Economy just hit the fan

[craig71188]

So is the giant deficit Obama's fault?

 

 

http://www.salon.com/technology/how_the_world_works/2011/07/25/george_bush_owns_the_deficit/chart.jpg

 

The bottom line is, spending needs cut, revenue increased, and tariffs increased (to promote domestic production of goods). We're going to have to feel some pain in order to get into a position where we can start paying some debt off. We'll probably never stop being the world police because too many foreign nations own US debt, although if our credit rating keeps dropping who cares if they threaten to call our debt.

 

 

Really, Salon.com as an objective news source?!?!??!

 

But I do agree, we need to cut spending. We need NO NEW REVENUE (please be honest and say tax increases) until there is some control of the congress' spending habits in place, period.

[Mallard]

The source of the chart was The New York Times/Congressional Budget Office/Center on Budget and Policy Priorities. It was the first result that showed up on Google Images, so that's where I linked it from.

 

Is this better? http://www.nytimes.com/imagepages/2011/07/24/opinion/sunday/24editorial_graph2.html?ref=sunday

 

Without additional revenue (taxes or increased tarrifs on imports) it will take us years to chip away at the deficit and produce a surplus. Cutting entitlement programs and reducing the budgets of government programs is going to meet heavy resistance in congress and nothing will get done. Taxes are most likely going to return to the levels seen in the Regan era.

[LJ]

I am filling up my gas car and gas cans in the morning, because I expect gas to be back to $4 by the end of next week or two at the latest.

 

 

RBOB is already down almost $0.06 :gabe:

[AWW$HEEET]

It's not penalizing them. It's getting this country back to where it should be. Your $500,000 earner will pay an extra $5,000 in taxes. Yep, takes away an extra job doesn't it . It's time to make sacrifies or there won't be a country to sacrifice for.

 

Show me one that A. works B. could actually gain support C. not ruin an industry

 

Cutting spending is all well and good, but the debt needs to be repaid

 

Cut entitlements, quit giving people incentives to be fat and lazy, quit giving foreign aid, in conjunction with keeping taxes at their current rates. It will eventually balance and be paid off.

[BDHG940]

Buying futures on orange juice?

[BDHG940]

Cut entitlements, quit giving people incentives to be fat and lazy, quit giving foreign aid, in conjunction with keeping taxes at their current rates. It will eventually balance and be paid off.

 

Also, I agree with what your saying 110%. I believe it is time to get a president/leader to run this country like a successful company.

[SpaceGhost]

In other news we lost Alaska to Cananda according to CNN when we recieved our ratings drop.

 

http://i2.cdn.turner.com/money/2011/08/06/news/international/sp_rating_countries_with_aaa/aaa-club2.top.gif

 

http://money.cnn.com/2011/08/06/news/international/sp_rating_countries_with_aaa/index.htm?hpt=hp_t2

 

Incase they fix it:

[Mallard]

HA! I saw that this morning and wondered if that meant we could give Sarah Palin to Canada. They fixed it, BTW.

[10phone2]

RBOB is already down almost $0.06 :gabe:

 

Yea I saw that this afternoon and laughed at myself

[10phone2]

Also, I agree with what your saying 110%. I believe it is time to get a president/leader to run this country like a successful company.

 

I agree 100%, unfortunately no one has the guts to step up and do it while in office. Side story: my dads family is from the ghetto of New Orleans. They lived off welfare for countless years. When Louisiana made it harder to keep getting section 8 and welfare, amazingly they all got off the system and got their shit together. It works, people just have be willing to be the bad guy.