Posted on 08/27/2009 11:22:48 PM PDT by Iam1ru1-2
Edited on 08/27/2009 11:31:40 PM PDT by Admin Moderator. [history]
"At what point do we run out of money?" President Obama was asked in May. "Well, we are out of money now," he replied. That was when he projected the deficit to be $7 trillion over the next 10 years. Now his administration admits the number likely will reach $9 trillion. We sure are out of money -- and the true deficit number probably is at least another $1 trillion bigger.
(Excerpt) Read more at washingtontimes.com ...
Sometime in mid-2008, a billion stopped being thought of as a lot of money.
You don’t have to talk me into gloom and doom.
I always think of the Sandburg line:
“In the night, a shovel of stars overhead for keeps, the people march. Where to? What next?”
... but are the people marching ?
To simplify the terminology and for the purposes of public consumption everything from here on out will be known simply as a shitload...
1974 was when we unofficially declared bankruptcy.
This is economic stupidity, in my humble opinion. We need to drastically change our taxation laws to encourage personal savings and capital investment staying in the USA (by far the biggest economic advantage of FairTax since we no longer tax savings account interest, dividend payments, and capital gains--essentially no more taxes on earning money). As such, most of that US$14 to US$19 trillion in liquidity lost returns to the US financial system, providing a GIGANTIC liquidity boost that provides a solid financial base for a real economic recovery.
Why shouldn't you be free to do what you want with your money?
Morally, financially, diplomatically, and socially bankrupt
I think if the Senate is not retaken in the midterm elections this will be the case. If Obama has his way and the Dems stay in control of the Senate, in four years the US will be reduced to a third world debtor nation through incomprehensible deficit spending, anti-business policies, and the forced redistribution of wealth to the nonproductive elements within our society.
Please, please, don’t tell Obama what comes after a Trillion.
To fix this mess would require 4-6 years of phenomenal GDP growth. This can only happen by dramatic deregulation and a massive tax cut. You would also have to implement a much more effective tax collecting system by implementing something along the lines of the Fair Tax (imperfect, but a thousand times better than what we have). Once the economy grows white hot you would then raise the tax rate in accordance with the Laffer Curve to maximize tax revenues. You would also have to pass a balanced budget amendment and massively cut spending.
Ain't gonna happen. Instead, we will slowly continue our death spiral. there may even be secession which will of course be met with force.
IMHO, of course.
Ugggh, should read “2010 and even 2012”.
it was in febuary 2008 when bush and cheney went on tv looking nukes just went off, they were blue in the face, and they said they were sending emergency 250 billion to americans in the form of checks.
the gop sent everyone in the country a welfare check. all the dems have to due is send more cash to get their concentration camps for conservatives and christian seniors. it is time for a new party to rescue america from the socialist republicrat demon party. we will come in from the rural and suburbs to retake america!
men cannot even have mustaches anymore. american woman will join the new party of real american men!
John has a long mustache
John has a long mustache
Quadrillion, Quintillion, Sextillion, Septillion, Octillion, Novillion, Decillion
For the really big numbers Go Here!
What comes afer googleplex?
Under FairTax, since there is no such thing as taxes on earning money, the incentive to offshore your net worth or send corporate headquarter/manufacturing operations outside US borders for tax reduction reasons essentially goes away. As a result, not only will we get back most of the US$14 to US$19 TRILLION in liquidity sent out of the US financial system (since there are no more taxes on keeping that liquidity in US-based banks or doing capital investment inside the USA), but it also means corporate headquarter and manufacturing operations will return to the USA under vastly improved tax circumstances. (For example, all those shuttered steel factories in the US Midwest will come back to life since company managers no longer need to factor in the income tax on the cost of operations.)
Another huge positive is that foreigners will do a gigantic "land rush" to put their savings and capital investments in the USA, since there are no more taxes on earning money in the USA under FairTax. A company like BMW would enormously expand their Spartanburg, SC operations, since with no more income tax to deal with, they'd seriously look at moving some of their MINI production or look at producing the much-rumored "BMW Isetta" city car to the Spartanburg plant, since with no income taxes to deal with the cost of production in the USA would be effectively the same as BMW setting up a plant in Eastern Europe to produce the BMW Isetta!
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