Obama finally tackling the National Debt by supporting a bipartisan fiscal commission

[sciwizam]

Politico

Trying to win the votes of fiscal moderates, President Barack Obama formally endorsed legislation Saturday creating an independent commission with the power to force Congress to vote on major deficit reduction steps this year, after the November elections.

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Is this a joke?

 

[Xellos2099]

I was pretty sure back when Reagen and Bush cut tax, out tax revenue "increase" but our debt increase.

 

[Greenman]

Are you aware of our current debt situation? How about our current expenditures and estimated expenditures over the next 10 years or so?

We are so fiscally fucked that, combine with our politicians, I doubt we can ever pay off the debt but if we are going to try everyones taxes must go up. There is simply no other way to start paying down the debt.

Our only other choice is to default or print.

They suck but those are the options.

Print will be the answer. De-value the dollar down to nearly zero and pay everyone off. The Chinese will get fucked the worst, but since no one really likes them we'll get away with it. The euro's will take a fair beating as well, but since they already hate us, it's once again a net zero.

 

[Vic]

How about cut government spending?

Okay, then let's start with drastic cuts in all military and law enforcement spending. What say you? That's government spending. Oh wait... let me guess, you don't want to see any cuts there, right?

Are you and Craig brothers?

Are you and dmcowen674 brothers?



More or less the very definition of stupidity is believing there are always simple and easy solutions to complex problems. You and Dave share that trait in common and in spades.

So... the right won't allow us to cut military and law enforcement spending, the left won't allow us to cut education and social services, and senior citizens on both sides won't allow us to cut social security and medicare. So I repeat, cut which spending?
Supposedly, according to some here, it's so easy to cut spending that it's something we should be able to do without even having to discuss it. As I really wish that were the case, I want you to explain how we can do that...

 

[SparkyJJO]

"declared his public support for creating a fiscal commission that could propose sweeping tax increases and spending cuts to try to slash the soaring federal debt."

EXACTLY what we need in a rough economy. Higher taxes!! :thumbsdown:

However I can definitely support the spending cuts, as long as it is cutting the dumb pork barrel spending on crap (and this country wastes millions upon millions on unnecessary dumb stuff) and not cutting one of their favorite things - the military. I'm sure it could be trimmed a bit as every part of the government wastes a bunch of cash but don't cut necessary things there.

 

[Darwin333]

Print will be the answer. De-value the dollar down to nearly zero and pay everyone off. The Chinese will get fucked the worst, but since no one really likes them we'll get away with it. The euro's will take a fair beating as well, but since they already hate us, it's once again a net zero.

Do you have any idea how much "stuff" we import? Better yet, do you have any idea how much "stuff" we MUST import for the foreseeable future? Even if we can keep internal inflation at zero the purchasing power of the American people will drastically decrease.

Thought $4 a gallon gas was bad? That was when your $4 US dollars had value to people in other countries.

 

[Darwin333]

So... the right won't allow us to cut military and law enforcement spending, the left won't allow us to cut education and social services, and senior citizens on both sides won't allow us to cut social security and medicare. So I repeat, cut which spending?
Supposedly, according to some here, it's so easy to cut spending that it's something we should be able to do without even having to discuss it. As I really wish that were the case, I want you to explain how we can do that...

Exactly, and neither party will raise taxes nearly enough to cover what we will have to pay to cover all of that now or in the near future. I am not sure that its possible to raise taxes high enough to cover what our expenditures are going to be over the next decade or two.

 

[Greenman]

Do you have any idea how much "stuff" we import? Better yet, do you have any idea how much "stuff" we MUST import for the foreseeable future? Even if we can keep internal inflation at zero the purchasing power of the American people will drastically decrease.

Thought $4 a gallon gas was bad? That was when your $4 US dollars had value to people in other countries.

Most of the "stuff" we import can be produced right here in the US. We have everything we need to prosper for decades right in our own backyard.
The fact is that triple digit inflation is the easy way to pay off the national debt. I never said it would be pleasant, it will be just as miserable as the great depression, but I think we're going to spend ourselves into having no other option.

 

[Jaskalas]

Trying to win the votes of fiscal moderates, President Barack Obama formally endorsed legislation Saturday creating an independent commission with the power to force Congress to vote on major deficit reduction steps this year, after the November elections.

Is this a joke?

Will the new fiscal policies be in effect after the November elections, or will that be the creation of the commission?! Perhaps we'll see some penny pinching in time for the next Presidential term in 2013.

 

[PokerGuy]

I doubt we can ever pay off the debt but if we are going to try everyones taxes must go up. There is simply no other way to start paying down the debt.

No, I don't want to see my taxes go up to "try". It's very much like the situation with illegal immigration. Making changes in policy is futile if you don't start by closing the border.

First, balance the budget so we stop increasing the deficit. Then, once that's happened, we can talk about tax increases and how their revenue can be applied to pay down the debt. Otherwise, we all know how this game works since we've seen it many times by now. Our taxes will go up, the idiots in DC will spend even more, and our deficit will still increase. Rinse and repeat.

 

[StageLeft]

I think it's a decent idea, provided it is bi-partisan. You need to pick and choose where to cut.

So before now in over 200 years of American government nobody has tried to figure out what to cut before this? Surely others have had approaches to the issue.

 

[JTsyo]

No, I don't want to see my taxes go up to "try". It's very much like the situation with illegal immigration. Making changes in policy is futile if you don't start by closing the border.

First, balance the budget so we stop increasing the deficit. Then, once that's happened, we can talk about tax increases and how their revenue can be applied to pay down the debt. Otherwise, we all know how this game works since we've seen it many times by now. Our taxes will go up, the idiots in DC will spend even more, and our deficit will still increase. Rinse and repeat.

Take a look at the 2010 budget summary. Income is $2.381 trillion and mandatory spending is $2.184 trillion. You can't run the rest of the government on 197 billion. Cost cutting will have to happen across the board but it'll probably have to wait until we're well into the recovery.

 

[heyheybooboo]

No, they're not. Our tax rate is already too high.

LOL at the seriously uninformed ....





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[SparkyJJO]

LOL at the seriously uninformed ....





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What, you want higher taxes?

Fine. How about this. All you people who believe that you should be paying more taxes, don't cash your tax returns, and pay an additional 1%, 2%, 3%, or whatever you think is right. Lead by example!

 

[Craig234]

What, you want higher taxes?

Fine. How about this. All you people who believe that you should be paying more taxes, don't cash your tax returns, and pay an additional 1%, 2%, 3%, or whatever you think is right. Lead by example!

Yawn. We either all pay our fair share, or none, no freeloading for you. Taxes are very effective at getting things done, donations are not. We didn't donate our way to a man on the moon in 1969.

 

[SparkyJJO]

Yawn. We either all pay our fair share, or none, no freeloading for you. Taxes are very effective at getting things done, donations are not. We didn't donate our way to a man on the moon in 1969.

You totally missed my point.

I take it you'd prefer to be paying the government more of your money too? Oh, and to be "fair", take my money and give it to them while your at it? My wallet is thin enough thank you very much.