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Americans increasingly think that it's possible to get something for nothing, hence widespread support for more "stimulus." If only they knew how incredibly harmful the "stimulus" is, and just how grotesquely it warps the entire economy. And it will all have to be paid back, in full, with interest, at loan shark rates. People hundreds of years into the future will be paying off our spending spree. But of course, the infantilized masses of people don't think that far into the future- it's all about what benefits me and makes me feel good right now. Americans just want their pumped up stocks, their government welfare and handouts, they want to keep getting fatter and fatter and be able to give in to all their impulses, cravings, and addictions.
We just passed a $1.9T stimulus. We don't have any of that money, it will all need to be borrowed and printed. Furthermore, the "stimulus" isn't actually a stimulus. It's really a sedative for the real economy. When you print and hand away massive amounts of funny money without the work, energy, and productivity to back it up, all that can happen is that you end up looking like Venezuela.
We still haven't even felt the full effects of the last QE binge after the 08' crisis, but we will. Last time, it seemed that we were able to "get away" with it. This time, we'll just overdose on stimulus, and end up killing the dollar and with it the entire global financial system.
Eh, I have zero care. The US gov wastes money on BS all the time, for decades now, yet such a giant damn debate when it wastes it on people in the US.
Just like the student loan forgiveness debate, normally I would be against, but since the US gov has proven it is more than willing to waste money and send billions to other countries, I rather see the US gov waste it on the people in this country.
Eh, I have zero care. The US gov wastes money on BS all the time, for decades now, yet such a giant damn debate when it wastes it on people in the US.
Just like the student loan forgiveness debate, normally I would be against, but since the US gov has proven it is more than willing to waste money and send billions to other countries, I rather see the US gov waste it on the people in this country.
Thanks for stepping up and covering that tax bill for those of us that are unwilling to coddle spoiled-ass adults that can't honor their financial commitments.
Thanks for stepping up and covering that tax bill for those of us that are unwilling to coddle spoiled-ass adults that can't honor their financial commitments.
No need to thank me, I have zero choice in it, if I do not pay, I get arrested, sentenced, so I am paying under fear of consequences.
I did not really want to pay for the F-35 program, nor our involvement in Syria, nor the Iraq War, nor the nation building in Afghanistan, etc, etc.
I'm completely on board with spending our way out of a true crisis. However the stimulus bill has far too much pork in it and was poorly thought out - and has little to do with the CV-19 "crisis". For example, a friend of mine's parents are retired. They're collecting multiple government pensions, own a $1M home outright, and haven't been employed in over 15 years. They bring in more from pensions and SS, not to mention other investments, every year than most people will earn in in 3 years. Guess who got a stimulus check? Biden's stimulus debacle was nothing more than blatant vote buying. Democrats counted on people being too damn stupid to understand the long term economic ramifications of this nonsense. And they were right, people are too damn stupid. Speaking of which, I'm sure, given how outspoken you are about spending government money, have your portion ($13,000) of the cost of the stimulus package ready to go in the form of a check to the government? Yeah, I didn't think so.
Well if they did get a stimulus check then they aren't as "rich" as you think since there is an income limit.
We don't have to. The debt will stay on the books, at low interest rates (because the government controls them), slowly being inflated away to nothing. People holding cash as an investment long term will be hurt, but really no one else.
All of the (at the time vast) debt incurred to fight WWII is still on the books. It's been inflated away to nearly nothing. If you run a country, and can issue debt in your own currency, controlled under your own laws, that debt is not the same as a person borrowing from a bank.
If the amount of money they're dumping into the system starts to cause inflation, they'll know the stimulus has worked, and the Fed will close the valves.
Quote:
Originally Posted by Taggerung
We don't have the capability or capacity to pay any of this down.
Americans increasingly think that it's possible to get something for nothing, hence widespread support for more "stimulus." If only they knew how incredibly harmful the "stimulus" is, and just how grotesquely it warps the entire economy. And it will all have to be paid back, in full, with interest, at loan shark rates. People hundreds of years into the future will be paying off our spending spree. But of course, the infantilized masses of people don't think that far into the future- it's all about what benefits me and makes me feel good right now. Americans just want their pumped up stocks, their government welfare and handouts, they want to keep getting fatter and fatter and be able to give in to all their impulses, cravings, and addictions.
We just passed a $1.9T stimulus. We don't have any of that money, it will all need to be borrowed and printed. Furthermore, the "stimulus" isn't actually a stimulus. It's really a sedative for the real economy. When you print and hand away massive amounts of funny money without the work, energy, and productivity to back it up, all that can happen is that you end up looking like Venezuela.
We still haven't even felt the full effects of the last QE binge after the 08' crisis, but we will. Last time, it seemed that we were able to "get away" with it. This time, we'll just overdose on stimulus, and end up killing the dollar and with it the entire global financial system.
I agree. So why don’t all the millionaires, multi millionaires and billionaires give back all the ginormous tax breaks and super sweet industrial bail outs? Hmmmmm??? The pork seems to flow their direction and very, very little “trickles down” to the poors. Fact.
The average federal tax liability is over $10K. Facts are your friends. If you paid multiples of $2K, unless it's on the order of 40 multiples, you have no say in this. Stop spending other people's money.
YOU specified median. Ironically my first source I misread-BUT we are both wrong. I was however closer
Americans in the most common income bracket earned an adjusted gross income between $50,000 and $75,000 in 2018, and paid an average income tax of $4,688.
So..technically I did not give you the EXACT median in this response, but fairly close-and closer by far then either of us used. but rather a average of 20% of the actual median of the Tax income brackets by number of people.
Also if your argument back is "Well I meant average!". Thats even worse, because then you not only told me one thing when you said this upthread:
Quote:
I pay more in federal income tax alone (not including SS tax, medicare tax, state/local taxes, etc.) than the median US household income.
And I responded with a median, you not only changed the goal posts either way? But even that was wrong. From the link:
Quote:
The average federal income tax payment in 2018 was $15,322, according to the most recent data available from the IRS.
A bit far from your 10k.
I make six figures on the low end between my regular job, and some side projects. You make considerably more. Some years I get a refund from Social Security, some I dont. None of thats relevant though really is it? Beyond we both pay a ton of taxes. Congrats on jumping past the really hard to break ceiling. In my area thats about 80K. Thats just enough to get by...but....also enough to be out of the government helps you range. Its hard to get past that point. Even in the six figure range theres a drag. But as my income goes up, its easier and easier.
But oh......theres a point in your club where i have a say? And only if I pay 80K in taxes? Uh huh.
Quote:
Originally Posted by YourWakeUpCall
The average federal tax liability is over $10K. Facts are your friends. If you paid multiples of $2K, unless it's on the order of 40 multiples, you have no say in this. Stop spending other people's money.
Facts are your friends? See the above facts. Make friends with them.
People dont understand how helpful stimulus spending is amidst a crisis. There are literally a ton of economic papers out there discussing this.
What people ALSO truly dont seem to understand is that in the good times we need to pay that down. A major criticism of mine for past presidents such as Obamas last few years, and Trumps first few is that neither did that.
But there’s always money for gender programs in Pakistan. God bless em.
Last edited by folkguitarist555; 03-12-2021 at 10:46 PM..
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