Bernie $65,000 in Personal Credit Card Debt

[MTAtech]

Originally Posted by MTAtech

That's just factually incorrect. The budget could be balanced (although that's really not a good idea for many reasons) without going back to 1990 spending levels. The federal deficit is about $500-550 billion. A combination of tax-increases and spending cuts equaling that amount will balance the budget.

You're still living in the early 1980s when the Laffer Curve could pretend to be serious economics.

For those that don't know what the Laffer Curve is, it's the relationship between tax-rates and revenue and was used in the 1980s to justify lowering tax-rates under the presumption that revenue would rise. It didn't. After Reagan signed the new tax law revenue fell dramatically to the point that Reagan had to raise taxes the following year.

There is little or no evidence to support this claim that raising taxes, unless confiscatory, lowers revenue because people want to work and earn more. History clearly shows that cutting taxes does not increase revenue. The Laffer curve is a political idea used to justify tax cuts for the rich. It is not based on sound economics.

[TheWiseWino]

I think that having a credit cart with a credit limit in excess of $65,000 shows that someone thinks that he a highly trusted creditor. Hell I love to held in such regard by my credit card issuers.

[justNancy]

Originally Posted by MTAtech

You're still living in the early 1980s when the Laffer Curve could pretend to be serious economics.

For those that don't know what the Laffer Curve is, it's the relationship between tax-rates and revenue and was used in the 1980s to justify lowering tax-rates under the presumption that revenue would rise.

Better known to the rest of us as "voodoo economics."

(OMG! I never thought I'd be quoting Bush 41. lol)