For Democrats and the Obama folks: How do you solve the debt issue?

[soccerballtux]

Based on the image below, it seems that two quick hits you could do are increase the age at which you're eligible for Social Security, pull out of Afghanistan and make major cuts to your military. Maybe kill all foreign aid as well, though that does have some "hidden" benefits (access to markets, ensuring stability in trade partners).

You think it's bad now, just wait till the baby boomers start drawing on SS en masse.

 

[IronWing]

Raise taxes
Cut corporate welfare (not end completely but cut)
Cut farm subsidies (not end completely but cut)
Pull out of Iraq
Pull out of Afghanistan
Close as many overseas bases as possible
Implement single payer health care system
End aid to Israel and Egypt
Hand a reparations bill for 9/11 to Saudi Arabia
Cut DHS
End war on drugs, release all drug-only offenders
End prison privatization

 

[Fear No Evil]

Eliminate the Bush tax cuts. All of them.

Deficit gone in less than 10 years.

It's time this country manned up and paid it's bills.

Everything I have read has said the Bush tax cuts net you about 100 billion a year over 10 years. After 10 years we have not even eliminated one year of Obama over spending.

 

[IronWing]

Everything I have read has said the Bush tax cuts net you about 100 billion a year over 10 years. After 10 years we have not even eliminated one year of Obama over spending.

If that were true do you think the Reps would be fighting so hard to keep them? It's class warfare and it's about time for the middle class to start shooting back against the rich aggressors.

 

[matt0611]

If that were true do you think the Reps would be fighting so hard to keep them? It's class warfare and it's about time for the middle class to start shooting back against the rich aggressors.

Why? We got tax breaks too. I want the "rich" to keep their money just as I want to keep my money. Fuck class warfare, I want everyone to be rich. Taxes are too high in this country already, need to be lower.

 

[Zebo]

Applying SS to all forms of income including unearned income and capital gains would raise 1 trillion. But many think 14% is too much for the big dogs but just fine for small businessman. Fuck that. Everyone should pay employment taxes.

There is where I'd start.

Then I'd couple any welfare to include unemployment, SSI, AFDC etal with a work requirement. This would eliminate fraud, and if you have to show anyway for 8 hrs might as well make real money and get a real job. All this would decrease significantly IMO.

Then i'd hold fraudsters in banking responsible for loaning 800K to hairdressers, slapping AAA on them when they knew they would fail, and selling these securities to your mutual funds and retirement. Big banks are worth trillions and the fraudsters worth billions go get them, jail them, liquidate assets and sell to highest bidders. Just like we did with Madoff.

 

[IronWing]

Why? We got tax breaks too. I want the "rich" to keep their money just as I want to keep my money. Fuck class warfare, I want everyone to be rich. Taxes are too high in this country already, need to be lower.

Our creditors might disagree.

 

[matt0611]

Our creditors might disagree.

We're never gonna pay China back, we should just default on our loans.

 

[Zebo]

We're never gonna pay China back, we should just default on our loans.

China hold an insignificant portion of the 55 trillion we owe. Americans do to include pensions, mutals and the really rich who own USA anyway. Basically that's not happening. They'll send grandma on the streets to hook before they stop paying interest.

 

[ShawnD1]

Cut spending, increase taxes on those that use government programs the most.

Tax unemployed people? lol u fail @ economics


sorry but you guys will need to take a HUGE tax hike eventually. It sucks, but that's the way it goes. When lots of countries have their income tax taking a whopping 30-40% of the average person's income (average person being about 40k per year) and the US is in a position where millions and millions of working people don't even pay any income tax due to all the write offs, then that should be an indication of something being a bit off. The long term solution is to cut back on spending, but you can't do that overnight. You can't fire literally millions of government employees in the same week and expect that to not cause an economic meltdown. It will take years to cut back on spending and shrink the government, and even then you'll still need to raise taxes to cover the debt you already have.

edit
The other option is to legalize and tax all currently illegal drugs on the condition that they are manufactured in the US. It would create a huge export market to Canada and Europe. Sure it would be an illegal export market, but that's not the governments problem. When joe blow is casually buying 100kg of legal cocaine and trying to smuggle it into canada where he can sell it for huge profits, that's Canada's problem. You could basically tax foreign countries by being the main exporter of drugs.

