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Debt requires interest to be paid, this is a cost, in addition to all other costs. Therefore if you have debt, and the interest on that debt, along with the rest of your bills is greater than your income, you are required to increase your debt, to pay for your bills, and the interest on your current debt, instead of being able to pay it down, because the money you are earning, or your incoming funds are greater your expenses with interest.
Economics 101.
Yeah, that's fine for Macro-Econ 101 but when you actually get into advanced course work you actually start to learn something.
Buffets argument, of that of Nobel economist Joseph Stigliz is clear as day for anyone who cares to see.
As a result of WWII the percentage of debt to GDP rose 121.7%. Yet there isn't a person alive who can argue that the industrial capacity that government debt produced during the course of the war did not provide for the greatest period of economic prosperity for the greatest number of Americans the country has ever known.
The question facing us today, isn't the rate of debt to GDP but what are we spending that debt on? Personally I would lean towards spending on putting people to work and infrastructure improvement and the expansion of key industries. The fact that we are not in a world war is immaterial. War was only the reason for expansion not the underlying economic truth. Change the reason, keep the economic policy and the end result is the same.
Or does he understand that higher taxes dont affect him but it does make it harder for hard working high income people to get into his class bracket?
High taxes stop new people from getting what Buffett has. Its power. He has it. He wants to use government to prevent others from getting his.
Exactly. What Buffet isn't telling you is to specifically tax HIS riches. He does NOT have income. You can tax billionaire's incomes at 100%, you're still going to get either nothing, or not more than a couple tens of thousands. Darkatt suggested taxing capital gains, I say NO. That penalizes the average investor as well, tax derivatives. Derivatives are the millionaires' and billionaires' investment vehicle of choice. There's speculation that we have more than 1.5 quadrillion in derivatives floating around. Taxing 1% of that would yield $15 trillion new dollars into the federal coffers. Tell me that will not solve our debt problem? This mantra that Buffet and his lemmings repeat about "raising taxes" on the rich is just a DNC talking point
-He asks for more taxes when his company A) owes a Billion Dollars in back taxes that he is trying to get out of and B) spends $ lobbying the government for tax breaks for things like private jets for his company.
-His tax idea won't actually fix what he always harps on...his secretary paying a higher effective rate...
We should be focused on stimulating the economy and getting people back to work and the debt will begin to take care of itself. You can't tax or cut your way to being debt free if people aren't working.
Yeah, that's fine for Macro-Econ 101 but when you actually get into advanced course work you actually start to learn something.
Buffets argument, of that of Nobel economist Joseph Stigliz is clear as day for anyone who cares to see.
As a result of WWII the percentage of debt to GDP rose 121.7%. Yet there isn't a person alive who can argue that the industrial capacity that government debt produced during the course of the war did not provide for the greatest period of economic prosperity for the greatest number of Americans the country has ever known.
The question facing us today, isn't the rate of debt to GDP but what are we spending that debt on? Personally I would lean towards spending on putting people to work and infrastructure improvement and the expansion of key industries. The fact that we are not in a world war is immaterial. War was only the reason for expansion not the underlying economic truth. Change the reason, keep the economic policy and the end result is the same.
You are a bit flawed.
GDP has more hedonics today than the 1940s and 1950s...thus inflating up our current GDP when you compare back decades.
Also, WWII ravaged the entire industrialized world except for us. Giving us a sizeable edge as other countries borrowed to dig their way out with larger initial costs.
GDP has more hedonics today than the 1940s and 1950s...thus inflating up our current GDP when you compare back decades.
Also, WWII ravaged the entire industrialized world except for us. Giving us a sizeable edge as other countries borrowed to dig their way out with larger initial costs.
Not really. Wew were in deep depression and FDR's infrastructure projects and war spending are what got us out of the depression. We went into the depression a decade before the war started, started by Britain. And reconstruction for your country is actually one of the biggest economic boosts you can make.
Quote:
Originally Posted by urbanlife78
We should be focused on stimulating the economy and getting people back to work and the debt will begin to take care of itself. You can't tax or cut your way to being debt free if people aren't working.
if buffett thought that increased taxes are such a great idea, why did he donate $31 billion of his fortune to fund the Gates Foundation-A PRIVATE ORGANIZATION. Does he think that a private organization will help fight infectious diseases and reform education better than the government?
why wasn't that check made out to uncle sam, mr. hypocrite?
you too, gates.
now i am done commenting on the brilliant wisdom of warren buffett.
i seriously don't know how anyone can think that massive debt and huge interest payments are good in a fiat (TRUST) based currency.
So we should have a voluntary tax system, if you think your taxes are too low then just unilateraly donate on your own.
Yeah, that's fine for Macro-Econ 101 but when you actually get into advanced course work you actually start to learn something.
Buffets argument, of that of Nobel economist Joseph Stigliz is clear as day for anyone who cares to see.
As a result of WWII the percentage of debt to GDP rose 121.7%. Yet there isn't a person alive who can argue that the industrial capacity that government debt produced during the course of the war did not provide for the greatest period of economic prosperity for the greatest number of Americans the country has ever known.
The question facing us today, isn't the rate of debt to GDP but what are we spending that debt on? Personally I would lean towards spending on putting people to work and infrastructure improvement and the expansion of key industries. The fact that we are not in a world war is immaterial. War was only the reason for expansion not the underlying economic truth. Change the reason, keep the economic policy and the end result is the same.
I love how socialists bend way over backwards to make the Obama debt look less serious than it really is. For the record, the unfunded liabilities of the USA lies closer to the $100 trillion level, not just the $16.4 trillion level that Obama is now responsible for.
I love how socialists bend way over backwards to make the Obama debt look less serious than it really is. For the record, the unfunded liabilities of the USA lies closer to the $100 trillion level, not just the $16.4 trillion level that Obama is now responsible for.
So then tax Wall St. transactions that are now tax free. We pay sales tax on stuff that we buy, why doesn't Wall St. pay a sales tax on purchases they make? And, just like with sales taxes, certain puchases can be tax exempt or rebated
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