Obama's Fiscal Cliff

[dogtowner]

The gov't is spending over a trillion more a year than it brings in. Freezing the current spending levels isn't enough. The spending has to be cut back.

that will certainly speed up the process but you've heard the wailing and gnashing of teeth at merely limiting the size of spending increases. and thats the proof of the concept. there is so much built in rise in spending its hard to get your arms around it. so when I say a hard freeze I mean just that, NO automatic rise in spending.

not one dollar on or off budget. not one.
http://www.cato-at-liberty.org/new-...udget-is-simple-with-modest-fiscal-restraint/
I am not clever enough have worked this out but these guys are. its real.

 

[Cruella]

At this rate, the deficit for 2013 will be 1.8 trillion

Deficit already at $292 billion for fiscal 2013

The federal budget deficit has reached $292 billion just two months into fiscal 2013, the Congressional Budget Office estimated Friday.
That is a fast start for a fiscal year that CBO already predicted will have a deficit of more than $1 trillion — the fifth year in a row that has happened, all under President Obama

 

[Dr.Who]

Imagine a scenario in which a person owes a lot of money at a high interest rate but also gets regular raises. If things work out well those raises will dwarf the debt and in the future after making minimum payments he could easily pay off the whole debt with one weeks paycheck. As long as he does not get sick or lose his job/income for some unseen reason in the mean time.

But also lets imagine that things do not work out so well. He continues to rack up debt and with the high interest rate his debt grows faster than his income so that in a short amount of time there is no hope of his ever paying off the debt. His only choice is to go bankrupt. Of course countries cannot just declare bankruptcy.

So which one best fits the situation our country is in?

 

[Gipper]

Imagine a scenario in which a person owes a lot of money at a high interest rate but also gets regular raises. If things work out well those raises will dwarf the debt and in the future after making minimum payments he could easily pay off the whole debt with one weeks paycheck. As long as he does not get sick or lose his job/income for some unseen reason in the mean time.

But also lets imagine that things do not work out so well. He continues to rack up debt and with the high interest rate his debt grows faster than his income so that in a short amount of time there is no hope of his ever paying off the debt. His only choice is to go bankrupt. Of course countries cannot just declare bankruptcy.

So which one best fits the situation our country is in?

Of course its the later. But apparently many Americans do not see that the government will default on it's debt. It is merely a matter of when.

 

[Gipper]

At this rate, the deficit for 2013 will be 1.8 trillion

Deficit already at $292 billion for fiscal 2013

The federal budget deficit has reached $292 billion just two months into fiscal 2013, the Congressional Budget Office estimated Friday.
That is a fast start for a fiscal year that CBO already predicted will have a deficit of more than $1 trillion — the fifth year in a row that has happened, all under President Obama

Well if the wealthy paid more, all would be fixed.

So think the delusional and the deceptive.

 

[Gipper]

That's what the Ds have intended all along. Obama doesn't want the revenue, which Boehner has said we can do with eliminating loopholes. Same money from the same people, but Obama wants it done through tax increases. By going over the cliff, he gets his tax increases, not just on the rich, but on everybody, and the Republicans get blamed either way it goes down.

Yes I believe the Ds have intended all along to go over the cliff. BO's ludicrous budget proposal, which his media ignored, was so disingenuous that it revealed his intentions. Much of the MSM will blame the Rs, just as the Ds and BO will do....and amazingly many ignorant Americans will believe the deceptions.

Going over the cliff is every Ds wet dream. The party of tax and spend is in full flourish for all to see, but apparently some do not see.

 

[dogtowner]

Yes I believe the Ds have intended all along to go over the cliff. BO's ludicrous budget proposal, which his media ignored, was so disingenuous that it revealed his intentions. Much of the MSM will blame the Rs, just as the Ds and BO will do....and amazingly many ignorant Americans will believe the deceptions.

Going over the cliff is every Ds wet dream. The party of tax and spend is in full flourish for all to see, but apparently some do not see.

and others choose not to see.

taxes go up on all 52% of taxpayers as opposed to a couple % so the chances of actually seeing some of that tax money is much better. the military gets cut which the left leadership craves. whats not to like ?

and its all brought to you by the "compromise" everyone says they want until they notice their butts are bleeding money again.

compromise is the worst thing to ever happen to Congress.