 

[First]

Everything I have read has said the Bush tax cuts net you about 100 billion a year over 10 years. After 10 years we have not even eliminated one year of Obama over spending.

No, they net you $4T over 10 years, which is $400B/yr, if you let all the tax cuts expire. It's political suicide now but a perfect way to get the deficit back in order over the next 10 years. It should absolutely be done, but only in combination with spending cuts, starting with non-critical defense spending and ending with SS & Medicare reform. Oh, and farm subsidies would be a good thing to kill over time as well. Only half this picture has been proposed by both sides.

 

[dmcowen674]

For Democrats and the Obama folks: How do you solve the debt issue?

Obama and the Democrats won't solve it.

Never had a chance even before Obama took office

Let me remind the America haters

"I hope Obama fails" - Rush Limbaugh

 

[Ken g6]

I'll tell you how: Raise taxes!

First, restore taxes to Clinton-era levels. Except for taxpayers in the top brackets; make the top tax bracket 70%!

Now, I'm sure Republicans will scream, "killing small businesses!" Here's how I solve that:

1. Give small business owners a 50% tax deduction on small business expenses. This lowers the corporate tax rate to the same as it was before; only a very rich owner's personal income tax is doubled.
2. Exempted from the above, give all businesses a 100% tax deduction on employee salaries up to a GS15 level for each employee. (Excluding the salary of a small business owner him/herself.) This makes American labor more cost-effective, relative to automation or outsourcing. And all those employees would still be taxed, once instead of twice, on their personal income. Furthermore, it is far more efficient to hire several American employees than to pay one employee millions of dollars.

 

[Fear No Evil]

No, they net you $4T over 10 years, which is $400B/yr, if you let all the tax cuts expire. It's political suicide now but a perfect way to get the deficit back in order over the next 10 years. It should absolutely be done, but only in combination with spending cuts, starting with non-critical defense spending and ending with SS & Medicare reform. Oh, and farm subsidies would be a good thing to kill over time as well. Only half this picture has been proposed by both sides.

I simply don't believe that. You have any links for proof? There is nothing I've seen that have put the Bush tax cuts anywhere NEAR those numbers.

 

[Zebo]

I'll tell you how: Raise taxes!

First, restore taxes to Clinton-era levels. Except for taxpayers in the top brackets; make the top tax bracket 70%!

Now, I'm sure Republicans will scream, "killing small businesses!" Here's how I solve that:

1. Give small business owners a 50% tax deduction on small business expenses. This lowers the corporate tax rate to the same as it was before; only a very rich owner's personal income tax is doubled.
2. Exempted from the above, give all businesses a 100% tax deduction on employee salaries up to a GS15 level for each employee. (Excluding the salary of a small business owner him/herself.) This makes American labor more cost-effective, relative to automation or outsourcing. And all those employees would still be taxed, once instead of twice, on their personal income. Furthermore, it is far more efficient to hire several American employees than to pay one employee millions of dollars.

1. You get already get 100% deduction for qualified expenses which I say are pretty generous. Maybe I'm misunderstanding....
2. You already get 100% tax deduction for any level of employee, pay them 50 million it's an expense totally tax deductible..


Deductions or exemptions need to be addressed but not the way you say. one can buy race cars, motorbikes, cars, fishing strike business trips to Canada and they are 100% deductible and even if you're wrong it's only to pay back taxes. Think about that. The only crime is evasion not fucking up.

 

[First]

I simply don't believe that. You have any links for proof? There is nothing I've seen that have put the Bush tax cuts anywhere NEAR those numbers.

Haha, come on.

http://lmgtfy.com/?q=$4+trillion+tax+cuts

---> http://blogs.forbes.com/brianwingfi...blicans-tax-break-plan-could-cost-4-trillion/

 

[ShawnD1]

Deductions or exemptions need to be addressed but not the way you say. one can buy race cars, motorbikes, cars, fishing strike business trips to Canada and they are 100% deductible and even if you're wrong it's only to pay back taxes. Think about that. The only crime is evasion not fucking up.

