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or a nation-wide VAT
or taxing retirement accounts of the "rich"
oh the places this admin can go...
that's a hefty price to pay for the smug satisfaction of being "right."
I'd rather our elected officials grow up and address the issues, but that doesn't seem likely.
no, it is that the crisis might actually spur people to act.
this is not hard. realistic cuts in the future increases of medicare and defense. fine, leave SS out of it if you must. & say $1.5T in new tax revenue over a decade. You do that, you cut the deficits to manageable size and my kids are not going to be inheriting Greece.
I just think the Buffet Rule is such an awful idea. It is terrible economics and just pure populist garbage. Plus, Congress struggles enough already with the AMT, let's not add another one. I disagree philosophically with some of Obama's other proposals but they are at least sound policy (i.e. raise revenues by raising tax rates).
I love that on a UMD sports board, there's a thread called "sequestration, debt, and tax cuts." Gotta be the wonkiest board on 247. Sad thing is this is what I do for a living, so can't even come here for escape lol. #cannothidefromthefiscalcliff
I'm slowing evolving towards this myself.
I was really hoping for a more honest approach post election by either side.
The statement from the president yesterday that "reinstating the Bush tax cuts on those who make over $250,000 solves half of the fiscal cliff problem" is such a blatently incorrect and false statement that I can't actually believe he said it.
By any estimate, the amount of money that will by raised by this is between 43 and 52 billion dollars (only 7-9% of the total agreed to number.
Which is half of absolutely nothing.
We can't trust Washington, and kicking the can down the road has to stop at some point. Why not now? And if not now, when?
Frankly, it doesn't seem possible.
Why can't you believe he said it? He's been President for 4 years and still hasn't proposed a legitimate debt reduction plan.
Bring on the cliff. I'm fearing Boehner is going to fold though.
Go away, KA!
This post was edited by terps687 20 months ago
The whole posturing over this makes me think of the scene in Blazing Saddles where the sheriff puts the gun to his head and holds himself hostage.
I don't have a lot of confidence in Boehner either; I think he's a technocrat who's in over his head in the arena of political maneuvering. I think he's so willing to "get something done" that he's going to fall for a lot of political tricks and traps.
I think any substantial tax increase, coupled with the increasing implementation of Obamacare, is certainly going to cause another recession, if not depression. How can anyone have any confidence in the government or the private sector economy right now?
question. for budget deficit hawks, how much of an annual deficit do you think is acceptable? say short-term, next 5-10 years. and what percent of debt to GDP do you think is an acceptable long-term target?
I think $500B annual deficits would be fine if we can get back to 3.5% growth. That kind of a target seems realistic.
I'm pragmatic - if we can just get the debt increasing slower than total GDP (i.e., to start moving the ratio in the right direction), then I think we are fine short-term. Long-term we have the demographic time bomb so obviously entitlement promises will not be met, bet that discussion requires real leadership.
So I'd answer $500B and 60%.
I agree with the overall concept of short term debt increasing slower than the GDP.
Also OK with the 500b/3.5% growth number.
Getting the car pointed in the right direction is a good first step.
But I have 0.00% confidence that we'll deal with the real issue here, and the real issue is entitlements.
Unless and until we get them under control, we're going to be stuck in the same cycle. Maybe we need a fiscal cliff looming in the background in order to inform the public that Social Security, MediCare, and MediCaid are not currently sustainable given the levels these programs are funded at. Because that alone is the core issue facing us financially.
What is a realistic cut in medicare, medicaid, defense, and SS? A $1.5 trillion raise in revenues is very small compared to the $14 trillion in spending we're on pace to rack up over the next 10 years.
This post was edited by zwterp08 20 months ago
Where the hell is 3.5% growth coming from. We've printed our way to 2% and everything Obama wants to do will stunt any further growth.
This is a very good point, the US becomes less business friendly every year and it becomes easier for corporations in the US to do business in or from other countries every year, not a good combo for growth.
There are fixes which could significantly spur growth in the medium / long term. Patent reform is a biggie. Overhauling our excessively complex tax code would also make it much easier on start ups just from the reduced administrative burden.
I don't see either getting any traction though. Current patent holders want the current ultra broad interpretation of patent protection because it blocks entry into their industries by new players. And these same people write the campaign donation checks.
Same thing for tax reform. A dramatically simplied tax code would ruin the tax preperation industry. Those at risk will lobby to protect their interests.
No one seems willing to endure short time pain for future benefit. Even at the top we are a culture obsessed with immediate gratification.
This post has been edited 2 times, most recently by Dr_Hobo 20 months ago
Let's be real. When the real estate market recovers, the real recovery will begin. Everything else is just window dressing.
As for the cliff, nothing will get doe until Christmas. That's how things work in this city. Those clowns are already leaving for vacation again tomorrow.
it's kinda cute when Paul ignores the real issues and oversimplifies.
Obama's solution for the real estate market.
In all seriousness. I'm sure all the people getting their hours cut from 40 to 30 because of Obamacare are going to be buying houses really soon.
If your organization has a policy or practice that doesn't benefit minorities equally, watch out: The Obama administration could sue you for racial discrimination under dubious theory.
Yeah, real issues like the EPA! And taxes on the wealthy!
LOL. Well put. "Once a huge component of our economy recovers, we'll be in pretty good shape, imo!"
In other news, if we lower healthcare costs, healthcare will be more affordable.
Well, I mean, that’s what it is. I doodoo and then listen to Katy Perry.
more cowbell,and more EPA.
nothing like additional regulation and cost to push us over the top.
plus, new taxes on the wealthy now somehow solve "half" of the cliff.
I'm going to start searching for random new property to but just to do my part.
the Real Estate market isn't a driver of the economy it's a derivative. People need income to afford those mortgages. A RE market in equilibrium is 3-4x the income of the residents or prospective residents.
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