The US is spending $4 billion a day more than it is taking in...

Discussion in 'Wall St. News' started by ASusilovic, May 23, 2011.

  1. With the nation hitting its $14.294 trillion debt ceiling and in need of an extension, Congress is debating the proper mix of tax increases and spending cuts so that the US does not end up like weaker euro zone nations such as Greece, Spain and Portugal that are in danger of debt defaults.

    Walker leans more towards the spending-cut side, but also sees inequities in the tax structure that must be corrected to help generate revenue.

    "We have to broaden the base—51 percent of Americans don't have any income taxes," he said. "That's not acceptable in a democracy."

    Ay, ay, ay. That´s worse than Greece... :cool:
  2. Crispy


    Definition of Democracy - 51% of the people tell the other 49% what to do...
  3. olias


    "The richest Americans are paying just 18 percent income tax rates even while the top marginal rate is supposed to be 35 percent, he said."

    I would just like to hear a real debate about the tax brackets. Without taking into account what 'actually works' for the country, my sense of fairness says that it's not right that higher earners are subject to pay a higher tax bracket, and I see it as a impediment to growth. So I can see the Republican point of view here.

    The flip side of the coin is that we still seem to have a growing disparity between the wealthiest and middle and lower class....and that does not lead to a stable economy or society. Obama and congress have to strike the right balance that addresses both of these concerns.

    What pisses me off is that the two sides constantly talk at cross purposes and never address the other side's perspective; Obama included in this case...but I will say that Obama, by and large, stands out amongst the other politicians as someone who can see both perspectives and find the compromise.
  4. Founding Father Benjamin Franklin was asked, upon his emergence from the Constitutional Convention in Philadelphia in 1787, what form of government the United States was going to have. Old Ben said "A Republic, if you can keep it."
  5. toc


    there is no point talking about these issues when those who are in position to do something are only committing acts to worsen the situation. :D
  6. LEAPup


    And he would be flipping out if he were alive today to see what his Country has become...
  7. MGB


    ...and what would be Founding Father Benjamin Franklin's proposed solution to the tax structure?
  8. S2007S


    Day after day after day this is all we hear about, how much the US is spending and how they continue to over spend yet nothing is even being know why, because at this point the spending has gotten so out of hand that it cant be corrected....every time there is a simple idea on how to correct it either by taxing the wealthy, cutting spending by the billions or increasing taxes everyone starts to cry and complain, everyone has become so used to spending that the slightest cut can be turn this entire economy upside down! Something needs to be done today, not in 2 or 4 or 10 years, RIGHT NOW!!! Address the issue, do NOT raise the debt ceiling and start cutting immediately.........
  9. Tsing Tao

    Tsing Tao

  10. Voting really doesn't make a difference when the only two real options, Republican or Democrat, will make the situation worse.
    #10     May 23, 2011