the problem is we are in a few wars and have some serious security threats right now and into the foreseeable future.
1. Right now Social Security tax is assessed on only the first $106,800 of income. Raise that. 2. Increase the retirement age.
I think the Bush Administration was pursuing that, but not too sure how that worked out. There's a nice editorial at http://www.epi.org/publications/entry/briefingpapers_raisingretirement_raisingretirement/ Though it comes out with the viewpoint that raising the retirement age is a bit too drastic and would affect too many people.
another problem is that many people have used that age to plan their retirement. It would almost be defaulting on a loan.
This thread illustrates why our government is able to bankrupt the economy. First of all it is not the size of the deficit that is important it is the amount of debt. The estimated deficit for 2009 is sitting around 1.8 trillion. That just means the government is telling you they think they will borrow about 2 trillion dollars and spend it. (based upon a budget of about 3.6 trillion) It is impossible for any size tax to help the deficit at those spending levels because it would shut down the economy. Government spending is the debt bubble of last resort. Raising taxes by 100 % isn't going to raise 2 trillion $$$ The government isn't trying to save the economy, it is changing the economy. We will all have some hard times and a lower standard of living. So forget about increasing taxes, what is 200 billion in taxes at the rate we are spending? Besides I am positive that any new taxes will be spent without a decrease in the deficit.
Taxation and Spending without Representation 28th Amendment: Fiscal Solvency Amendment - Asserts fiscal solvency as a founding principle of the United States on par with those listed in the Preamble, and authorizes any Constitutional changes necessary to separate powers of taxation and incurring of total expenditures from undue electoral influence. 29th Amendment or Article VIII: Transforms and elevates the Treasury Department to the Fiscal Branch of the federal government. Fiscal Branch will rubber stamp the total dollar amount for the federal budget, which will be equivalent to 75% of projected tax revenues. Drastically truncates budgetary powers of the President and Congress to the allocation of percentages to particular programs and departments rather than actual dollar amounts. Removes all taxation powers of Congress and transfers to Fiscal Branch. Nullifies all federal taxes with expection of personal income tax and capital gains taxes; yet gives Fiscal Branch duty and ability to adjust tax rates to meet budgetary goals. 30th Amendment: Balanced Budget and Debt Reduction Amendment - Allots 25% of federal tax revenue to the accelerated re-payment of existing Treasury securities. Allows for the issuance of new Treasury notes no greater than 1 year in duration.
We don't need creative ways -- there's one really EASY way, and that's to stop Obama from spending (wasting) money at a rate that has never before been seen. His financial irresponsibility is truly stuff for the record books.
Bush didn't come even close to this level of fiscal recklessness -- and that was while fighting two wars and digging ourselves out of the tragedy of 9-11. Nice try.
Obviously, we are operating under the assumption that Obama is not a robot in disguise, programmed to spend every bit of money that comes his way. (if he is, all bets are off) That said, I think the thread has ideas that could help alleviate the problem a bit, and it's not all just "increase income taxes". I don't think anyone here thinks they have the golden key to solve everything at once, but a combination of small ideas does add up. There are possibilities for more, especially with the way the pharmaceutical industry is subsidized and the wasteful nature of some pharmaceuticals (though I don't really want to tread there since Obama is effectively cutting into that to finance his health care reforms). Obviously, in future years, one would hope that future budgets are more balanced.
war based on lies = extreme fiscal recklessness (not to mention the moral recklessness of sacrificing brave soldiers' lives).
1. Print boatloads of money to bail out American business and pay for infrastructure projects. It softens the blow of the economic meltdown. 2. The increased money supply and deficit spending create a manageable inflation rate and stimulates spending (buy today because you money is worth less tomorrow) Increased economic activity increases tax revenues under existing tax laws. 3. Pay off the deflated value of today's debt with the inflated value of tomorrows money. The budget balances by 2025. 4. Everyone promises to do better next time; Business will be more transparent and regulated, Government will promote sustainable growth and responsible spending, consumers will spend wisely for efficient, durable goods and quit wasting money of crap they don't need. 5. Then the heathcare and Social Security bombs hit. Time to fire up the printing press again!
If all the politicians quit mid-term, apparently it would save millions since all they'd be doing is going on trade missions and the such.
But then we'd have no point guards to call the audibles and create the victory passes [*huff*huff*wheeze*], instead we'd just have the same old politics as usual.
You mean point guards who simultaneously keep one eye on the ball and one eye on the goal? (But no eyes on teammates or the defense.)
1. Create a consumption tax 2. Make the tax rate high enough to pay for last year's government spending plus 5% 3. Watch the politicians scramble to cut the budget as every American sees clearly the effects of government spending on their ability to purchase 4. Once the debt is paid off (by the aforementioned 5%), give a consumption tax holiday every year around back to school time, just like Texas does with the sales tax every year.