Because having people check every single write off would be tedious and extremely expensive. Do you really want to have court battles arguing whether or not a trip to the titty bar as part of a sale counts as a business expense?

And yes that is very standard. When you're selling extremely expensive equipment, you really do take your clients to bars and strip clubs and escorts. Yes it really is part of business. yes it's sketchy as hell.

 

[soundforbjt]

Cut spending, increase taxes on those that use government programs the most.

.

So, you are for ending the tax breaks and subsidies for corporations and big business, since they use government programs the most and benefit the most from them. I agree. :thumbsup:

 

[Zebo]

Because having people check every single write off would be tedious and extremely expensive. Do you really want to have court battles arguing whether or not a trip to the titty bar as part of a sale counts as a business expense?

And yes that is very standard. When you're selling extremely expensive equipment, you really do take your clients to bars and strip clubs and escorts. Yes it really is part of business. yes it's sketchy as hell.

Like my dad told me who is a CPA report everything deduct everything and wait for audit. The big fail is fail to report.

 

[Slew Foot]

You guys all skip over the thing thats actually going to happen.

Big Ben will "Quantitively Ease" A few trillion bucks out of thin air. Deficit... gone!!!!!!!!!!!

 

[Zebo]

You guys all skip over the thing thats actually going to happen.

Big Ben will "Quantitively Ease" A few trillion bucks out of thin air. Deficit... gone!!!!!!!!!!!

See your sig. That's like taking $100 bill in your wallet and cutting it in half and then claiming that you have two $100 bills because you now have two pieces of paper. Guess what? Prices will of course go up to reflect what you really have done since people don't work for free and want commensurate remuneration. In other words see wiemer germany.

PS Corn, Wheat, Oats, Soybeans and Rice have all doubled in price this past year just based on soft QE. Just wait until people stop loaning us. People tend to speculate high FYI.

 

[ShawnD1]

It's time this country manned up and paid it's bills.

http://www.youtube.com/watch?v=oiXaT_1I-vw

Let's just grow our way out. Set all tax rates to zero. As long as we have infinite growth, it'll approximately work

 

[HomerJS]

Not sure what your point is? The President doesn't need to solve problems that were caused before he took office?

My point is the GOP started an avalance. Obama comes into office and your main job is to bitch that he hasn't dug us out of the mile high pile of snow yet.

Also the raging level of dishonesty with statements like things are worse then when Obama took office forgetting that we are no longer bleeding 750,000 jobs/month.

Your entire argument is to put the same crew in charge of another snow packed mountain whose management methods have not changed. Good luck with that.

 

[JEDIYoda]

Since 'Tea Party' callout threads are all the rage, I thought maybe one calling out the party who has been in complete 100% control of the government for the past 2 years (Other than the supreme court I guess) how they plan on dealing with the debt? So far what we've seen from Obama and crew is:

1. Blame Bush.
2. Say its 'hard work' fixing the economy and that we should be patient.
3. Spend 3 times as much.

Is it really a surprise you are going to get your asses handed to you tomorrow? Everyone is demanding answers from a 'party' thats not even a party and at best will have a few dozen members in congress in a few months but you are demanding nothing from the current sitting government which your party controls completely.

What are you answers? Blame the Tea Baggers? Continue to blame Bush? Quadruple spending? Blame the Jews?



The Democrats have hundreds of members and complete control in congress, the senate, and of course the POTUS yet you demand answers from a couple dozen people running with 'TEA' before their names?

The answer is simple -- Do not allow the Republicans to get their grubby hands on the debt issue.....

 

[Mursilis]

1. Means test for SS

So just make it welfare then, and punish those who actually saved for retirement? No thanks. Why do liberals hate people who make smart choices?
I couldn't take advantage of mortgage modification programs because I bought within my means (no McMansion for me, unfortunately), my home isn't underwater, and I have no trouble making my mortgage payment.
I couldn't take advantage of Cash for Clunkers because my car, though old, got too many MPG to qualify.
And now you want to punish me for saving money for retirement by taking away the ~$150K I've paid into SS so far?
This is why I don't vote for Democrats.