Re: Just a comment on the budget arguements -- The Rosewater Foundation, Rosewater, Indiana

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Date Posted: 14:28:16 06/06/11 Mon
Author: jeffman
Subject: Re: Just a comment on the budget arguements
In reply to: Paul Davis 's message, "Just a comment on the budget arguements" on 07:09:05 06/05/11 Sun

I dont know why they cant see that this is going to collapse us just as Greece collapsed. The USA is not too big to fail and no one is going to bail us out.

>Sigh.
>
>Ok, on a budget of 3.5 trillion we borrow 1.4
>trillion, leaving collections of 2.1 trillion. That's
>the facts, jack.
>
>Suppose we cut 500 billion. DC will call that 5
>trillion in cuts because they count by decades, but
>whatever.
>
>Cutting 500 billion is an enormous cut, and will cause
>all kinds of problems, but OK, we do it. Then what?
>You still are 900 billion out of balance.
>
>So Ok, go look at the actual tax numbers. You'll find
>that collections are down to the lowest they've been
>since forever, and that it amounts to 14% of GDP. The
>US always has spent about 18 - 20% of GDP in federal
>spending since WWII, and right now (in two and a half
>(Libya) wars) we are up to 23%.
>
>So we cut 500 billion, then we add 500 billion in tax
>rate increases. Guess what, the middle class has to
>be increased too, because middle class tax rates are
>the lowest ever, due to things like Bush and Obama's
>family tax giveaways and increases in the child
>deduction. So everyone gets a rate increase.
>
>We've still got 400 billion in deficit, which the
>world will probably live with. But we need to do
>something soon. And that's about what it should end
>up as, if someone will shut the damn tea party up for
>a while.

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Replies:

Re: Just a comment on the budget arguements -- shirley, 18:25:40 07/10/11 Sun