maybe neither can solve it, but... i don't want Zer0bama anywhere near it!
Posted on 09/13/2008 7:16:08 PM PDT by TigerLikesRooster
Gloom deepens as America’s debt piles up
Irwin Stelzer: American Account
The great clunking fist has struck again, or almost. This time it was aimed at the chin of John McCain, who just might be the next president of America. Fortunately, McCain has proved he can take such a blow, so his staff confined its reaction to polite enquiries of Britain’s ambassador, Sir Nigel Sheinwald, asking: “What the devil is the British prime minister doing endorsing the economic programme of Barack Obama?”
Not that it much matters. The McCain team knows that Brown is largely responsible for the mess in which the British economy finds itself. That makes his support for Obama’s economic plans about as useful as feathers on a fish, to borrow a phrase coined by congressman John Dingell in another connection.
The differences between Obama-Brown and McCain are far from trivial. Obama wants to raise taxes on families earning more than $250,000 a year, and on their dividends and capital gains, to support a redistributionist cheque of $1,000 to each of the 95% of Americans not in the top bracket. He would take the tax rate on high earners to about the UK level of 40%. Brown naturally leans more towards Obama than a tax-cutter like McCain.
Otherwise, it is difficult to understand the attractiveness of Obama’s economic programme to the prime minister, with the possible exception of the Illinois senator’s proposal — since withdrawn — to provide relief for some hard-pressed homeowners. Brown famously stole the Tories’ clothes by proposing reductions in inheritance tax; Obama proposes to raise it. Brown believes union members should be protected from their leaders by being entitled to a secret ballot; Obama favours stripping America’s union members of that protection.
(Excerpt) Read more at business.timesonline.co.uk ...
The next President has to guide population through confronting the stark reality, not fooling them with another costly scam.
Ping!
What other way is there for our govt to make money to pay it’s debts, other than raising taxes or borrowing against our future?
Bring The Budget To Balance By 2013
John McCain will balance the budget by the end of his first term. The near-term path to balance is built on
three principles:
• Reasonable economic growth. Growth is an imperative – historically the greatest success in reducing
deficits (late 1980s; late 1990s) took place in the context of economic growth.
• Comprehensive spending controls. Bringing the budget to balance will require across-the-board
scrutiny of spending and making tough choices on new spending proposals.
• Bi-partisanship in budget efforts. Much as the late 1990s witnessed bipartisan efforts to put the fiscal
house in order, bi-partisan efforts will be the key to undoing the recent spending binge.
In the long-term, the only way to keep the budget balanced is successful reform of the large spending
pressures in Social Security, Medicare, and Medicaid.
http://www.johnmccain.com/Images/Issues/JobsforAmerica/briefing.pdf
Inflate.
maybe neither can solve it, but... i don't want Zer0bama anywhere near it!
yes! you have to do that first before you can go after the spending.
Well, I did feel pretty “gloomy” there for a while this year and then John McCain picked Sarah Palin to be his VP and all of a sudden, a gust of fresh air blew the clouds away, the sun came out and the world seemed a better and more positive place and the future seemed better and brighter.
Thank you John.
I don’t believe that the Dems will only target those earning $250,000 a year and above. When Dems get into power, all kinds of taxes go up. In my state of PA, as soon as Ed Rendell got into office, the state income tax went up whereas the Pubbies before him tried to keep it low. Right now Rendell is trying to sell off our state turnpike to foreign corporations who will have the right to administer toll collections.
Monetize the debt.
That is the only way the books can be put into some semblance of order.
The next President has to guide population through confronting the stark reality, not fooling them with another costly scam.
Methinks the way out that Government has chosen is to claim that 10% inflation is really only 3% inflation. That way they can forgo raises in pensions and SS, saving billions to bail out their Wall Street buddies.
oh of course. They just want to raise class envy as the hook for new taxes on the rich and later “oh we must make sacrifices” for taxes on everyone
I actually have confidence in McCain on the budget. As a Senator, he has proven to one of the few Senators who has managed to keep his job without bringing home the bacon. I think he’ll be using his veto pen far more than GWB and will definitly keep congrees in check on their spending. GWB just pretty much gave congress a blank check.
doesn’t matter who he “targets.” Changing the SS withholding (IT IS NOT A TAX) from topping out at ~$100K to infinity will be the largest tax increase in history, and will put the lie once and for all to the claim that Social Security is a public pension fund.
John McCain is going to cut spending. It will shock everyone. You heard it first here. Earmarks, programs. Watch and see. (Assuming he is POTUS)
I hope you are right. But that seems like a gargantuan task. D.C.Is so bloated and self serving.
I know that is his plan, and I like it.
Yeah, look at all the gloom:
http://www.bizjournals.com/phoenix/stories/2008/09/08/daily61.html
Consumer confidence soaring
I wish conservatives would awaken on the deficit issue. The deficit is getting smaller versus or GDP.
This is very important. It means that small amounts of pro growth policy such as done with tax cuts can easily grow the government out of deficit.
Tax cuts increase revenue for the government. That is the ugly reality that every conservative should know. Holding down government growth even without cuts will eventually allow the economy to grow past government spending.
I’m sure he will talk about it, but I bet it will be the opposing parties’ spending. That’s what happens, and that’s why it never works...at least not on a scale that really matters.
Some of us have been fighting this spending MADNESS for many years.
Unfortunately, not many others felt it was – or would become – a serious problem.
Trust me, it is NOW A SERIOUS PROBLEM, one the feds may not be able to print their way out of.
