The Democrats want to go over the cliff. It is the only way they can raise enough taxes to cover the spending while leaving the blame for the increase on the Republicans doorstep. Howard Dean let the cat out of the bag yesterday. They do not want a resolution to this crisis, that is their game plan.
Talking head say a major correction is coming.........heard this song before ....will they ever be right? i am on the sidelines.....tried shorting GMCR ...no shares available! something tells my back down to $6 here! I have witnessed insiders buying led nowhere but DOWN before!
The collapase started when Obama got elected the first time. Trillions in deficits every year. Obseen "stimulous spending" and of course, Obamacare, a horrible tax to kick in 2014.
We now get four more years.. It's already started.
The amazing thing to me is Obama overwhelming capture of the youth vote. They are going to be what I call the "dead generation". No economic growth in sight, no jobs for too many college grads and stifling government regulations to kill entrepreneral creativity and jobs they create....
Obama doesn't get it. A sad time ahead for our once great Country. Tax the rich? Not even a drop in the bucket to solve our Country's deficit spending problem and massive debt.
Final note here. Obama Bin Laden and his terrorist disciples who continue today are achieving their goal to cause great financial harm to the U.S.A. How many millions of U.S. dollars to find a roadside bomb ? How many soldiers and support forces to find that and thousands of others that cost less than $100 to make and detonate? Of course we lose our young soldiers in the process. The greatest loss.
What are you going to do when the doom you predict doesn't happen. The economy is improving. Yes the debt is large, but to blame President Obama for that is ridiculous. He inherited 2 wars and a recession, and the lowest tax rate since 1950.
We currently have a tax system that allows the rich to pay lower effective tax rates than the middle class. Our tax system needs to be reformed and the progressive tax rates applied without massive loopholes for the rich.
Fortunately we have very good President. He has already wound our involvement in one war down and is getting us out of the other.
Look at the conservative assessment of the tax situation, from the Heritage Foundation.
Google: Tax Revenues Return to Historical Average Heritage Foundation
Look at the chart. They make a big deal that by 2022 the rates will be back to average ... but the reality is that for the next 10 years the US is projected to be lower than average tax rates. And the reality is also that we need to be at that 20% of GDP on average to cover debt repayments.
Compare the tax rate from that Heritage Foundation chart to the debt rate.
Google: federal debt by year heritage foundation
Now you can see that from 2000 to today, we have added $10 trillion in debt. Coincidentally, 2000 was when taxes were cut, 2001 was when the Afghanistan war was started, and in 2003 the Iraq war started. In 2008 the financial system collapsed. Leading to President Bush signing the first stimulus package (bipartisan support). And leading to a terrible recession from which we are no recovering.
As we recover we need to correct the terrible tax mistakes that have lead the US to a terrible debt.
I find it funny that republicans are so inconsistent on basic Keynesian economics. Defense spending cuts will cost jobs. Tax rate increases will cost jobs. But stimulus spending won't create jobs. Money is an incentive. A tax break, a check, a loan, money incentivizes. Try to be consistent.
Well said Doowop. Unfortunately, 51% of our population are completely 'UN-informed" to know that what you are saying is the absolute truth. When you hear such simplistic arguments such as "the math doesn't add up" and the vice president deny the fact that Kennedy cut taxes to stimulate growth, you can bet we are economically doomed.