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Old Oct 29, 2012, 01:54 PM
Alarm Bells Continuing!
Big Foot 48's Avatar
Arizona
Joined Oct 2001
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US Debt and Deficits and Why We're Screwed

An easy to understand explanation of current and projected US Federal tax revenues and expenditures, and why achieving a "balanced budget", much less reducing the debt, is likely never to be a reality.

As you watch it, I would remind you that Obama's only current proposal is to raise taxes on "millionaires and billionaires" resulting in $80 billion of additional tax receipts a year. Keep that $80 billion in mind as you see the big picture as explained by a former IBM accountant.

http://www.youtube.com/watch?feature...&v=EW5IdwltaAc
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Old Oct 29, 2012, 02:31 PM
Out of Time
United States, TX
Joined Jul 2003
1,092 Posts
It was apparent half way through Obama's first term spending frenzy that we would be screwed no matter what happened in this election.
The debt doesn't just go away because Romney/Ryan step in.

Obama didn't just eat pooch, he screwed the pooch to where no one could get us out of this mess for at least a decade or more.

Personally, I truly believe that was Obama's plan because what's going to happen fits right in with Cloward/Piven and it's expected results.
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Old Oct 29, 2012, 03:01 PM
Now fortified with carbon
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Canada, ON, Cambridge
Joined Apr 2010
2,781 Posts
I didnt see any mention of Mitt`s loopholes
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Old Oct 29, 2012, 04:23 PM
Out of Time
United States, TX
Joined Jul 2003
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Originally Posted by DLGjunkyard View Post
I didnt see any mention of Mitt`s loopholes
Don't matter. Lack of taxation isn't our problem and has never been our problem.
Spending is the problem. You don't fix the foolish spending by following up with foolish taxation.

Only a fool thinks that the "rich" aren't paying enough when the US tax structure works out like this:

The top 1 percent of taxpayers pay 38 percent of all the income taxes despite having just 20 percent of the income.
The top 10 percent of taxpayers pay 70 percent of the income tax while having just 46 percent of the income.
At the other end, the bottom 50 percent of taxpayers pay just 2.7 percent of the income tax while having 13 percent of the income.

http://healthblog.ncpa.org/u-s-tax-c...t-progressive/
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Old Oct 29, 2012, 04:31 PM
LcJ
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United States, LA, Monroe
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Did anybody hear Obama say to one of the late night host that he had trouble with 7th grade math? If you missed it here it is.

http://www.realclearpolitics.com/vid...7th_grade.html

I have no trouble believing that he isn't the only one in power that has no concept of why we are in the problem we are.
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Old Oct 29, 2012, 04:39 PM
Real Time Recon
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smith mt. lake VA.
Joined Jan 2007
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Quote:
Originally Posted by DLGjunkyard View Post
I didnt see any mention of Mitt`s loopholes
Everyone has loopholes.Just look at who is President.
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Old Oct 29, 2012, 06:20 PM
Government is a fearful master
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United States, TX, Farwell
Joined Feb 2001
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A stock broker frend of mine believes this is what we face

If Obama gets re elected, there will be no real effort to fix our finances and we will rock along spending borrowed money at increasing levels. The Fed will continue to print money to try to keep up with our interest payments. Inflation will increase interest rates on the debt until we cant even paythe interest. The U.S. will loose our AAA rating and can'r borrow money at low rates , but will have to borrow at any interest rate. Eventually our financial rating will be junk and we can't borrow money from anyone and the economy will collapse under the huge debt + interest. That is is bad as it can get. The government won't be able to pay for just basic services. Debt holders will begin to confiscate industry physical plants and other tangeable assets which will destroy our infrastructure. This could really happen. There is a good chance it will.

If Romney gets elected? All he can do is institute austerity measures which will be draconian and the economy will stagger under the government taxation that either president will be forced to levy on all of us. If Romney can ride the bucking bull of a backlash from entitlement receivers, he may avoid collapse, but won't avoid a credit crunch and crippled economy.