 

[cashmcall]

Van Halen’s Answer to the “Fiscal Cliff”? Here You Go!

 

[Gipper]

Van Halen’s Answer to the “Fiscal Cliff”? Here You Go!

....might as well JUMP!!!

Great tune too!!!

 

[Gipper]

The Cloward-Piven strategy appears to working perfectly....

 

[dogtowner]

not so sure those people in that 10% bracket are going to be happy to see thst 50% jump to 15%.
clearly bo cares more about increasing taxes on all tax payers than the middle class. the parasites will be estatic.

wonder if people will sit down and shut up over this ?

 

[Dr.Who]

not so sure those people in that 10% bracket are going to be happy to see thst 50% jump to 15%.
clearly bo cares more about increasing taxes on all tax payers than the middle class. the parasites will be estatic.

wonder if people will sit down and shut up over this ?

A tax on the top will in no way, shape, or form produce any significant revenue at all so if his goal is to raise revenue then his ONLY option is to see it raised on everyone. In fact I think I saw that a 100% tax on the those earning over 10 million would generate 24 days worth of revenue. In fact, according to this:

" Let's move the bogey down to $200,000 in income. That's even lower than the $250,000-earners President Obama thinks should pay more. What happens if we confiscate 100% of all the income for people who make more than $200K? The IRS received 3,924,490 tax returns showing an income over $200K. These returns represent a total income of $1.964 trillion! That's a huge amount of money. But it's still not enough. The federal government is spending about double that this year".

Read more: http://www.americanthinker.com/2012/12/how_much_taxation_would_fund_current_spending.html#ixzz2EyOUG1Vo​

I believe he would be happy to see taxes raised on the rich only because that supports the class warfare that he so handily engages in. I believe he would also be happy to see taxes go up on everyone because that supports the statist agenda he loves. After all it is now while his administration is running most things that the gov is printing money by the billions in a clandestine tax on the poor otherwise known as QE 1 2 and 3.. I believe that progressives here do not even see statist as a bad word.

 

[dogtowner]

A tax on the top will in no way, shape, or form produce any significant revenue at all so if his goal is to raise revenue then his ONLY option is to see it raised on everyone. In fact I think I saw that a 100% tax on the those earning over 10 million would generate 24 days worth of revenue. In fact, according to this:

" Let's move the bogey down to $200,000 in income. That's even lower than the $250,000-earners President Obama thinks should pay more. What happens if we confiscate 100% of all the income for people who make more than $200K? The IRS received 3,924,490 tax returns showing an income over $200K. These returns represent a total income of $1.964 trillion! That's a huge amount of money. But it's still not enough. The federal government is spending about double that this year".

​

Read more: http://www.americanthinker.com/2012/12/how_much_taxation_would_fund_current_spending.html#ixzz2EyOUG1Vo​

I believe he would be happy to see taxes raised on the rich only because that supports the class warfare that he so handily engages in. I believe he would also be happy to see taxes go up on everyone because that supports the statist agenda he loves. After all it is now while his administration is running most things that the gov is printing money by the billions in a clandestine tax on the poor otherwise known as QE 1 2 and 3.. I believe that progressives here do not even see statist as a bad word.

he knows that his feint to "tax the rich" will queer any deal soo he gets the broad based and massive tax increases he wants.

saw the other day we borrowed 50b more last month taking it to 170b which puts us on track for a two TRILLION deficit this year instead of the one and a half.

got to just say no to any debt limit increase.

 

[Cruella]

After all it is now while his administration is running most things that the gov is printing money by the billions in a clandestine tax on the poor otherwise known as QE 1 2 and 3..

Welcome to QE 4. Bernanke, in addition to the QE 40 billion a month he has been printing, he has now added an additional 45 billion he's also printing monthly, which he said he's going to do for the next 3 years.

QE4 Is Here: Bernanke Delivers $85B-A-Month Until Unemployment Falls Below 6.5% - Forbes

 

[dogtowner]

Welcome to QE 4. Bernanke, in addition to the QE 40 billion a month he has been printing, he has now added an additional 45 billion he's also printing monthly, which he said he's going to do for the next 3 years.

QE4 Is Here: Bernanke Delivers $85B-A-Month Until Unemployment Falls Below 6.5% - Forbes

Isnt this like Enron ? Congress cares not. sigh