November 3, 200817 yr Author And the debt added is over $16,000 PER PERSON. It wasn' a good deal. My kids and grandkids will be paying for our folly long after I am out of the work force. The largest welfare payment in the history of the world is the one that has happened over the past eight years. We have taken money from future generations and given it to ourselves. My grandkids hope you enjoyed your $2,900. I don't buy into the debt scare tactic. I think it is overblown but should not mean that we should spend willy-nilly. I was very displeased with the spending habits of the Republican President and Republican Congress. Very displeased and while they deserved replacing, I pray that the Republican President is not.
November 3, 200817 yr Obama's plan will not be what is implemented. McCain's plan will not be what is implemented. Mark it down. Either one will have to bow down to congress as they will probably have enough votes to override any veto McCain stamps and they will have a rubber stamp from Obama. REMEMBER, Clinton's proposal before he was elected was to not raise taxes on the middle class, yet within 26 days of being sworn in, he and the congress raised taxes on the middle class. Before him, Bush Sr promised 'no new taxes' and within his first few years, he and the congress raised taxes as well. What a politician tells you isn't what they will do. My question is simple, ... why would you raise taxes on anyone with the financial situation as it stands? Why would you raise capital gains taxes and expect that to make the markets more liquid? Why would you want to increase spending when it is obvious it needs to be cut? Why doesn't government have to live within their means like the rest of us? Why would you think that increasing the minimum wage by 46% will create jobs and curb inflation? This thinking in Washington right now is absolutely mind boggling! The bolded part is the thing that concerns me, perhaps, the most. I'd at least like someone of the other party in the White House to try and provide some check and balance to the Reid/Pelosi duo. Hey on a less serious not, that would be a good WWF matchup: McCain takes on Reid and Palin takes on Pelosi. It would be a big money maker for the Federal govt. If Pelosi and Reid win, then Congress gets what it wants in federal spending and taxes; if McCain and Palin wins, the White House gets what it wants; and if there is a split, no change to the status quo (other than the Bush cuts get extended of course which will be my fee for suggesting this idea). Where's that McMahon dude who runs the WWF?
November 3, 200817 yr I just reviewed the bankruptcy papers of a debtor who earned $20,613.00 last year. Due to the various and sundry credits (mainly, of course, earned income credit) available to those who pay no taxes, he received a federal refund of $9,713.00. Wonder what he will receive under income redistribution? This just made me vomit. :madman:
November 3, 200817 yr Author This just made me vomit. :madman: Just to let you know LN, you used the angry emoticon and not the vomiting one. So, are you a) vomiting angrily; or b) angered in your vomit?
November 4, 200817 yr I don't buy into the debt scare tactic. I think it is overblown but should not mean that we should spend willy-nilly. I was very displeased with the spending habits of the Republican President and Republican Congress. Very displeased and while they deserved replacing, I pray that the Republican President is not. What do you mean debt scare tactic? Do you think those Chinese and Saudis who own our debt are just going to tell us to forget about repaying it? There's no free lunch, that's why I laugh when I hear people crow about how satisfying their Bush tax cuts were.
November 4, 200817 yr Author What do you mean debt scare tactic? Do you think those Chinese and Saudis who own our debt are just going to tell us to forget about repaying it? There's no free lunch, that's why I laugh when I hear people crow about how satisfying their Bush tax cuts were. Honest question. How are they going to enforce payment of that debt? What is the downfall of Chinese and Saudis owning the debt? They bringing Guido over here to collect or our legs get broken?
November 4, 200817 yr Honest question. How are they going to enforce payment of that debt? What is the downfall of Chinese and Saudis owning the debt? They bringing Guido over here to collect or our legs get broken? They may not be able to enforce payment of the debt, but if the United States stops honoring its treasuries (even if only to China and the Saudis), it will probably never be able to borrow money again (from anyone) because it will be seen as too risky (don't know if you're going to get your money back). U.S. Treasuries would go from being just about the safest investment in the world to something with quite a lot of risk--that means the value of Treasuries on the open market would plummet and that could cause a global financial meltdown. I could also see the value of the dollar falling off a cliff as investors the world over sought to dump it in exchange for a safer haven. Just because we have the baddest military in the world, doesn't mean we're in in the driver's seat to dictate how or even whether we pay our bills.
November 4, 200817 yr They may not be able to enforce payment of the debt, but if the United States stops honoring its treasuries (even if only to China and the Saudis), it will probably never be able to borrow money again (from anyone) because it will be seen as too risky (don't know if you're going to get your money back). U.S. Treasuries would go from being just about the safest investment in the world to something with quite a lot of risk--that means the value of Treasuries on the open market would plummet and that could cause a global financial meltdown. I could also see the value of the dollar falling off a cliff as investors the world over sought to dump it in exchange for a safer haven. Just because we have the baddest military in the world, doesn't mean we're in in the driver's seat to dictate how or even whether we pay our bills. It would be ironic if, after our government pushed lending institutions to give loans that could never be paid back, we became the country that could not get a loan, for fear of no payment. Then again, it would not surprise me for the United Nations to propose the (World) Community Reinvestment Act of 2015. :lol:
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