This is going to be one hell of a ride and will definately fill a chapter or 2 in the history books. The U.S. is about to be turned into a second rate economy and a toothless tiger. Enjoy what you got while you can because the party is about to end and the hangover is going to be a doozy!
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Old Oct 29, 2012, 06:30 PM
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United Kingdom
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Romney - Obama - deficit

Neither can - nor will fix it
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Old Oct 29, 2012, 06:36 PM
Government is a fearful master
electroman7's Avatar
United States, TX, Farwell
Joined Feb 2001
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Quote:
Originally Posted by ENGINETORQUE View Post
Romney - Obama - deficit

Neither can - nor will fix it
A lot of truth in that statement. Politicians are incapable of admitting they got us in this mess and they won't do much to fix it because it will cost them their jobs and their jobs are all about power and control. We might have a slim chance of avoiding a catastrophe, but we are gonna take one heck of an a** whooping financially which will affect everything we do going forward. We crapped in the bed and now we have to lay in it.
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Old Oct 29, 2012, 06:54 PM
Out of Time
United States, TX
Joined Jul 2003
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Quote:
Originally Posted by electroman7 View Post
If Obama gets re elected, there will be no real effort to fix our finances and we will rock along spending borrowed money at increasing levels. The Fed will continue to print money to try to keep up with our interest payments. Inflation will increase interest rates on the debt until we cant even paythe interest. The U.S. will loose our AAA rating and can'r borrow money at low rates , but will have to borrow at any interest rate. Eventually our financial rating will be junk and we can't borrow money from anyone and the economy will collapse under the huge debt + interest. That is is bad as it can get. The government won't be able to pay for just basic services. Debt holders will begin to confiscate industry physical plants and other tangeable assets which will destroy our infrastructure. This could really happen. There is a good chance it will.
That's a really good description of Cloward/Piven right there and why I truly believe that Obama has done this to us on purpose.
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Old Oct 29, 2012, 06:56 PM
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Originally Posted by Highflight View Post
That's a really good description of Cloward/Piven right there and why I truly believe that Obama has done this to us on purpose.
Really ?
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Old Oct 29, 2012, 07:00 PM
Government is a fearful master
electroman7's Avatar
United States, TX, Farwell
Joined Feb 2001
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I also think this might be true. Why? Because his core values dictate that everyone should have a level playing field and this could very well spill over onto the world stage. He is merely chopping us down to be on a par with most of the rest of the word both economically and militarily.
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Old Oct 29, 2012, 07:15 PM
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Tucker, Georgia, United States
Joined Feb 2004
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Suddenly, in the middle of the worst economic downturn in 80 years, and after two Republican presidents spent like drunken sailors, cut taxes, and ran up huge deficits, it became the most important thing in the world. Wonder why?

A large portion of the deficit is reduced revenues due to the economic downturn.

If you want to see some bad stuff happen see if the Republicans cannot compromise on the fiscal cliff they have set up for congress and the house decided not to deal with it until after the election. They were too busy repealing Obamacare 37 times or whatever it was. That really helped, they should have just all taken unpaid leave if they are so concerned about the deficit, they were not going to to anything anyway.

The deficit needs a stronger economy. That will come. People are spending more, and more than 60% feel the worst is over and the economy is getting better, or about to get better. Fourth quarter retail hiring is expected to be at a par with before the crash of 2008. You know, on the Republican's watch, never saw it coming... folks knew in 2005 it was going to happen. Must of been one of them "atta boy Brownie" fellows who used to run dog shows acting as Bush's economic adviser.
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Old Oct 29, 2012, 07:24 PM
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Joined Dec 2005
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No, Treetop, it didn't suddenly become important. We've been heading down this road for a long time. It's just that we are finally in the end game stages.

I agree with you, both parties did really stupid stuff. The idea that you could promise to do what REALLY needs to be done and still get elected when the other guy is still promising free everything from the government still exists during this election.

Look at Romney, is he promising to do what REALLY needs to be done? Radical changes to the tax code? Radical cuts to entitlement spending? Radical cuts in our military budget?

Nope, nope, nope.

My only hope is that when he's elected, he is smart enough to say, "America, if we don't get serious about this crap we are screwed, and I'm going to be man enough to get serious about it no matter what I said during the campaign."

Then there is the matter of dealing with congress.....


Personally, I think we are screwed. I feel really bad for my kids.
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Old Oct 29, 2012, 07:28 PM
Alarm Bells Continuing!
Big Foot 48's Avatar
Arizona
Joined Oct 2001
276 Posts
Quote:
Originally Posted by Treetop View Post
A large portion of the deficit is reduced revenues due to the economic downturn. .
When I looked at that a few months ago I think I found revenues were down about $300 billion from pre-recession levels, which would make that factor account for a small portion of the $1,300 billion annual deficits Obama has been running. Feel free to get current data on this but in the end, it's the spending and we're stuck on stupid.

And it became important because no President had run up trillion dollar deficits year after year, and who forecast in their own budget to keep doing it for another 10 years.

My question is why aren't Democrats concerned? That's the mystery!

And if President Romney doesn't start to fix it, we'll get someone else in four years and try again.
Charts (there's more!): http://www.google.com/url?sa=t&rct=j...JpX89jvD0F3XZQ
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Last edited by Big Foot 48; Oct 29, 2012 at 08:09 PM.
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