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under obama's plan if every american making 75,000 dollars or more paid 100% (again 100%) of their income it would equal the budget that he is proposing. clearly, he is not going to get that kind of money in taxes and there is no possible way to get this plan to work. that does not even factor in that most high earners don't pay a fair pencentage of their taxes anyhow (as evidenced by our new treasury secretary and other appointees, both republican and democrat)!
we are completely in debt to china and they have strongly "advised" against our spending package so we will be on our own when this does tank us. as well, japan has problems of their own and can't help us.
the only thing to tell most americans now is to minimize your debt load and have cash where you can.
under obama's plan if every american making 75,000 dollars or more paid 100% (again 100%) of their income it would equal the budget that he is proposing. clearly, he is not going to get that kind of money in taxes and there is no possible way to get this plan to work. that does not even factor in that most high earners don't pay a fair pencentage of their taxes anyhow (as evidenced by our new treasury secretary and other appointees, both republican and democrat)!
we are completely in debt to china and they have strongly "advised" against our spending package so we will be on our own when this does tank us. as well, japan has problems of their own and can't help us.
the only thing to tell most americans now is to minimize your debt load and have cash where you can.
i don't feel bad about the election, but i do feel bad for all the people in our country! the one thing that isn't being discussed on this forum is the economics of the situation. what will we do if china or japan choose not to buy our bonds this time around? nobody seems to be thinking ahead because they are so caught up in which political party is "right". the government can sanitize the money for a while but we will have to sell bonds for these projects. the most optimistic outlook is that they will go with high interest which will increase our country's debt load and interest rate much further than discussed by our budget fairies.
ps. i did promise not to criticize obama until after he had started implementing policy and see where he was going.... so far GM has lost about 9 billion in the 4th quarter, not to mention they laid workers off anway and fannie mae lost 24 billion in the 4th quarter, so both losses were greater than anticipated. obviously, government bailouts are not working!
Last edited by floridasandy; 02-26-2009 at 06:02 PM..
conservatives were mad at bush, just as i suspect that liberals will be mad at obama in the end. when your party tanks your country (WHICHEVER PARTY IT IS) you have a right to be mad. the bailouts are not working! GM needs more money, morgan stanley needs more money, fannie mae needs more money, and the banks are going under! we have a right and an obligation to be disgusted. why not implement policies that do not hurt working americans first? they should stop all social security payments out of the country for starters. why should american taxpayers be funding people to live in other countries. that benefits no americans! the government should be deporting all illegal immigrants who have committed felonies and are now in prison. that benefits no americans! the new president should be making those who took obscene bonuses pay them back. these are billions of dollars lost! average people lost money in wall street so that these people could get those bonuses. pay them back!
The fact of the matter is, the Bush gang spent more money they didn't have in eight years than all of his predecessors combined. At some point that money has to be repaid, and there was never any thought towards that end. They simply put it on American Express with the intention of sending the bill to our grandchildren wihle lining their own pockets in real time. "Tax and Spend" would have been a great deal better than running the country at a deficit plus prosecuting two wars off the books. I didn't hear a great deal of screaming about the supplemental appropriations Bush asked for to throw away in Iraq.
The Plain and Simple is, Taxes Must Be Raised To Pay Off The Bush Debt, but the economy was left in a shambles. Obama's job is to restart the economy and the flow of money and grow it to the point that it can be taxed to cover the debt.
If you have a better idea than President Obama's, I'm certain he would love to hear it.
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