What saddens me most is that Newt either squandered or let slip HIS chance to get a grip on it. And, no, I’m NOT picking on Newt. WE’RE ALL GUILTY!!
In this 2 minute clip, he seems to be trying to tell us that he took a shot at it:
http://www.youtube.com/watch?v=lIo8FJJMps8
McCain will supersize the economy with his tax cuts. He will cut the annual increases in spending to below inflation after GOP retakes congress in 2010. The nation will rally. Growth will breed growth. A series of cooler years will pop the global warming bubble. Energy prices will tumble as new technologies augment increased drilling. Democrat doom and gloom will give way to a bright, sunny new day for America.
What is "reasonable"? Is it defined like the folks on Capitol Hill define the word "fair"?
And are we talking about real growth or nominal growth?
And how much of this "growth" will be on paper rather than in the actual real world?
The "linear thinking" displayed by our political class today—sorta like the misguided notion that housing prices would keep increasing and increasing, forever—is extraordinarily dangerous.
Comprehensive spending controls.
Bi-partisanship in budget efforts.
In the long-term, the only way to keep the budget balanced is successful reform...
Why is it that every time I hear McCain or someone linked with him say the words comprehensive, bi-partisan, and reform in the same thought bubble, I shudder?
When you hear those words uttered by a RINO like McCain, you know he's going to cross the aisle and betray conservatives to liberal Democrats like Ted Kennedy and company.
(And whether Palin will fight him on this is a big question mark, since she will want to keep her job, right?)
McCain will dance and fiddle to special interests as Washington burns. (The only major difference between Obama and him, economically speaking, is that McCain might choose a better tune to play.) After all, he is in the pocket of special interests: pro-illegal groups are just one of many. And then, once Titanic has slipped beneath the waters, he and the others will sit quietly in the lifeboats as the taxpayers (in particular, the younger generation of taxpayers) drown to death in debt.
Anyone who thinks otherwise is just fooling himself or herself.
I say we have a giant depression, then abolish the federal reserve system, then return ourselves to the gold standard, then bar the government from ever borrowing anything from anybody, then pass a constitutional ammendment requiring balanced budgets. That’s the solution.
The boomer generation sticks GenX/GenY with massive debt ping.
The solution is for We the People to wake up, reign in the Government, and chain it again within its Constitutionally prescribed bounds. Then, the meaning of the saying that "eternal vigilance is the price of liberty" will become readily apparent.
An ugly truth that few (if any) pro-McCain Freepers want to face.
“What other way is there for our govt to make money to pay it’s debts, other than raising taxes or borrowing against our future?”
The same way they have been doing it for over 60 years, print fiat money and create inflation!
For the record, I’m about 300% better off than I was 8 years ago in my moderately-scientific estimation.
Oh, and Irwin Seltzer is a debbie downer doofus.
Massive inflation and devaluation of the dollar. E.g. just print the money and pay the bills. Don't need to raise taxes, as we will pay the tax indirectly via inflation and devaluation.
“The solution is for We the People to wake up, reign in the Government, and chain it again within its Constitutionally prescribed bounds”
That’s probably gonna be hard, unless you have a lot of guns.
I pray you are right. His pick (Palin) for Veep, I thought originally, was to help him win the base over (and not distraught women Clinton voters as the MSM claimed like fools for the first few days) and to help get out the GOP vote in PA, OH, MI, MO and VA. Now, I think (hope, pray) that it’s a signal that he knows all the tricks of the trade in DC, and he is grooming an outsider and together over 12 or 16 years they will clean up that rat-infested corrupted swamp we call our Capitol.
McCain said at his acceptance speech “you will know their names”. That line should have gotten the most cheers of all! I hope he does it.
if the problem was that severe, the 10 year bond rate would not be 3.7%
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
Where’s Andrew Jackson when you need him? The only President to pay off the debt...
Thanks for the Youtube link. While I was there, I checked out Jeff3erson’s thoughts on cities, and they seem to be a perfect explanation as to why Palin gets such a reaction from the elites. I’ve never read those particular thoughts from Jefferson, thanks for putting that up.
I know what you’re referring to, about people not meant to live in cities. He’s absolutely right, it’s totally unnatural. Look at the people who live in the most “cultured” city in the world NYC. Last I saw about 40% of them believe that at least in part 9/11 was an “inside job”, etc. That would make them the DUMBEST people in the world, not the smartest.
I would like to see EVERY budget of every state and every town posted on the internet available for everyone to see. That’s OUR money, F these people, they get to take tens of thousands of our money every year. I want to see where every last PENNY of my money went.
Palin said they posted Alaska’s budget, if I was Prez that would be my first executive order. Full disclosure with the people’s money.
I’ve got a bunch of friends from London, same thing. Their liberalism is being challenged by the encroachment of radical Muslims though.
to read in AM
They should just raise the cap to one million...it is coming anyway...just do it and get it overwith. Politicians are raising it incrementally anyway. Sadly the cap will be one million soon.
The federal government in 2008-09 expects receipts of $313 billion and expenditures of $288 billion. We have no federal net debt (thanks to the previous government).
We need to cut back the welfare and general government services (whatever the hell that is), boost defence, and cut taxes.
Revenue
Expenditure
Do you think that will happen?
Someone may be lieing.
Maybe. Depends on the mood and condition of the nation. I’m still voting McCain/Palin.
Thanks.
OUTSTANDING “ABOUT” PAGE. Very nice!!
Keep on keepin’ on.
You need proof?
Fair enough. Just make sure you know exactly what you're getting, and remember that Palin won't get a shot at being President until after the 2012 elections, at the earliest.
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