Why do people think the 1.2 trillion in cuts is a all at once?

[Genx87]

I talked to many people, and most seem to think that next year 1.2 trillion will be cut from the budget immediately for next year. The 1.2 trillion in cuts is IN FACT over TEN YEARS, and next year cuts will be under 100 billion. The cuts to the budget represent around only 2.5% of the overall federal budget and not some huge amount, in fact most will come from the over bloated defense budget.

So again people it isn't a 1.2 trillion dollar cut next year and every year forward, it is 1.2 trillion OVER 10 years, or a 100 to 150 billion each year for 10 years.

Remember when 30 billion less spending than expected was draconian? This is what we have to deal with to get anything done to address the deficit.

 

[zephyrprime]

The fiscal cliff is a good thing in my opinion. The country needs to be more fiscally responsible. Spending cuts and tax increases bring us closer to a balanced budget so I support them.

 

[piasabird]

Because 10 years is a code word for it will never happen.

 

[piasabird]

Just let the Bush Tax Cuts expire. Nothing will happen. There is not fiscal cliff and roses will bloom from this pile of bull puckey.

 

[conehead433]

Let's don't kid ourselves about the automatic cuts in defense, etc. They are reductions in future expenditures, which will still allow the government to spend every dime it collects and then some, still adding to the national debt.

 

[Tom]

If it expired for those under 250,000 it would. But I do not see the big deal in letting the cuts expire for everyone. It would be nice if we could get the cuts to expire for only the rich, but if not, then I would rather it expire for everyone then let the rich keep it.

It wouldn't be a big deal even if all the Bush tax cuts went away.

They were ever only for one purpose- get Bush elected. They have no positive impact on the economy and never have.

They have a long run negative impact, because one day the deficits they have caused will actually matter, when interest rates go up.

 

[simpletron]

anyone know how much churn is in that group?

According to OECD data, between 22.7%and 28.3% of the top 1% exits every year for the US for 1994 to 2008.

see page 353, table 9.4
http://www.keepeek.com/Digital-Asse...equalities-in-oecd-countries_9789264119536-en

 

[Ausm]

Nothing in there states that they are being prevented from improving.

That is my question?

Is there a tag on their SS# that say they are only allowed to make a certain income or live in certain neighborhoods?

Are we reading the same link?

here try this link maybe this will further explain your question....

http://business.time.com/2012/01/05/the-loss-of-upward-mobility-in-the-u-s/

Further broken down here by the numbers for you to analyze....

http://www.columbia.edu/~tad61/riches112805.pdf

Even further broke down for you here...
http://www.businessinsider.com/the-american-dream-is-now-a-myth-2012-6

Oh and here's it's broken down by demographics....

http://en.wikipedia.org/wiki/Economic_mobility

 

[EagleKeeper]

Are we reading the same link?

here try this link maybe this will further explain your question....

http://business.time.com/2012/01/05/the-loss-of-upward-mobility-in-the-u-s/

Further broken down here by the numbers for you to analyze....

http://www.columbia.edu/~tad61/riches112805.pdf

Even further broke down for you here...
http://www.businessinsider.com/the-american-dream-is-now-a-myth-2012-6

Oh and here's it's broken down by demographics....

http://en.wikipedia.org/wiki/Economic_mobility

those are stats.

I am asking what is stopping people from moving upward.

No one has yet been able point to some fix policy that states that people can not start a business or increase their income.

People are wringing their hands saying "Woe is us, there is a problem", yet no one wants to address how to fix the problem.
They are willing to let it exists as to justify that there is a problem.

 

[ElFenix]

According to OECD data, between 22.7%and 28.3% of the top 1% exits every year for the US for 1994 to 2008.

see page 353, table 9.4
http://www.keepeek.com/Digital-Asse...equalities-in-oecd-countries_9789264119536-en

thanks!

 

[zephyrprime]

According to OECD data, between 22.7%and 28.3% of the top 1% exits every year for the US for 1994 to 2008.

see page 353, table 9.4
http://www.keepeek.com/Digital-Asse...equalities-in-oecd-countries_9789264119536-en

What he meant to say but failed to because of poor grammar was that, every year, approximately 22.7%-28.3% of the top 1% of wealthy drops out of that elite 1% range. That is to say, there is 22.7%-28.3% turnover in the top 1% every year.