U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: Would going over the fiscal Cliff be good or bad.
Yes it would be good for the country. 36 72.00%
No it would not be good for the country 14 28.00%
Voters: 50. You may not vote on this poll

Reply Start New Thread
 
Old 12-27-2012, 08:31 AM
 
Location: San Diego California
6,797 posts, read 6,624,039 times
Reputation: 5180

Advertisements

Seeing as the gutless wonders in Washington are incapable of doing anything to alleviate the budget mess, would just allowing the tax increases and budget cuts to happen be the best thing for this country?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-27-2012, 10:15 AM
 
Location: WA
5,537 posts, read 22,569,783 times
Reputation: 6288
Quote:
Originally Posted by jimhcom View Post
Seeing as the gutless wonders in Washington are incapable of doing anything to alleviate the budget mess, would just allowing the tax increases and budget cuts to happen be the best thing for this country?
Except for the resulting recession and impact on some of the populace.

Clearly a reduction in spending is needed but sending more resources to DC to be squandered is not good.

The country needs much better balance and a smaller government but I have little hope that will happen.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 11:05 AM
 
Location: 3rd Rock fts
749 posts, read 1,004,583 times
Reputation: 304
^^When the citizenry DIRECTLY sees the cost (taxes) they'll learn to spend money/govern correctly.


EVERYONE gets to directly see the reality of how the USGov’t/Taxpayers’ have been paying/coping with Deflation for the past 10-15 years. The Bush & Obama tax cuts; mortgage deductions; underclass welfare; & a myriad of other standardized tax incentives have compensated for wage stagflation, while keeping DEMAND UP so the Economy can stay healthy—especially FIRE.

Debt-induced consumerism is quickly running its course via saturation. They need more spending bodies, but can’t wait for natural population growth to catch up!

Conclusion: It’s time to man-up** & realize that we have been royally hoodwinked! The financial apparatus/Big business received good-intentioned, anti-deflation help from the USGov’t/Taxpayers; & now they’re being apathetic & capitalizing via moral hazard.

**Deception can be costly & sometimes it takes a good amount of painful effort to correct an injustice.

Last edited by DSOs; 12-27-2012 at 11:07 AM.. Reason: past instead of last
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 01:15 PM
Status: "But in the aggregate..." (set 26 days ago)
 
Location: The Triad (NC)
31,331 posts, read 69,465,060 times
Reputation: 37326
Quote:
Originally Posted by jimhcom View Post
Seeing as the gutless wonders in Washington are incapable of doing anything...
Just one gutless wonder.

All he has to do is rap the gavel a couple times...
and by that to call the House to order and to vote on the Senate bill.

Quote:
...would just allowing the tax increases and budget cuts to happen be the best thing for this country?
No. That would NOT be the best thing.
Actual adult leaders practicing responsible governance will be the best thing.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 02:57 PM
 
9,982 posts, read 7,342,622 times
Reputation: 5627
I'm like Pontius Pilate, I wash my hands of this madness...
my voice and my vote are unable to influence these events...
nothing I can do about it but take care of #1 and #'s 2,3 and 4
so to speak.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 07:05 PM
 
Location: Vallejo
16,231 posts, read 18,179,307 times
Reputation: 14483
Mostly good. It's all about the "soft landing" which unfortunately has been horribly abused. Soft landing means you don't immediately cut essential services but rather phase them out. You don't just yank someone's section 8, lay off two-thirds of the military, end all non-essential government contracts all at once. You do it gradually.

The big fiscal cliff item this year is likely the 2% payroll tax cut. Maybe couple that with a 5% reduction in all discretionary spending, including defense. In the long term, mandatory spending needs to be cut as well, the majority of which is social spending on medicare and social security. We also need to look at why agribus is gettin $155 billion in corporate welfare a year while the SBA, which is apparently where economic growth is going to come from, gets $1.5 billion. Hmm. Maybe they should only get 10 times as much instead of 100 times? And I don't mean you do that by increasing the SBA funding 10-fold.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 08:22 PM
 
1,474 posts, read 3,253,607 times
Reputation: 2069
There is no one size fits all with this. If you happen to fall into the AMT, then you are going to take a hit. If your income sources are W2 only, then you might see a tax hit depending on your deductions which might be overcome by AMT. No one knows at this point. If you have a business or a farm then estate taxes are going to be serious hit when that time comes. If you are a government employee with sequestration, you might be furloughed or even laid off. If your life is in department of defense, 500 billion cuts in over next decade will mean some big changes. But like Obamacare, the devil is in the details and there is precious little info on that at least that I've found.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 08:46 PM
 
Location: US Empire, Pac NW
5,008 posts, read 11,303,294 times
Reputation: 4125
Personally, while I do not relish at seeing a sizeable amount of money be taken out of my paycheck next year ...

I recognize that the past 12 years of spend-spend-spend on the War on Terror, War on Recession, and lately the seeming disconnect between the peoples' sense of entitlement (CUT SPENDING ... but not MY spending!) means that we get the budget we wanted.

Which apparently means higher taxes to pay for the wars, entitlements, and health care laws we wanted.

Nothing wrong with that. If you want less of your money spent on taxes, elect different people to Congress. If the people you elect do just that but still can't muster enough strength to overcome, then it just means that's how the cookie crumbles and that's how a democratic republic works.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 09:23 PM
 
Location: NJ
29,465 posts, read 33,980,800 times
Reputation: 21775
the tax increases are bad, the spending cuts dont go far enough
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2012, 10:54 PM
 
Location: NJ
18,668 posts, read 18,075,616 times
Reputation: 7284
Quote:
Originally Posted by eskercurve View Post
Personally, while I do not relish at seeing a sizeable amount of money be taken out of my paycheck next year ...

I recognize that the past 12 years of spend-spend-spend on the War on Terror, War on Recession, and lately the seeming disconnect between the peoples' sense of entitlement (CUT SPENDING ... but not MY spending!) means that we get the budget we wanted.

Which apparently means higher taxes to pay for the wars, entitlements, and health care laws we wanted.

Nothing wrong with that. If you want less of your money spent on taxes, elect different people to Congress. If the people you elect do just that but still can't muster enough strength to overcome, then it just means that's how the cookie crumbles and that's how a democratic republic works.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6. The time now is 08:16 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top