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President Obama's value-added trillion: America's ripe for a European-style sales tax (http://www.nydailynews.com/opinions/columnists/krauthammer/index.html - broken link)
They had better be to fund those being dumped inot medicaid in future years under this healthcare bill with rising state cost in funding their part. Exactly why mnay democrats tried to get a deal on thier states share.
Much higher taxes are inevitable. We're on a collision course with catastrophe. Even if Obama ends up vilified, he will have succeeded in destroying what made America different from Europe, and we'll be a European-style social democracy with entitlements that impoverish us and transfer most of the income from working people to those who don't work. I doubt we'll ever have the balls to reverse this trend. I hope I'm wrong.
Much higher taxes are inevitable. We're on a collision course with catastrophe. Even if Obama ends up vilified, he will have succeeded in destroying what made America different from Europe, and we'll be a European-style social democracy with entitlements that impoverish us and transfer most of the income from working people to those who don't work. I doubt we'll ever have the balls to reverse this trend. I hope I'm wrong.
Well I'm guessing most of us will be dead when things really get ugly.
"I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless.
"This was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on Earth."
Assuming Treasury continues to try to shove toward the short end of the curve, a strategy that exposes it to extreme amounts of rollover risk, the average coupon would likely rise to about 5.5%.
This would drive interest expense to $780 billion by September 2011.
Note that if historical averages hold, Treasury would take in roughly $1.2 trillion in personal income taxes. Interest expense would rise to consume approximately 2/3rds of that amount.
Let's further consider that interest expense would be about 80% of the entire budget deficit of fiscal 2011.
if the US government has been reduced to borrowing money from itself in order to pay its bills – the end of that road could be in sight. it is the exact equivalent of paying household bills by running up debt on credit cards; it can buy a little time, but at the cost of making bankruptcy a certainty once that time runs out.
our government has managed our money very badly, indeed.
Last edited by floridasandy; 03-28-2010 at 06:39 AM..
"I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless.
"This was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on Earth."
because it is a discussion of finance and taxation?
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