expire.

If you make 250k a year and also have non W2 income get ready to take it in the ass.

And before someone bitches that 250k families can afford to take the tax hike, take into consideration how many of those people employ other people and how many of them spend on discretionary items that really help drive the economy.

 

We talked about the tax cuts thate are about to expire and that is going to suck. People need to wake up and see the fact that neither party really care about YOU. They care about keeping their useless asses in power and that is it.

 

How hard is it to run for office? I would love to try and see what would happen if I ran on a no-bs real deal platform. How hard can it be? Most of what is going on makes no sense so how could I or anybody else do any worse?

[unfunnyryan]

some of you really need to learn how economics work, pick up a forbes magazine and do a little reading.

 

Want to know why public service workers need bailed out? Because current taxes cant afford to pay them, you fuckwads.

 

PS: Flame me, you are the ones making fools of yourselves by blaming economic problems on irrelevant factors.

 

e: since im in texas the next 4 days, just don't bother.

Edited August 12, 2010 by unfunnyryan

[Slowbalt]

WOW lots of anti Obama in here. Is this a tea party convention or something, haha. I don't even know where to start with all of this fail but first of all we need MORE taxation, not less. The Bush TEMPORARY TAX cuts are expiring....This is in no way equal to Obama raising taxes. Look at the tax rates over the last 100 years and you will notice we have some of the LOWEST tax rates in our history. We had tax rates over 85% in the 40's and 50's. Notice how lowering taxes and spending more is equal to higher deficits? I am no economist but all of the discussions I have had with people seem to indicate that the national deficit is hardly a pressing issue right now as most of it is owed to China and they really can't do shit about it because of how our economies are tied together. Now don't get me wrong I am not in love with Obama as there a quite a few promises he has made that still have not come to fruition but I do believe that he is doing the best with what hes got. What we need to do is focus on renewable energy, education, and make things to sell instead of the military industrial machine that only benefits the top 3% of the population and shits on everyone else.

[Guest 614Streets]

the Apocalypse is near.

 

 

yes

[2highpsi]

some of you really need to learn how economics work, pick up a forbes magazine and do a little reading.

 

Want to know why public service workers need bailed out? Because current taxes cant afford to pay them, you fuckwads.

 

PS: Flame me, you are the ones making fools of yourselves by blaming economic problems on irrelevant factors.

 

e: since im in texas the next 4 days, just don't bother.

You are an economics guru from reading Forbes,... yet we are the idiots?

 

I wasn't aware current taxes couldn't afford public service workers, thanks for the clarification. Your theory of taxing more until the budgets are met is genius. I'm sure there would be no negative repercussions from such a move......

[AWW$HEEET]

im an econ major lolry. EAHWD.