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People and politicians speak about the "economy" as some thing that must always be protected at all costs. The current economy is propped up with artificial spending on borrowed money. I would like to see ALL tax incentives and credits be eliminated and allow the real economy to emerge. An economy that is 100% based on the private sector activity and not government interference.
I am starting to get the feeling that the ECONOMY now trumps the CONSTITUTION.
The economy is used as a weapon in the political battle, and the citizens are the hostage. This fiscal cliff BS was a self inflicted wound, and should never have happened, but it happned because the politicians wanted it to happen, just like they created the debt celing "crises" last year. They create the crises, and then they present themselves as the solution to the crises. It is laughable.
I am just going with your own words, and it sure sounds like you want to see the spending continue. I take it you are a Democrat. Yes?
This kind of tax cut is considered "spending". 30% if the 2009 stimulus was made up od these kinds of temporary tax breaks, and it was counted as "spending", and people have been complaining about it for three years, and now that the "spending" ends, the same people complain twice as loud. The truth is that people will complain no matter what is done.
Nope. Given the state of economy, and a choice between the government cutting its budget or forcing the average american family to cut theirs, I'd rather see the government cut their spending. What the government did is tell the average family to cut theirs WITHOUT cutting their own. They said "Do as I say NOT as I do.". If budget cuts are good for us, why aren't they good for the government? Trust me, they have way more fat to cut than the average american houshold.
However, the real issue is can the economy handle this now? We'll know by this time next year what the impact of taking $1600 times the number of middle class households out of the economy has on the economy.
All things considered, I don't think this was the time to let the cuts expire. The economy needs to be a little stronger.
UGH. This isn't about MY budget except how it impacts the economy (how many families will make the same kinds of adjustments mine will?). I'm concerned with the impact on a struggling economy. If the economy were strong, I wouldn't care about a 2% tax increase. (Well, I would but I wouldn't have anything to complain about. Being conservative, I just like keeping what I earn.). If this kick starts inflation, we're in for round two of the recession and it will be MUCH MUCH worse than round 1.
It all depends on how businesses respond to having less business. If they start raising prices in response to selling less, it won't be just 2% we're adjusting to losing.
I said what my cuts will be, what will yours be
They almost ALWAYS pass any increases on to the consumer if they can. Every government regulation that costs them money is put into their...budget...and then passed on to you to make up the cost.
That FICA tax holiday was not a huge amount of money..less than $20/week.
You think people are going to be starving in the streets because they have $20 less per week now ?
They almost ALWAYS pass any increases on to the consumer if they can. Every government regulation that costs them money is put into their...budget...and then passed on to you to make up the cost.
The question is will this kick off an inflationary economy? If it does, it will undo all the progress that has been made. I think people think the economy is stronger than it is. Unemployment is still high. The number of people who have been long term unemployed who are no longer counted and college grads who never found that first job are also high. We're at a point where the economy can go either way. This move pushes it the wrong way. I just hope it can handle it.
I'll make my personal adjustments just like every other family will. The question is how will this impact the economy which is sitting onthe edge a precipice right now? This one could go either way. It could stall the recovery or kick off inflation. A stall means things don't get better but they don't get worse. Inflation means they get MUCH, MUCH worse. I lived through the recession in the late 70's and never want to live in that kind of economy again.
No one wants to get rid of SS. It is more conservative to tax and spend than borrow and spend. The 2% payroll tax cut should never have been instituted.
The day it was put into effect I started putting an extra 2% in my 401K. I can reverse that now if I wish.
The question is will this kick off an inflationarly economy? If it does, it will undo all the progress that has been made. I think people think the economy is stronger than it is. Unemployment is still high. The number of people who have been long term unemployed who are no longer counted is also high. We're at a point where the economy can go either way. This move pushes it the wrong way. I just hope it can handle it.
I'll make my personal adjustments just like every other family will. The question is how will this impact the economy?
Are you serious ? We're not talking hundreds or thousands of dollars here...it's more like $20/week.
FICA should be raised if anything so that the SS trust fund gets money for future generations.
You're talking about the SS trust fund here which is a direct benefit to Americans when they reach retirement age. I would like to see it raised to 8-9%. I think we need to also think ahead. With pensions gone and a pathetic savings rate, future generations will only have SS to rely on.
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Trust me, they have way more fat to cut than the average american houshold. 
