Greece Austerity Plans- US foreshadowing? (lawyers, Canada, companies, dollars) - Politics and Other Controversies -Democrats, Republicans, Libertarians, Conservatives, Liberals, Third Parties, Left-Wing, Right-Wing, Congress, President - City-Data Forum

hawkeye2009 · 03-03-2010, 06:57 AM

Greece has announced new austerity spending measures in response to their financial crisis. The measures have been lauded by the EU as a means of stabilizing the greek economy.

Greece announces $6.5 billion in spending cuts, taxes - USATODAY.com

With rampant federal spending in the US and the spectre of increasing debt into the future, perhaps the US should consider austerity measures at this time and avoid "crisis management" measures. Our situation can only end badly, but there does not seem to be the foresight or political will to be able to enact measures to avoid a situation similar to what is occurring in Greece.

GregW · 03-03-2010, 07:10 AM

The only austerity measure I would approve is a Federal property tax on all possessions including financial investments valued at one million dollars or more. This money could be used to cancel most of the debt and prevent a collapse of our economy.

summers73 · 03-03-2010, 07:12 AM

Quote:

Originally Posted by GregW

The only austerity measure I would approve is a Federal property tax on all possessions including financial investments valued at one million dollars or more. This money could be used to cancel most of the debt and prevent a collapse of our economy.

People will liquidate their holdings overnight and you can't make it retroactive.

GregW · 03-03-2010, 07:17 AM

Then the tax will be directly applicable to their money.

summers73 · 03-03-2010, 07:19 AM

Quote:

Originally Posted by GregW

Then the tax will be directly applicable to their money.

Geez, then they buy something like Perth Mint gold certifications outside the jurisdiction of Uncle Sam and demand delivery outside the US. Where there's a will, there's a way.

GregW · 03-03-2010, 07:26 AM

The US has effective control all over the world. There would be no escape. We could collect from their estate just as easily.

HappyTexan · 03-03-2010, 07:41 AM

Quote:

Originally Posted by GregW

The US has effective control all over the world. There would be no escape. We could collect from their estate just as easily.

Um..no we don't GregW. We are not the global dictatorship yet.
There may be influence but there certainly is no CONTROL.

While you'd like to see the wealthy stripped of their money, it just won't happen as they employ accountants and lawyers to shelter it.

I'll bet you that the CEO of GS or JPM isn't investing in CD's and mutual funds in US companies where they can tax the heck out of them.

summers73 · 03-03-2010, 07:48 AM

Quote:

Originally Posted by GregW

The US has effective control all over the world. There would be no escape. We could collect from their estate just as easily.

Go that far and the wealthy would liquidate and sneak assets into Canada or Mexico and never return. There goes your tax base.

harrycrat · 03-03-2010, 08:22 AM

As the Greeks say,don't compare a d*ck to a brush...

As an idea,a sales tax on...everything ,of just 0.5%,would be a goldmine & "save " the USA economy...

malamute · 03-03-2010, 08:35 AM

I wonder how our huge debt compares with their huge debt.

Some people believe our government can go on spending and borrowing like a mad man forever. They believe no government debt can possibly ever be too much.