Posted on 08/12/2010 6:23:04 PM PDT by pissant
It’s no secret the U.S. government is in dire financial straits, but Democrats keep spending billions like its Monopoly money. The International Monetary Fund (IMF) recently released its annual review of U.S. economic policy, so since Democrats have ignored the warning signs until now, its time to listen up.
The IMF reported, “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It continues, “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”
Stated a little more bluntly by Laurence Kotlikoff, economics professor at Boston University, “The IMF has effectively pronounced the U.S. bankrupt.”
If our nation is in fact bankrupt, where do we turn first to rectify our fiscal gap? Kotlikoff lays out the return on doubling our taxes:
“To put 14 percent of gross domestic product in perspective, current federal revenue totals 14.9 percent of GDP. So the IMF is saying that closing the U.S. fiscal gap, from the revenue side, requires, roughly speaking, an immediate and permanent doubling of our personal-income, corporate and federal taxes as well as the payroll levy set down in the Federal Insurance Contribution Act.
(Excerpt) Read more at thehill.com ...
She’s great.
And they're just going to hit the 'snooze' button.
It’s beyond ‘wake up call’ status. The house is on fire.
You won’t like it, pissant, but I wouldn’t be surprised if the final ‘12 GOP Presidential ticket involves Michele Bachmann and Sarah Palin.
I’d like 1/2 the ticket, anyway.
Michele Bachmann/Herman Cain=even better, IMHO, although many would question if Herman could do the job well.
What little I know about Cain is all good. I’d have to hear him flesh out his positions.
The “race card” would be off the table, if Herman Cain is on the ‘12 GOP Presidential ticket, but Barack Obama might, also, not run again in ‘12. I wouldn’t be surprised, if Obama doesn’t run for re-election and Hillary Clinton does run in ‘12 for the Democrats.
I’m with you. I’m not a Palin enthusiast. She’s good to have on our side but Bachmann is much better versed and prepared.
And doesn’t speak in circles.
For your threadsters:
Immediate boost of 10% GDP and growth thereafter, repatriation process of $20 Trillion offshore funds and enough transparent light to scatter the spending cockroaches.
I’ve been a supporter of that and/or the flat tax, with 0 tax on manufacturing.
FairTax is superior in every respect.
Flat tax is an income tax cancer waiting to metastacize.
Original Income tax was flat tax of 7% on wealthiest 2% of Americans; snuck in on a duped voting public as it now suffocates middle class and allows wealthy to move offshore with lip service to their 10-year offshore obligation.
Five major tax reforms since 1913; each time tax code is made simpler, flatter only to go back to insanity in 10-15 years.
We’re due for another major reform. Let’s have a tax revolt of epic proportions!
A flat tax should be so simple as to be able to get rid of 98% of the IRS. But I don’t feel like arguing which is better, I’ve done that too many times.
If a flat tax could stay flat then it would have some merit but it can’t stay flat. 16th amendment will always be used to make it insane again.
Repeal 16th and enact the FairTax; these will stop the insanity and make pols accountable.
That first hurdle, repeal, is why it will be a very tough road to hoe.
As you know the FairTax sunsets in 7 years if the 16th is not repealed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.