Please Read

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james380
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Re: Please Read

Post by james380 »

lol BD. Nice to see you back in action.
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crashmister
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Re: Please Read

Post by crashmister »

Speaking of the media, Murdoc is in trouble right now with News of the World closing in Brittan. However it's not over, several of his news outlet's world wide are now being invesitgated for a host of accusations. Wonder where that will leave Faux news? When you look at all the tabloids he owns it's not hard to understand where Faux is coming from.
Far as the politicians, if they let the debt limit lapse because they would only cut middle class & poor porgrams and not tax the rich, I think you'll get your wish about an uprising. Every reputable economist on both sides of the asile agree on 2 points. 1. unemployment will skyrocket, 2. inflation will follow suit into double digits the likes of which this country has never seen before. This whole situation is unprecedented by the way. Never before has the debt limit been attached to any other legislation. It has always stood alone. What the republicans and the tea party are doing is in effect holding the world's economy hostage in "my way or the highway" type budget talks. Boehner and McConnel are a couple of punks being pushed around by a bunch of freshmen tea baggers. Boehner is asking where the president's plan is? Strange question since it's his job as leader of the house and one of the original tax cutters. But more importantly Mr boehner, that would be the 4 trillion dollar plan that you keep saying won't work because it involves revenue increases for the richest 1% of the country. It's not rocket science here. If you take money out of the hands of the majority of spenders or the middle class, the economy tanks. It effectively reduces demand and that reduces the number of people needed to provide good's & services. A capitalist economy is based soley on demand. Tax breaks creating jobs is a mith, urban legend, fantasy, whatever. It's not real. I know the tea party governors who are facing huge unemployment, defict, and wellfare increases because of their policy's that started 6 months ago are just begining to figure it out.
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fishaddict0916
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Re: Please Read

Post by fishaddict0916 »

I say do away with the IRS and the Federal Tax Code and replace it with a FLAT/CONSUMPTION TAX that is the same for everybody....no matter how small or large your income is. That way you do away with all the "loop holes" and no one is taxed more or less than anyone else. That avenue may have some problems of its own, but they can't be any worse than the ones with the tax code we have now.

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Big Daddy
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Re: Please Read

Post by Big Daddy »

I'd love to see a flat tax but don't expect it to happen for the same reasons: too many people have to give something up.

Crash-the Debt limit situation reminds of me of the Fram commercial- buy the oil filter now ($10), or rebuild your engine ($300 set of rings).

Look at Italy TODAY-borrowing costs have skyrocketed. Why-too much debt.

If our congress does not make significant, immediate, real (not promised) cuts now, we won't have an economy to worry about. Then we will have real panic in the cities.

Holding the Debt limit hostage is an act of brinkmanship by those who believe we are on the brink.
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CubanExpress
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Re: Please Read

Post by CubanExpress »

Or, we could divide the united states into tow halves. One half get's higher taxes, less government. The other half get's lower taxes, more government. Deal or no deal?
Last edited by CubanExpress on Thu Jul 21, 2011 10:33 am, edited 2 times in total.
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MoJo
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Re: Please Read

Post by MoJo »

CubanExpress wrote:We should divide the united states into tow halves. One half get's higher taxes, less government. The other half get's lower taxes, more government. Deal?

How about into thirds?

The third choice gets no Government and no taxes...

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CubanExpress
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Re: Please Read

Post by CubanExpress »

MoJo wrote:How about into thirds?

The third choice gets no Government and no taxes...
LOL

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Big Daddy
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Re: Please Read

Post by Big Daddy »

Now we're talking. :mrgreen:
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CubanExpress
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Re: Please Read

Post by CubanExpress »

Big Daddy wrote:Now we're talking. :mrgreen:
LOL

crashmister
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Re: Please Read

Post by crashmister »

I've heard both sides and the logic behind them. The problem is with trend's and circumstances. First, look at the states that had the deepest cut's. Everyone of them has UE over 10% and it's expected to climb. Second is part of a opening statement by Bernanke in June.

As is often the case, the ability and willingness of households to spend will be an important determinant of the pace at which the economy expands in coming quarters. A range of positive and negative forces is currently influencing both household finances and attitudes. On the positive side, household incomes have been boosted by the net improvement in job market conditions since earlier this year as well as from the reduction in payroll taxes that the Congress passed in December. Increases in household wealth--largely reflecting gains in equity values--and lower debt burdens have also increased consumers' willingness to spend. On the negative side, households are facing some significant headwinds, including increases in food and energy prices, declining home values, continued tightness in some credit markets, and still-high unemployment, all of which have taken a toll on consumer confidence.

Developments in the labor market will be of particular importance in setting the course for household spending. As you know, the jobs situation remains far from normal. For example, aggregate hours of production workers--a comprehensive measure of labor input that reflects the extent of part-time employment and opportunities for overtime as well as the number of people employed--fell, remarkably, by nearly 10 percent from the beginning of the recent recession through October 2009. Although hours of work have increased during the expansion, this measure still remains about 6-1/2 percent below its pre-recession level. For comparison, the maximum decline in aggregate hours worked in the deep 1981-82 recession was less than 6 percent. Other indicators, such as total payroll employment, the ratio of employment to population, and the unemployment rate, paint a similar picture. Particularly concerning is the very high level of long-term unemployment--nearly half of the unemployed have been jobless for more than six months. People without work for long periods can find it increasingly difficult to obtain a job comparable to their previous one, as their skills tend to deteriorate over time and as employers are often reluctant to hire the long-term unemployed.

http://www.federalreserve.gov/newsevent ... 10607a.htm

Yeah we need to cut, but we need to do it so as not to kill consumer spending. and it needs to be done in stages. The longer people don't spend money, the longer demand is below what the current job market needs to improve.
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CubanExpress
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Re: Please Read

Post by CubanExpress »

Pat, if we don't come to a sound resolution that will put us on the right track, do you think something like what happened to the USSR in 1991, could happen to the United States?

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