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.
Well this is positive news and no one should deny that, there is still much more that needs to be done but nonetheless this a great start. Once the Euro finally gets back into decent shape, the deficits will fall tremendously. It would be nice to see a surplus, but that's not what we should be aiming for, we just need to bring the deficits back down to a healthy level. A $100 billion deficit is ideal in comparison to $800 billion or even a trillion.
Why can't you just correct the poster without calling democrats dumb? Maybe because all republicans are knee jerk jerks?
Pot meet kettle..
Quote:
Originally Posted by whogo
Actually they look at both. You cannot get a $500,000 loan if you take home 10K a year.
They qualify you based upon the take home pay but they sure in heck dont compute your monthly payment based upon that, its how much you gross.
The comparison to a mortgage qualification is dumb because the GDP isnt government income, its everyones income. Thats like saying you qualify for a mortgage because you're moving next door to Bill Gates.
Quote:
Originally Posted by Winter_Sucks
I'm glad we both agree that raising rates increases revenue.
I've repeatedly supported the Obama debt commission suggestions which was to broaden the tax base, while you suggest that we need to tax the hell out of those who already pay.
I've repeatedly supported the Obama debt commission suggestions which was to broaden the tax base, while you suggest that we need to tax the hell out of those who already pay.
You've been saying that lower rates lead to more revenue, which in this case your position has been proven wrong.
The Obama debt commission supports lowering the rates and says your wrong.
2. $995 billion in additional revenue with $785 billion in new revenues from tax reform by lowering income and corporate tax rates and broadening the base by eliminating tax expenditures. An additional $210 billion in revenue is also raised in other revenue by switching to the Chained-CPI and an increase in the federal gasoline tax
The Obama debt commission supports lowering the rates..
2. $995 billion in additional revenue with $785 billion in new revenues from tax reform by lowering income and corporate tax rates and broadening the base by eliminating tax expenditures. An additional $210 billion in revenue is also raised in other revenue by switching to the Chained-CPI and an increase in the federal gasoline tax
Not bad. And you didn't even use a graph. Overall one of your better posts in terms of showing an understanding of how it works.
Remember homeowners can't print money in the basement and you missed a discussion on inflation - we've actually inflated away debt.
Thanks, I try to be informative, not just wonkie. To further the point, when my home was built in 1960, it cost about $30,000. Let's presume they bought it with an interest-only balloon payment loan. The buyers took on that debt and probably the monthly payment was 25% of household income. 25 years later, when those buyer's income was probably ten-times what it previously was a $30,000 debt isn't significant at that point.
Let me throw a graph in there just for fun:
Quote:
Originally Posted by gwynedd1
The WWII debt shrunk because private debt increased. The best, and now and only way since going off metal, is to shrink public debt by the increase of private debt. If you have 100% GDP to public debt ratio, then lots of mortgage debt driving up all prices by double will bring us to a 50% debt to GDP ratio. Isn't that swell?
The WWII debt shrunk as a p% of GDP because the entire WWII debt was around $250 billion, which was large in 1945 and 120% of GDP. The same number is tiny when GDP grew into trillions of dollars.
It sounds to me like you are bothered that Obama and the Dems in Congress were extremely successful at cutting down the annual deficit?
Another win for the Dems !!!
0bama and the dems went kicking and screaming the entire way. Every budget proposal from the dems only increases spending and widens the deficit. The only reason we have any drop in spending at all is because of the Republicans.
Don't believe me? Then find a budget proposal by democrats that cuts federal spending.
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.
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.
